The Benchmarking System

MVI makes the Benchmarking System affordable for all MVI Network clients for a subscription basis of $100 a month including unlimited training and support.

The Benchmarking System makes it possible for any hospice to have meaningful financial management data and automated benchmarking. The Benchmarking System is a reporting system that not only provides a powerful set of reports for financial management, but also the ability for a hospice to compare its performance with other hospices based on user-defined criteria in seconds. And it’s automated! This system does not require the manual and time-consuming completion of forms. You simply process your normal accounting transactions and the system does the rest with absolute minimum effort. Here’s how it works:

Safeguards and security measures have been implemented that ensure the confidentiality of data and block the ability to identify individual hospice providers.

This system helps ensure that hospices have the tools to be financially viable in order to have adequate resources to provide exceptional care. It builds an accurate and true national financial data base to help set public policy rather than reliance upon Medicare cost reports which do not paint a representative picture of what really happens in a hospice operationally. It also, provides the almost instantaneous financial benchmarking data that hospices want and need.

The system is rich in value. Features include:

• Executive Dashboard Reporting - For quick graphical and numeric monitoring of critical performance measures including Growth in ADC, Costs, Clinical Productivity, Visits in Relation to Census, Visit-Hours in Relation to Census, Nursing Home Mix, Benefits %, Debt t to Equity Ratio, Development Return Ratio, etc.
• Hospice Homecare, IP Units, and Palliative Care are Tracked in Detail – Each of the most common programs of hospice organizations are segregated from other programs to provide pure and comparable data.
• Patient-Day and Percentage of Net Patient Revenue Reports – These are the most common methods of hospice financial measurement. They are excellent for some management decisions, but can be misleading if not viewed with other cost views.
• Analysis of Indirect Costs – 50 areas of Indirect Costs are tracked and are grouped into 3 categories; Indirect Labor, Operational Costs, and Facility-Related. Each of the 50 Indirect areas are also tracked individually.
• Cost Engineering Tools – These tools allow a hospice to construct target costs for each component of care based on internally developed standards.
• Flex Model Report – A budget automatically adjusted for fluctuations in patient volume is created through the use of standard costs.
• Breakeven Analysis – Breakeven computations are automatically produced.
• Cost per Visit and Cost per Visit-Hour by Discipline – These cost views provide greater insight into operations and make available the information required by many of the patient-management systems to produce accurate cost views by diagnosis, payer, age, sex, referral source, etc.
• Board Financial Statements – A Balance Sheet and Income Statement are automatically produced in a format that has proved to be very effective for informed decision making by Boards of Directors.