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Press Releases

Holy Name Medical Center Recognized as a Community Value Five-Star™ Hospital

Date: 9/2/2010

Cleverley + Associates assesses finances, cost of care, pricing and quality

Teaneck, NJ - Holy Name Medical Center was recently recognized as a top-ranked Community Value Provider by Cleverley + Associates, a leading healthcare financial consulting firm specializing in operational benchmarking and performance enhancement strategies. Holy Name was ranked among the top 20 percent of all hospitals in the U.S. and is the only hospital in Bergen County to receive the Community Value Five-Star™ designation.

The Community Value Index was created by Cleverley + Associates to provide an assessment of a hospital's performance in four areas: financial strength and reinvestment, cost of care, pricing and quality. Fundamentally, the CVI suggests that a hospital provides value to the community when it is financially viable, is appropriately reinvesting back into the facility, maintains a low cost structure, has reasonable charges, and provides high quality care to patients. While many hospitals perform well in one or two areas, hospitals that are part of the Community Value Five-Star™ group show strong performance in all four.

"We are extremely pleased to be recognized as a top-tier hospital for value," says Michael Maron, President/CEO, Holy Name Medical Center. "Holy Name is demonstrating operational excellence at a time when transparency is more important than ever to our patients and partners. Five-star recognition is an important achievement because it validates on a national level our staff's dedication and skill; our diligence in pursuing quality, safety and cost-efficiency; and our long-term strategy of reinvesting in our facility and, in turn, our community." Mr. Maron adds, "While quality, responsible stewardship of resources and commitment to community are coming under increasing scrutiny, these are core values that Holy Name's mission has been built upon for 85 years."

Cleverley + Associates released its findings as part of its publication, The State of the Hospital Industry - 2010 Edition. Written by William O. Cleverley, Ph.D., a noted expert in healthcare finance, the publication reports selected measures of hospital financial performance and discusses the critical factors that lie behind them. It focuses on the US acute care hospital industry over a three-year time period, 2006-2008. The book outlines the data used to calculate the CVI, and provides a list of the Top 100 and the Five-Star (top quintile) hospitals.