Balanced Scorecard Presentation Audio Script

Balanced Scorecard Presentation Audio Script

Introduction

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. Do you need urgent assignment help ? Get in touch with us at eminencepapers.com. We endeavor to provide you with excellent service.

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 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 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 and 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 helps 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 to 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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Create a 5-10 minute recorded presentation detailing the results of the balanced scorecard analysis and making recommendations for quality improvement and risk reduction. Your presentation material should be 10-12 slides in length.

Introduction
Note: The assessments in this course build upon each other, so you are strongly encouraged to complete them in a sequence.

Applying the balanced scorecard to a health care organization can help managers uncover potential risks. It will also help them to fully analyze the organization from multiple perspectives.

At Capella, we use scorecards to evaluate everything from learner satisfaction to faculty performance, as well as our operating structures. Your workplace organization probably has a scorecard.

Developing awareness and skills in constructing and interpreting balanced scorecards can increase your value as an employee. There are related resources in this course that need to be saved and updated for future use in the workplace. Read further in the Assessment 4 Context [PDF] document, which contains important information about the following topics related to the balanced scorecard:

Definition of the Balanced Scorecard.
Using the Scorecard in the Health Care Industry.
The Four Perspectives.
As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as a part of your assessment.

What is the overall purpose of using a scorecard?
How are scorecards typically used in business?
What positive potential do scorecards add to organizations?
How would you frame a balanced scorecard for use in health care?
What are the four key elements of a balanced scorecard?
What does the term balanced scorecard mean?
What types of limitations do scorecards have?
How does Six Sigma differ from a balanced scorecard?
Preparation
Using Kaltura
Note: In this assessment, you will be required to create an audio recording to accompany a PowerPoint presentation. You may use Kaltura or, with instructor approval, you may use an alternative technology to record and deliver your presentation. Refer to the Using Kaltura [PDF] tutorial for directions on recording and uploading your presentation in the courseroom.

Hardware
To provide audio to accompany your presentation you will need to use a headset with headphones, a built-in microphone, or some other hardware with audio capability.

If you do not already have audio capability built into your computer system, a headset is recommended as an inexpensive option. Please set up and test your headset to verify the compatibility of the hardware as soon as possible. Refer to the manufacturer’s directions for installing and connecting the device to your computer.

Note: If you require the use of assistive technology or alternative communication methods to participate in this activity, please contact [email protected] to request accommodations.

BALANCED SCORECARD
Read the following:

Kaplan, R. S., & Norton, D. P. (1996). Linking the balanced scorecard to strategy. California Management Review, 39(1), 53–79.
Select a health care organization that has readily available data for the four categories from Kaplan and Norton’s 1996 model. Those categories are:

Financial performance measures.
Internal business processes.
Learning and growth.
Customer satisfaction.
You may wish to select your employer; however, please do not disclose proprietary data without prior written consent from your employer. You may wish to review the websites of large global organizations to research case study articles on best practices for organizations.

Instructions
PowerPoint Slides
To complete this assessment, you will develop a PowerPoint presentation with 10–12 slides that describes how you would apply a balanced scorecard to your selected organization. Include the following in your PowerPoint presentation:

A brief description of the organization you selected.
Your balanced scorecard analysis of the organization, including how vision and strategy connect to the four balanced scorecard elements.
Four recommendations for the organization.
At least one APA-formatted in-text citation and accompanying, congruent APA-formatted reference.
Audio Recording
Your recorded presentation should be no more than 10 minutes in length and should include the following:

A two-minute introduction.
The four elements of a balanced scorecard for the organization.
Four area recommendations for the organization.
A two-minute conclusion.
Include the notes or script of your audio recording. You may choose to include this in the form of the completed Notes section of the PowerPoint presentation slides, as a script you may have used when you created your recording, or in the form of a detailed outline. This will serve to clarify any insufficient or unclear audio.

Note: If your notes are not included in the PowerPoint presentation itself, attach them in a separate document along with the other presentation elements.

Additional Requirements
Written communication: Written communication should be free from errors that detract from the overall message.
APA formatting: Resources and citations should be formatted according to APA style and formatting guidelines.
Number of resources: At least one APA-formatted in-text citation and accompanying, congruent APA-formatted reference.
Length: The PowerPoint presentation should contain 10–12 slides.
Duration of audio recording: Maximum of 10 minutes.
Font and font size:
Headline type should be 24–28 points.
Bullet or body type should be 14–18 points for readability.
Avoid decorative type; use Arial or Times.
Note: If you require the use of assistive technology or alternative communication methods to participate in this activity, please contact [email protected] to request accommodations.

Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

Competency 2: Apply a risk-management model or framework to a specific risk-management priority.
Present recommendations on each facet of the balanced scorecard model.
Competency 3: Analyze the process and outcomes of a care quality- or risk-management issue.
Use balanced scorecard concepts to analyze key performance indicators and measures associated with a specific risk-management issue.
Competency 5: Communicate in a manner that is scholarly, professional, and consistent with expectations for professionals in health care administration.
Create a persuasive presentation tailored to a specific audience.
Communicate clearly in a limited time frame.