Data Services
Benchmarking results in improved decision-making that favorably impacts patient care and the bottom line. As a lead client, your organization could gain access to our Data Service Team and proprietary benchmarking services if the need arises. These services provide your hospital executives the information needed to focus patient safety and quality improvement resources on achieving higher standards and lower costs.
Based on your identified needs, the
BerkleyMed service team will work with you to determine the most
effective use of these data analysis and benchmarking
resources:
- Comparative Market Analysis Reports
- Peer Groups Chosen Based on Your Facility's Unique Needs
- BerkleyMed's Database
Comparative Market Analysis
Reports
Our Comparative Market Analysis (CMA) reports are designed to
identify your facility's liability cost drivers and to quantify the
financial impact of achieving optimal outcomes in risk
mitigation. Each study:
- Identifies areas within your organization that have the potential for improvement by comparing claim frequencies, severities, and adjudication costs with those of peer hospitals,
- Quantifies the potential liability cost savings for each identified area of improvement to assist in prioritizing initiatives, and
- Engages other BerkleyMed resources to identify specific organizational changes that can improve performance and reduce the potential for future liability costs.
Peer Groups Chosen Based On
Your Facility's Unique Needs
Selection of your organization's peer group is an important
first step in any benchmarking study that we conduct. In
order to properly select a peer group, we must understand your
facility's organizational characteristics. We review a wide
array of attributes during the peer selection process to ensure
that the peer facilities selected meet your specifications.
The resulting peer group is used in benchmarking studies to yield
information on how your facility's performance compares to similar
organizations.
BerkleyMed's Database
BerkleyMed's proprietary database is the culmination of
years of data collection and development and is focused on
professional liability claims for not-for-profit, self insured
entities. We house over four times the data found in the next
two largest published industry databases.
The data is obtained from submission applications, loss runs, audited financials, actuarial reports and supplemented with industry sources, such as the AHA Annual Survey Database and CMS Cost Reports, and we employ a dedicated staff to ensure that the information is as current as possible for our clients.
