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Nonfinancial Performance Measures Discussion

Nonfinancial Performance Measures Discussion

Question Description

Hello,

I need 2 different discussion posts for a healthcare financial management class. Please make sure they have a different analyzation and ideas. the deadline is 16-20 hours

Respond to the following question (minimum 200 words) and provide at least two responses to others.

Since the late 1980’s there has been an ever-increasing emphasis in business on the use of a combination of financial and nonfinancial performance measures. Facilitating this increasing interest is the rapidly escalating rate of change in the business environment, which in turn, has led to dissatisfaction with traditional backward looking performance measurement systems. Critics argue that traditional financial performance measures are not consistent with today’s business environment, lack predictive power, reinforce functional silos, may sacrifice long-term thinking, and are not relevant to many levels of the organization. Many suggest that it is increasingly necessary for all major businesses to evaluate and modify their performance measures in order to adapt to the rapidly changing and highly competitive business environment. As a result, we should treat financial measures as one among a broader set of measures and the inclusion of nonfinancial performance measures substantially enhances decision-making quality providing information that financial ratios do not.

Hospitals today require measures that provide better information across a wider scope to achieve understanding of the critical factors that create the foundations of future success. Organizational performance measures should reflect and manage those attributes in order to achieve overall financial health. Consequently, a paradigm shift is occurring and organizations are replacing their existing traditionally measurement systems with ones that reflect their current objectives and environment. The frameworks employed are multidimensional, explicitly balancing financial and non-financial measures, and leading and lagging indicators.

List and provide justification for three nonfinancial performance measures you feel are critical to your project. How you will determine successful achievement of these measures?

DO NOT FORGET THAT I NEED 2 DIFFERENT POSTS

Post to response I need 4 of them please

by Christopher

Despitethe thorough and methodical review of an organization financialperformance measures provide, non-financial performance measures must beintegrated to the overall review process to determine organizationalsuccess and performance.

One non-financial performance measurecritical to the success of healthcare organizations is the culture ofthe business. Organizational culture often determines employeemotivation, cohabitation, and interaction with patients. Like with allother businesses, a positive organizational culture determines theability of processes to be performed effectively and efficiently. Apositive organizational culture can also create high levels of employeesatisfaction. A healthy organizational culture must be created for anybusiness to be successful. Positive culture can be created byestablishing effective communication for all parties in the organizationand providing each party with equal responsibility and authority.

Asecond non-financial performance measure determining success oforganizations is employee satisfaction. Employee satisfaction candetermine the workforce’s notion of the work they are completing. Ifemployees enjoy the workplace and their coworkers, they are likely to bemotivated in the work that they are tasked with completing and likelyto have positive interactions with patients. An organization mustprovide healthy working conditions for their employees to createemployee satisfaction. The organization would also be wise to offer manybenefits to employees to show their employees that they are valued andinvested in employee well-being.

Design and development is afinal non-financial performance measure. Design and development inorganizations would solidify the responsibility to continually improveits processes. Continuous improvement would certainly insure increasesin quality of care provided and efficiency of primary operatingactivities. This can be achieved by partnering with professionalorganizations and research institutions to explore new, innovative andrevolutionary processes.

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by Robert

According to our lecture slides operating indicatoranalysis involves the use of operating data as opposed to financial statementdata to try to explain a business’s financial condition. Operating indicator analysis helps managersto understand the underlying operating conditions which helps them to bettertackle financial problem areas.

The first crucial nonfinancial performance measure Iwould use for my project is staff-to-patient ratio. Having adequate staff is important for thesuccess of a facility to ensure patient safety, patient satisfaction, and employeeretention. Many facilities suffer due toinadequate staffing and overworked employees.This can lead to improper care techniques and high employeeturnover. It is important to alsodetermine the appropriate amount of staff within different areas of thefacility as acuity can impact staff-to-patient ratios.

The second performance measure I would focus on isfall risks. Patients who are atincreased risk of falling can impact the financial health of a facility becausepatients do not pay for most services after a fall. It is crucial to minimizethe risk of patient falls and ensure patient safety. Furthermore, analyzing staff-to-patientratios can assist in minimizing fall risk since these areas are directlyrelated. If a facility does not haveenough staff to quickly respond to bed alarms or call bells patients could beat an increased risk of falling.

A third nonfinancial performance measure important tomy project is hand hygiene. Practicinggood hand hygiene is important in healthcare to minimize the spread of germsand infection. Good hand hygiene canhelp to keep employees heathy and minimize the spread of infection to otherpatients . Employees who are healthy willspend less time out sick and be able to provide more quality patient care.

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By Paul

The overall performance of an organization can be evaluated byusing their profits and other financial measures, but the nonfinancial measurestend to hold more weight to show how well the company is actually thriving.

The first nonfinancial measure that is critical is employeesatisfaction. If the employees are not happy or satisfied with their employment,the company will suffer. As employees are more dissatisfied, they are morelikely to leave the company causing a higher turnover. Turnover can become very expensive forcompanies as they have to initiate a new recruitment and hiring process torefill positions. A good way to evaluateemployee satisfaction is through surveys.By giving employees anonymous surveys, an organization can get informationon how satisfied people are at their job. High job satisfaction scores positivelycorrelate with success of this measure.

Another nonfinancial measure is infection rates. One of the main goals for healthcare is totreat and prevent infections. It is importantto evaluate infection rate, especially in the inpatient setting, to make surethat this goal is being achieved. Catheter acquired urinary tract infections andpost-operative infections are two good infection rates to track to evaluate performance.The lower the infection rates, the better performance and better quality of care.These two measures are good because there are protocols set in place to help preventthese infections. Hospitals that have lowerinfection rates can also use that statistic to market their excellent qualityof care.

The final nonfinancial measure would be patient satisfaction.Patient satisfaction is important to show that the organization is taking goodcare of its patients. This measure would be tracked and evaluated using patientsatisfaction scores in which higher scores would mean better performance. Unfortunately,this measure is very subjective. I havehad patient complain that my care of them was less than satisfactory because Idid not give them antibiotics for their viral infection. I have also read ER reports in which the planof care was not appropriate for the patient’s diagnosis, but the patient ratedtheir overall care as excellent because they liked how the provider did whatthe patient wanted. Organizations thatare focused on patient satisfaction surveys may pressure providers to givepatients what they want even though it is not best for the patient.

In conclusion, there are many aspects of healthcare withoutan attached dollar sign that show the true performance of an organization that aremore beneficial than most financial measures.

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by Charles

Remaining profitable isn’t the only measure of successfor a hospital. It is important for hospitals to look inward and measure howthey are conducting themselves and determine if they are following bestpractices. If they are not, then their future financial performance reportswill likely suffer. A proactive approach to measuring nonfinancial performancemeasures will help keep a hospital in business. Here are three criticalnonfinancial performance measures:

Caregiverto Patient Ratio

This ratio can be for nurse to patient, doctor topatient, or both. These measures are important for multiple reasons, with themost important being patient safety and employee satisfaction. If there are toomany patients for one nurse then they may not receive the care they need in atimely manner, and if a doctor has too many patients then there is an increasedrisk of medical errors that will adversely affect the patient. Too high of aratio will also negatively affect employee morale, so making sure it is at asafe level is critical for organizational success. The best way to determine ifwe have successfully achieved an acceptable level for this measure is by monitoringthe ratios over time and comparing them to best practice guidelines fornurse/doctor to patient ratios.

Readmissions

My final research paper for HCA 500 was about theHospital Readmission Reduction Program (HRRP), which is a program implementedby the ACA designed to reduce the number of preventable readmissions inhospitals. If a hospital had more preventable readmissions than the nationalaverage, then they would receive reduced Medicare reimbursements. Avoidingthese reduced repayments, as well as avoiding the cost of care for thesepreventable readmissions, will be critical for the hospital’s success. Todetermine if we are successfully meeting this measure, we will monitor ourreadmission rates and compare it to national averages. If we are above average,then it should be considered a success as we will no longer be receivingreduced payments.

Patientsatisfaction

Perhaps no other measure is more important forpredicting future success than patient satisfaction scores. If patients werenot happy with their experience at the hospital then they are less likely toreturn, and they will also likely share their experiences with others which maydeter them from seeking care there as well. Therefore, monitoring patientsatisfaction and acting on the results will be critical for the success of thehospital. We can measure patient satisfaction through our HCAHPS (Hospital Consumer Assessment ofHealthcare Providers and Systems) scores. Two of the questions on theHCAHPS deal with patient satisfaction, so we will monitor the responses tothose questions to determine if we are successfully reaching our desiredscores.

Monitoring these nonfinancialperformance measures will be critical for the success of the hospital, and ifthe scores for these measures start to suffer then financial performance will startto suffer as well.

-Joe


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