Balanced Scorecard Presentation Audio Script

Balanced Scorecard Presentation Audio Script

The balanced scorecard is a strategic planning framework and tool employed by management in the decision-making process to determine and clarify the priority of products, projects, and services (Quesado et al., 2018). It can be used to identify shortcomings in business and develop solutions to improve its performance. It also helps an organization’s management to communicate its goals, strategic plans, and the routines of activities to help achieve such goals. A balanced scorecard has four perspectives: financial, business process, customer, and organizational capacity. The financial perspective focuses on the organization’s financial goals and objectives the required strategies and investments to achieve them, and related risks. The business process perspective focuses on the internal business processes related to how the organization carries out its operations. The customer perspective focuses on the relationship between the customer and the organization based on the perceived value the organization’s products and services provide. Finally, the organizational capacity perspective focuses on the available opportunities for organizational growth and optimization of operations to improve outcomes.

About Parkwest Medical Center

Parkwest Medical Center is a premier general medical and surgical facility in Knoxville, TN. It is one of the top-rated hospitals in eastern TN in the provision of quality care services. In addition, Parkwest has 307 acute care beds with a total of 1,700 employees. Out of these, the hospital has 500 active and courtesy physicians. The hospital is recognized nationally and was rated one of the top ten hospitals in Tennessee, standing at number eight and number three in Knoxville. Besides being a top performer in cardiovascular care, the hospital offers other leading services in orthopedics, neurosurgery, and obstetrics.

Parkwest’s mission: “We serve the community by improving the quality of life through better health.”

Values: In service to God and community, we value integrity, quality, service, caring, developing people, using resources wisely,

Vision: Parkwest Medical Center will be recognized as a model of excellence where every healthcare employee wants to work, every physician wants to practice, and every community member wants to receive care.

Balanced Scorecard Analysis: Financial Performance

From the financial perspective of the Balanced Scorecard, an organization’s main goal is to create value for investors. It also helps analyze the organization’s operating environment internally and externally to identify and manage risks. The purpose of analyzing the financial performance is to ensure that the organization meets its goals and satisfies the needs of the players in its operations, including shareholders, clients, and suppliers. Parkwest is not only focused on delivering quality care but also aims to meet the financial interests of its shareholders. The hospital generated a total of $362.20 million in sales in 2018. Based on filed tax returns for the year ending 2017, the hospital has shown steady growth in revenue (ProPublica, n.d.). Further, the hospital has a 100 over 100 score on finance and accountability (Charity Navigator, n.d.).

Internal Processes

The internal business processes of the balanced scorecard include the business processes that define the organization’s effectiveness, market performance, client satisfaction, productivity, and the quality of services and products. The processes help the organization to meet its customers’ expectations. The internal processes are shaped by management decisions, innovations, actions, and investments to improve efficiency and quality. Managers must employ customer-orientated measures on the internal processes to help determine their effectiveness and identify development opportunities. The business processes perspective of the balanced card helps give the organization’s management an ideal picture of the organization’s internal processes and the capacity of the organization to satisfy its clients. The Parkwest Medical Center management has employed various techniques and information systems that improve communication and collaboration efficiency. The organization’s website supports patient-physician interactions. It also employed a sufficient number of qualified physicians to deliver quality care services that meet the patient’s needs at an individual level.

Learning and Growth

Learning and growth include the ability of the organization’s physical and human resources to improve and adapt to change to produce better services and products and for business continuity. The learning and growth perspective of the balanced scorecard is essential in organizational management. The perspective highlights the employees’ skills and abilities that determine the efficiency of the organization’s internal processes. The balanced card analysis of an organization from the learning and growth perspective includes the organization’s jobs, the structure, strategies, and the internal climate. The analysis can help identify skill gaps, learning and growth opportunities, and other improvements the organization needs to make in its internal processes. Implementing the learning and growth perspective of the balanced scorecard in organizations was linked to positive outcomes such as increased organizational commitment and readiness of the organization’s management to adapt to change the willingness of employees to adjust to organizational changes (Utomo et al., 2019).

Customer Satisfaction

Parkwest’s mission is to serve the community by improving the quality of life through better health. The hospital’s operations are guided by the values of integrity, quality, service, caring, developing people, and wise usage of resources. All of these are focused on achieving the satisfaction of the patients and the community the hospital serves. Patient satisfaction is essential to the hospital’s growth, market and financial performance, and other benefits related to higher ratings. Patient satisfaction is directly related to their quality of life (Sippola et al., 2020). High customer satisfaction is reflective of the success of the organization’s strategies. The analysis of the hospital from the balanced scorecard’s customer perspectives can help the hospital management determine the attitudes of the patients towards the care services offered. It can also reshape the organization’s strategies to meet the client’s needs and demands. The customer perspective help identify a segment to serve and determine the required changes and improvements in operations and processes to meet the needs of such a market segment.

Recommendations (1)

Parkwest Medical Center can maintain strong financial performance and achieve the financial goals it needs by adopting empirically proven strategies and techniques for improving financial performance. Therefore, it is recommended that the organization carries out a financial benchmarking against other organizations offering similar services to understand how they perform. The organization also needs to continuously update its risk management and financing strategies to avoid liabilities arising from its operations and staff. Another recommendation for improving its financial performance is investing in hospital automation tools. A study by (Wang et al., 2018) noted that investments in automation and health information management technologies improved a hospital’s productivity and financial performance. Other recommendations for improved financial performance include reducing wastage of the hospital’s resources and adopting strategies that improve patient satisfaction. The recommendations to improve customer satisfaction include reducing the readmission rates, increasing the efficiency of care service delivery, investing in patient support within and beyond the hospital, and investing in advanced safety measures.

Recommendations (2)

Parkwest Medical Centre has great opportunities for learning and growth. However, the hospital management needs to make investments to support staff learning within and outside of the organization. Staff learning will improve their skills, impacting service quality, safety, and client satisfaction. Supporting staff development also improves their commitment to work and the organization (Church et al., 2018). The hospital is, therefore, able to retain its skilled staff. Another recommendation is to invest in innovative systems and strategies that improve service and product quality, safety, and market differentiation. Parkwest Medical Center also needs to continuously analyze market trends to keep updated with new hospital technologies, systems, and requirements. This will position the organization for growth and ensure compliance with regulatory requirements. The hospital can also improve its internal processes by regularly reviewing its business practices. The reviews will help Parkwest Medical Center management identify potential factors that may interrupt the process and opportunities to improve internal processes. The hospital also needs to develop and implement strategies that improve internal and external collaborations. Internal collaborations will improve the efficiency of internal processes, while external collaborations provide opportunities for benchmarking and development of internal processes. Another recommendation to help Parkwest Medical Center improve its internal processes is to adopt a change management approach.

Balance Score Card Concepts, Performance Indicators, & Measures

As the Balanced Scorecard is a strategic management framework, its concepts can be applied in risk management. The Parkwest Medical Center can apply its concepts in risk management to identify key performance indicators and measures for reducing medication errors. Concerning the business processes perspective, the hospital can measure the reduction of medication errors based on the efficiency of medication processes and the improvement of patient safety. From the customer perspective, the key performance indicator in reducing medication errors can be the level of patient satisfaction with medication processes. From the perspective of financial performance, the reduction of medication errors can be measured by the rates of medication-related readmissions and the reduction of related costs and liabilities. From the learning and growth, the reduction of medication errors can be measured by the level of prescriber knowledge on medication and medication error rates after training.

Conclusion

Parkwest is a leading hospital in Knoxville, TN. The hospital can implement a balanced scorecard to identify growth opportunities and improve its clients’ satisfaction and financial performance. Conclusively, implementing a balanced scorecard within an organization can improve its internal processes and performance and achieve improved customer satisfaction and financial performance.

References

Charity Navigator. (n.d.). Parkwest Medical Center | Rating by Charity Navigator. Retrieved June 5, 2022, from https://www.charitynavigator.org/ein/581897274#finance-details-section

Church, C. D., He, Z., & Yarbrough, S. (2018). Factors influencing organizational commitment and turnover in nurse residents. Journal of Continuing Education in Nursing, 49(10), 482–488. https://doi.org/10.3928/00220124-20180918-09

ProPublica. (n.d.). Parkwest Medical Center. Retrieved June 5, 2022, from https://projects.propublica.org/nonprofits/organizations/581897274

Quesado, P., Guzmán, B. A., & Rodrigues, L. L. (2018). Advantages and contributions in the balanced scorecard implementation. Intangible Capital, 14(1), 186–201. https://doi.org/10.3926/IC.1110

Sippola, S., Haijanen, J., Viinikainen, L., Grönroos, J., Paajanen, H., Rautio, T., Nordström, P., Aarnio, M., Rantanen, T., Hurme, S., Mecklin, J. P., Sand, J., Jartti, A., & Salminen, P. (2020). Quality of Life and Patient Satisfaction at 7-Year Follow-up of Antibiotic Therapy vs Appendectomy for Uncomplicated Acute Appendicitis: A Secondary Analysis of a Randomized Clinical Trial. JAMA Surgery, 155(4), 283–289. https://doi.org/10.1001/JAMASURG.2019.6028

Utomo, St. D., Machmuddah, Z., & Setiawanta, Y. (2019). Balanced Scorecard: Learning and Growth Perspective. Jurnal Inovasi Ekonomi, 4(02). https://doi.org/10.22219/JIKO.V4I2.9852

Wang, T., Wang, Y., & McLeod, A. (2018). Do health information technology investments impact hospital financial performance and productivity? International Journal of Accounting Information Systems, 28, 1–13. https://doi.org/10.1016/J.ACCINF.2017.12.002

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Assignment Content

Purpose
MBA Business Plan component

Context
One of the most important elements in a business plan is the market analysis. A market analysis is a qualitative and quantitative assessment of a market. It includes data collection and estimation in reference to the market size and value, characteristics of the intended customer base, in-depth evaluation of the competition, barriers to entry, and the regulatory environment. An accurate and detailed market analysis allows entrepreneurs to determine whether the market is sufficiently large to build a sustainable, profitable business. In this assignment, you will complete a market analysis for your proposed organization and create a report that can be included within a business plan.

Instructions
Write a 525-word report that includes the following sections:

Section 1: Business overview, mission, and vision. (PLUMBING COMPANY PLEASE)
Section 2: A Market analysis that includes the following components:
Section 3: Recommendation

Use the Market Analysis Research document for details on what to include in each section.

Cite references to support your assignment.
Format your citations according to APA guidelines.