ANN ARBOR, Mich., March 31 /PRNewswire/ -- Thomson Reuters today launched an initiative to help U.S. hospitals reduce healthcare costs by $4 billion over three years while improving the quality of medical care.
The company's Save $4 Billion campaign will offer U.S. hospital CEOs an analysis that shows how their hospitals compare to industry norms and benchmarks in clinical quality, patient safety, financial performance, and operational efficiency. Thomson Reuters will meet with hospital executives to discuss their results and where they should focus improvement efforts to have the greatest impact. There is no charge for these services.
Hospitals also can enlist in the Save $4 Billion campaign and pledge their commitment to reduce costs at www.save4billion.com.
"A recent Thomson Reuters report indicated that 50 percent of U.S. hospitals are now unprofitable. We are undertaking this initiative because many of our hospital customers are under severe financial pressures," said Mike Boswood, president and CEO of the Healthcare and Science business of Thomson Reuters. "By providing a free diagnostic analysis of hospital performance we hope to provide practical insights into how costs can be controlled or reduced without affecting quality."
Silver Cross Hospital in Joliet, Ill., is participating in the project. "As the economic climate increases pressure on hospitals to reduce costs, we also must maintain and build on the quality gains the industry has achieved in recent years," said Paul Pawlak, president and CEO of Silver Cross Hospital. "The Save $4 Billion campaign provides intelligence that helps hospital executives make decisions that strike this balance."
The corporate leadership of VHA Inc., a national health care alliance, also supports the campaign. "The Save $4 Billion campaign can help hospitals mobilize their staffs, focus improvement efforts, and demonstrate their commitment to deliver high-quality, cost-effective medical care," said Amy Anthony, senior vice president of supply chain services at VHA. "We're proud to help support this effort."
Hospital executives will receive the new 100 Top Hospitals(R) Performance Matrix, an executive-level balanced scorecard that assesses hospital performance in nine key areas: mortality, medical complications, average length of stay, expenses, profitability, cash-to-debt ratio, patient safety, overall performance, and adherence to clinical standards of care (core measures).
"The escalating cost of healthcare has many causes, and these causes vary from hospital to hospital," said Jean Chenoweth, senior vice president for performance improvement and 100 Top Hospitals programs at Thomson Reuters. "The challenge for hospital executives is to identify the specific causes within their own organizations. An objective comparative analysis such as this is a roadmap to effective corrective action."
For more information, visit www.save4billion.com.
About Thomson Reuters
The Healthcare business of Thomson Reuters produces insights, information, benchmarks and analysis that enable organizations to manage costs, improve performance and enhance the quality of healthcare. Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq (Nasdaq: TRIN). For more information, go to www.thomsonreuters.com.
|SOURCE Thomson Reuters|
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