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Developing a Financial Performance Measurement System for Critical Access Hospitals
This multi-year project uses research and expert opinion to select dimensions and indicators of financial performance, develop appropriate methods of peer comparison, and identify characteristics of high performing Critical Access Hospitals (CAHs). In year three of this project (2005-06) a Financial Indicators Report was be produced that included indicator definitions and interpretations, CAH-specific indicator values, median values for CAHs, and comparative data for 4 peer groups (with and without long-term care, with and without rural-based provider health clinic, government and non-government owned, and greater than and less than $10 million in total revenues). This CAH Financial Indicators Report was disseminated through a web-based tool maintained by the University of North Carolina, where CAH administrators are able to access and download their report directly from the website. During the current project year an updated CAH Financial Indicators Report will be produced that includes benchmarks for five indicators, and statistical analyses will be conducted to determine appropriate methods of combining the 20 financial indicators into an overall measure of financial performance.
Publications
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CAH Financial Indicators Report: Summary of Indicator Medians by State
Author(s): CAH Financial Indicators Report Team at UNC
Report Number: Flex Monitoring Team Data Summary Report No. 3
Date: 08 / 2007
Presents 20 financial indicators for Critical Access Hospitals (CAHs). Includes state and national medians for indicators addressing profitability, liquidity, capital structure, revenue, cost, and utilization. Report produced by the Flex Monitoring Project, funded by the Office of Rural Health Policy.
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CAH Financial Indicators Report: Summary of Indicator Medians by State
Author(s): CAH Financial Indicators Report Team at UNC
Report Number: Flex Monitoring Team Data Summary Report No. 1
Date: 10 / 2005
Summarizes Critical Access Hospital (CAH) financial indicators for 2003, providing state and national medians for each indicator. The indicators are grouped by financial dimension: profitability, liquidity, capital structure, revenue, cost, and utilization. The number of CAHs included in the median calculations is also provided. Information about the definition and interpretation of the indicators can be found in the full report, Briefing Paper No. 7, Financial Indicators for Critical Access Hospitals. Report produced by the Flex Monitoring Project, funded by the Office of Rural Health Policy.
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CAH Financial Indicators Report: Summary of Indicator Medians by State
Author(s): CAH Financial Indicators Report Team at UNC
Report Number: Flex Monitoring Team Data Summary Report No. 2
Date: 11 / 2006
Presents 20 financial indicators for Critical Access Hospitals (CAHs). Includes state and national medians for indicators addressing profitability, liquidity, capital structure, revenue, cost, and utilization. Report produced by the Flex Monitoring Project, funded by the Office of Rural Health Policy.
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Comparative Performance Data for Critical Access Hospitals
Author(s): George H. Pink, Rebecca T. Slifkin, Andrew F. Coburn, John A. Gale
Citation: Journal of Rural Health, 20(4), 374-382
Date: 2004
Discusses the potential use of comparative
performance data for critical access hospitals (CPD-CAH)
to facilitate performance and quality improvement. Covers potential benefits and drawbacks of CPD-CH and identifies issues in the development and implementation of CPD-CAH.
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Financial Indicators for Critical Access Hospitals
Author(s): George H. Pink, G. Mark Holmes, Cameron D'Alpe, Lindsay A. Strunk, Patrick McGee, Rebecca Slifkin
Report Number: Flex Monitoring Team Briefing Paper No. 7
Date: 05 / 2005
The purpose of this study was to develop and disseminate comparative financial indicators specifically for Critical Access Hospitals (CAHs) using Medicare Cost Report data. Results showed that, over the six years since 1998, CAHs generally became more profitable and increased their utilization of beds. However, while on average CAHs with long-term care became more liquid and reduced their use of debt over time, those without long-term care became less liquid and increased their use of debt. In the most recent year for which we have data (2003), CAHs without long-term care generally were more profitable, were more liquid, had less debt, and had higher utilization of beds in comparison to CAHs with long-term care. Report produced by the Flex Monitoring Project, funded by the Office of Rural Health Policy.
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Financial Indicators for Critical Access Hospitals
Author(s): George H. Pink, G. Mark Holmes, Cameron D'Alpe, Lindsay A. Strunk, Patrick McGee, Rebecca T. Slifkin
Citation: Journal of Rural Health, 22(3), 229-36
Date: 2006
There is a growing recognition of the need to measure and report hospital financial performance. However, there exists little comparative financial indicator data specifically for critical access hospitals (CAHs). The authors, along with a technical advisory group, focused on twenty indicators deemed appropriate for assessment of CAH financial condition and formulas determined. Issues 1 and 2 of the CAH Financial Indicators Report were mailed to the chief executive officers of 853 CAHs in the summer of 2004 and 1,092 CAHs in the summer of 2005, respectively. Each report included indicator values specifically for their CAH, indicator medians for peer groups, and an evaluation form.
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Variations in Financial Performance Among Peer Groups of Critical Access Hospitals
Author(s): George H. Pink, George M. Holmes, Roger E. Thompson, Rebecca T. Slifkin
Citation: Journal of Rural Health, 23(4), 299–305
Date: 2007
Reports findings from a study that investigated whether indicators of financial performance and condition systematically vary among peer groups of Critical Access Hospitals (CAHs). Report produced by the Flex Monitoring Project, funded by the Office of Rural Health Policy.
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