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Many Healthcare Measurements Meaningless Says High Ranking Healthcare Leaders at Recent Summit

  by Megan Headley | Oct 15, 2016
 

 
There are more than 1,600 measurements used in the healthcare industry to measure quality of care but they don’t mean anything to the consumers. This stunning statement from David Sandman, president and CEO of New York State Health Foundation, was one of a multitude of takeaways at the 3rd Annual NYC Hospital & Medical Facilities Summit in September.

Sandman said the industry needs outcome measures to which normal people can relate, such as: “Did they clean their hands? Did they give correct meds? Did they connect the patient with a community doctor?”

Sandman was one of 15 presenters at the summit at New York Presbyterian’s Heart Conference Center. The summit, which sold out for the third consecutive year, is co-hosted by SquareFootage and the IFMA Health Care Institute.

“There needs to be a Consumer Reports-like guide for healthcare,” agreed David Peknay, director, Corporate Healthcare Ratings, S&P Global Ratings Services (formerly Standard & Poors). He thinks we are moving in that direction, but slowly.

Healthcare real estate trends also made up a significant chunk of the discussion. “Investors now covet outpatient facilities. Montefiore, New York Presbyterian, and Northwell continue to grow their portfolios,” said Mike Hargrave, Principal, Revista. “With nearly $1 trillion in real estate value, the healthcare sector far exceeds hospitality and other areas.”

The presenters noted that many healthcare organizations are re-analyzing their property portfolios and working with real estate and capital markets specialists to determine whether to own or lease.

Jeffrey Cooper, managing director, Healthcare Real Estate Capital pointed to one growing trend. “Nationally, weaker hospitals are being acquired, and then the acquiring organization is doing a sale-leaseback of the real estate assets to help fund the acquisition, improve the balance sheet, and invest in projects that improve the financial performance,” Cooper said.

“If a health system monetizes real estate asset, it can take two years to think through all the details,” added Mary Beth Kuzmanovich, national director, Health Services, Colliers International.

Additional key takeaways from this summit can be found here.