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PROBLEMS
2-27 Strategy; Health Care (25 min)
1. Medical Universitys strategy should encompass a focus on the
quality of its clinical care, education, and research. The relative size
of the healthcare system is important as a way to attract third party
payers, providers, and patients. A large hospital system tends to
offer a greater breadth of services, which often increases the
clinicians level of expertise. A physician at a larger institution will
most likely have performed more procedures, i.e. open-heart
surgeries, which tends to increase the patients outcome. The
healthcare systems image to the public is very important. A
renowned institution receives more walk-in patients and patient
referrals because of its reputation. Thus, the Universitys marketing
and public relations departments are very crucial to its success. It is
also essential that the healthcare system stay within its budget in
order to continue operations.
2. Yes. The balanced scorecard goes beyond simply monitoring
financial performance.
Because the four areas: financial
performance, customer satisfaction, internal business processes, and
innovation and growth have critical success factors which are
monitored, management can thus determine how well the firm is
attaining its strategic goals based on the measurements of these
critical success factors.
3.
Financial: operating margin, cost per discharge, days in accounts
receivable
Customer: patient satisfaction, employee satisfaction, referring
physician satisfaction, patient flow measures
Internal Business Processes: medication safety, infection rate,
mortality rate
Learning & Growth: number of employee suggestions per month,
number of employee suggestions implemented per month,
measures of absenteeism and paid time off
Blocher,Stout,Cokins,Chen:Cost Management, 4e 2-10
2-27 (continued)
4. One of the hardest challenges is convincing employees that the
balanced scorecard is not simply a management tool. The reluctance
of employees to implement the balanced scorecard may prevent the
organization from achieving its strategic goals. In order to increase
buy-in from employees, management needs to educate them on the
relevance of the balanced scorecard. A hospital in the Southeast
realized that they needed to educate employees not only on how the
balanced scorecard has the potential to improve the overall success
of the organization, but also how it can help their employees reach
their personal and professional goals. Organizations must explain
what the balanced scorecard means to its employees in order to
prevent them from dismissing the initiative as the latest strategic
management tool.