This hymn is from the sixth chapter of Vaidya Nātha Sthala Mahātmya. This was sung by goddess gauri herself.
This hymn concisely indicates the various pastimes, glories and aspects of vaidyanātha, for explaining the epithets given in the hymn, I have taken help of ancient commentaries like commentaries of Shiva Ashtottara shatanama, vedasāra shiva sahasranāma, etc.
I have cited the shlokas from vaidyanatha sthala mahātmyam for explaining the meaning of the verses of this hymn, wherever applicable.
Each verse of this hymn ends with the sacred five syllable mantra that is suffixed to shri vaidyanātha. This helps us gain the benefits of chanting the panchākshari mantra without strict rules, thanks to our kind seers and sages.
After the octet (ashtaka), a mantra of vaidyanātha made of three divine names is also given.
One can do the japa of shloka 9 alone for many times, that is the nāmatraya mantra of Shiva.