Peconic Bay Medical Center has been recognized nationally for its partnership with physicians, allowing each to deliver high quality care at low costs to patients, according to a global health care consulting firm.
The Advisory Board Company, the health care firm, awarded PBMC the Southwind Transformation Award in Cost Effective Community Care.
As costs of providing care continue to rise, the margins hospitals work within have begun to tighten, according to The Advisory Board Company. Partnerships with physicians allow hospitals to coordinate care, lowering costs, the firm said.
“PBMC developed a plan to ensure the hospital’s financial sustainability, mobilizing a system-wide effort analyzing all departments and divisions to identify improvement opportunities,” a press release from the firm reads. “The initiative included optimizing care coordination, leadership structure, emergency services, ancillary services, supply chain, perioperative services, and the physician enterprise.”
The changes help reduced operating costs by improving the flow of patients and reducing readmission rates, and improving the financial stability of the hospital’s physician employment program, according to the release.
“[The organization’s] work to deepen their collaborative partnerships with physicians makes [it a] national leader in executing key initiatives for value-based care strategy,” said John Deane, chief executive officer of the firm’s consulting division.
To learn more about the hospital’s initiate, visit the firms website.