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Business Indicators In Healthcare
Business Indicators In Healthcare
Assessing Critical Business Indicators
In order to be a sound financial manager, you need to know the fiscal intricacies of your organization or department. Decisions about future expenditures should be based on careful calculations of organizational or departmental needs. By using critical business indicators, you can more effectively balance the fiscal realities of your budget with the functional demands of your department. In this Discussion, you examine the use of critical business indicators to assist in financial decision making for a health care department or organization. By Day 1 of this week, your Instructor should assign you a problem from the Zelman, McCue, and Glick online text. If you did not receive an assignment, contact your Instructor.
•Review this week’s Learning Resources, paying special attention to how vital business indicators can be used in financial decision making.
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Complete the math and then answer the questions for the problem you were assigned.
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Choose a different business indication than the one you used in your previous problem.
Consider how this important indication could help a nurse management better balance the demands imposed on a department while staying within budgetary restrictions.
Look for an example.
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Consider the consequences of making a decision in the absence of the knowledge provided by these business indicators.
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What are your options if it was critical for you to make a specific acquisition or begin a new venture, but your break-even threshold was calculated to be greater than the expected revenues?
Post your response to the provided question, along with an explanation of your reasons.
Provide examples of how nurse managers could use the crucial business indicator you choose to meet the needs of a department or organization while staying within budget.
Please provide a particular example.
Describe the possible consequences of making a financial decision without using business indicators.
Describe techniques for dealing with a situation in which the break-even threshold is higher than expected revenues.
Readings Required
J. J. Baker, R. W. Baker, and N. R. Dworkin (2018).
Basic tools for nonfinancial managers in health care financing (5th ed.).
Jones and Bartlett Learning, Burlington, MA.
•”Financial and Operating Ratios as Performance Measures,” Chapter 12 (pp. 127-134)
Review: This chapter offers a variety of tools that can be used to assess an organization’s performance.
Liquidity ratios, solvency ratios, and profitability ratios are examples of these.
•Chapter 15, “Comparative Data Analysis” (pp. 161-173)
Review: In this chapter, you will learn how to find other health care companies that are comparable to your own.
Data from these firms can then be utilized to assess the success of your own organization.
W. Zelman, M. McCue, and N. Glick (2009).
Financial management in health care organizations: An overview of key tools, concepts, and applications (3rd ed.).
Jossey-Bass, Hoboken, NJ.
This information was obtained from the Walden Library’s databases.
•”The Investment Decision,” Chapter 7 (pp. 271–328)
What is a Healthcare Key Performance Indicator (KPI)?
A healthcare Key Performance Indicator (KPI) or metric is a well-defined performance measure used to watch, analyze, optimize, and modify a healthcare process in order to increase patient and provider satisfaction.
Care facilities typically utilize these indicators to compare their performance to other care facilities and suggest areas for improvement.
This post will describe why you should utilize healthcare KPIs, the top 25 healthcare KPIs and measures to include in your 2021 reporting, how each KPI is calculated, and how a healthcare dashboard can help you streamline your reporting process.
Why Your Company Should Use Healthcare-Specific KPIs
In today’s world, healthcare professionals are concerned not just with the science underlying their field of expertise, but also with how to give the best possible care, ensure optimal hospital performance, and successfully manage occupancy and expenses.
To do this, the majority of healthcare facilities have switched from paper to digital record keeping.
Patient charts and records are now digitally stored in a database.
Because all patient files are housed in one central area, this decreases the amount of “lost” patient information and makes it easier for care providers to retrieve a patient’s files.
While the digital revolution simplifies things for healthcare practitioners and improves service quality, it may also provide a quantitative study of a hospital’s or clinic’s operational success.
Patient data can be gathered and translated into healthcare KPIs, which can then be monitored on a dashboard or reported to executives.
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