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Essay / Research Paper Abstract
This 3 page paper considers the financial objectives that could be used by a hospital when developing a balanced scorecard. The identified the objectives, explains why they are important and then looks at how they can be measured and the strategies that would need to be in place to measure them. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEBSC003.rtf
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Unformatted sample text from the term paper:
the need to accounts for funds used and maximise the benefit they create, in addition to this were the public purse is concerned, as with the US Navy Hospital Guam,
which is funded by the government, there are also issues of accountability (Chyssides and Kaler, 1998). The way in which financial goals are set for a balanced scorecard will
reflect the mission of the organizations as well as its non profit making status. The three objectives are to minimise the cost per case/per visit, to increase the hospital
operating margin and to ensure there hare high standards of quality and patient safety. Each of these can be considered individually. The reduction in the overall cost per visits
and per case is to be targeted in order to increase operating efficiency, such as patients only undergoing the tests they need and not being kept in when they are
able to go home. These reduce the cost per visit or per case, which when undertaken as a strategy rather than a cost cutting exercise can result in workplace excellence.
Developing pathways for different tasks unifies standards and strategies undertaken to reduce costs but maintain standards will increase the operational efficacy and as such this will also lead to patient
satisfaction. The cost per patient or per visit may be measured in financial terms; this can then be compared on a like for like basis with other hospital benchmarking
costs. The fact that this hospital is non profit making does not mean there are not financial pressures or needs; this does give some degree of flexibility. The cost per
procedure may be measured and benchmark as well as averages all of these are then able to be compared and areas of potential improvement may be identified as well as
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