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Hospital Strategic Management: Balanced Scorecard Essay

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Out of the most successful features of healthcare organizations, an important place belongs to monitoring and measurement of results of the organization’s activity (Bisbe & Barrubés, 2012). Balanced Scorecard (BSC) methodology is one of the most effective measurement tools (Grigoroudis, Orfanoudaki, & Zopounidis, 2012). BSC helps hospital managers to meet the numerous strategic challenges and perform the assessment of the organization’s work (Lin, Liu, Liu, & Wang, 2013). BSC incorporates several dimensions and goals, each of which aims at facilitating the evaluation of achievements (Sunnybrook health sciences center, 2015).

An Example of Hospital Strategic Goal and Objective

One of the most important goals is working with government and system partners to create a unified delivery structure in the reinforcement of the communities (Sunnybrook Health Sciences Center, 2015). This goal is closely linked to the following objective: identification, establishment, and development of internal and external associations promoting academic competence, convenient access to excellent care, and productive employment of resources (Sunnybrook Health Sciences Center, 2015).

The discussed objective bears utmost significance as it incorporates several major features of successful operation of a healthcare organization. First of all, building connections with other companies helps to identify the organization’s position in the market. It is done by checking the services provided by similar firms, comparing one’s weak and strong points to those of other companies, and evaluating the most productive services one can provide. Next, cooperation with government allows managers to ensure the organization’s participation in various projects and grants, which raises its image and profitability. Finally, by providing access to excellent care, an organization can count on the customers’ loyalty and positive attitude.

Perspective upon which the Objective Was Based

BSC is determined by four perspectives: financial, customer, learning and growth, and internal business perspective (Grigoroudis et al., 2012). The context upon which the discussed objective was established is concerned with customer care, as it has for its basis the quality of patient care. Along with the fulfillment of other crucial areas of a healthcare organization’s activity, the realization of this perspective has the power to create a positive image of a company and attract more customers.

As a result, the organization’s value at the market will rise, and its profits will get higher. Customer satisfaction belongs to the significant areas of a hospital’s activity as it enhances profitability and financial sustainability of healthcare firms (Bisbe & Barrubés, 2012).

Customer perspective is the value scheme endorsed by a company with the aim of satisfying its clients (Grigoroudis et al., 2012). Concerning this aspect, the organization’s strategic objectives are focused on the medical services’ quality. The hospital’s objectives under customer perspective include quality enhancement, inclusion of the area requirements for medical services, expansion of the services’ security, and development of the services’ efficiency (Grigoroudis et al., 2012).

Conclusion

The assessment of a healthcare organization’s work is a rather significant part of the manager’s work. Timely and proper evaluation makes it possible to find the limitations in the company’s activity and come up with the ways of overcoming them. Balanced Scorecard allows managers to organize monitoring and measurement of the organization’s activity. One of the most essential objectives of a hospital’s work is determining and developing the internal and external connections which help to reach the goal of cooperating with system and government partners. The objective is based on customer perspective.

References

Bisbe, J., & Barrubés, J. (2012). The Balanced Scorecard as a Management Tool for Assessing and Monitoring Strategy Implementation in Health Care Organizations. Revista Española de Cardiología (English Edition), 65(10), 919-927.

Grigoroudis, E., Orfanoudaki, E., & Zopounidis, C. (2012). Strategic performance measurement in a healthcare organisation: A multiple criteria approach based on balanced scorecard. Omega, 40(1), 104-119.

Lin, Q.-L., Liu, L., Liu, H.-C., & Wang, D.-J. (2013). Integrating hierarchical balanced scorecard with fuzzy linguistic or evaluating operating room performance in hospitals. Expert Systems with Application, 40(6), 1917-1924.

Sunnybrook Health Sciences Center. (2015). Sunnybrook’s strategic balanced scorecard. Web.

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IvyPanda. "Hospital Strategic Management: Balanced Scorecard." July 30, 2020. https://ivypanda.com/essays/hospital-strategic-management-balanced-scorecard/.

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IvyPanda. 2020. "Hospital Strategic Management: Balanced Scorecard." July 30, 2020. https://ivypanda.com/essays/hospital-strategic-management-balanced-scorecard/.

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IvyPanda. (2020) 'Hospital Strategic Management: Balanced Scorecard'. 30 July.

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