Current challenges in the deep integration of medical and elderly-care resources have resulted in limited health improvement effects under integrated medical and elderly-care service models. To investigate the health outcome of institutionally integrated medical and elderly-care models, this paper establishes a multidimensional health performance evaluation system for the elderly encompassing four dimensions: physical health, mental health, cognitive health, and social functioning. Utilizing the duration approach, this paper constructs a multidimensional health performance index (MHPI) and conducts factor decomposition. Through dynamic tracking survey data from multiple regions in Hubei Province, this paper measures health performance levels of the elderly and group heterogeneity across two typical service models. According to the outcomes: overall, the physical health and cognitive health of the elderly have improved slightly, their mental health has not improved significantly, and their social function has shown some negative changes. Medical institutions with integrated nursing care resulted in relatively stable maintenance in physical health, but the decline in the dimension of social function is relatively significant, while nursing homes with integrated medical services show improvements in both physical health and cognitive function. Health status stability has enhanced remarkably, particularly in health maintenance rate under medical institutions with integrated nursing care, complemented by substantial health depth and scale variation improvement in nursing homes with integrated medical services. Mental health contributes most significantly to MHPI, whereas physical health shows minimal contribution, with relatively stable dimensional contributions under the model of nursing homes with integrated medical services. Different service models indicated significant group differences and heterogeneity in the MHPI. Finally, this paper proposes policy implications to enhance the precision of supply-demand alignment in integrated medical and elderly-care services, establish a multi-dimensional psychological support and social function restoration system, build multi-stakeholder benefit-sharing and incentive mechanisms, and provide targeted integrated medical and elderly-care services for different groups.