Duke Children's Hospital and the Balanced Scorecard

The use of a balanced scorecard when gauging the performance of executives at Paradigm Toys is useful because it measures several key areas that measure past and real time performance that directly affects the company. A balance scorecard can contain both financial and nonfinancial measures as well as both quantitative and qualitative performance measures. Additionally because a balance scorecard can be tailored to the business’s specific targets it can measure the substance of performance better that basic financial indicators that are usually considered the basis of performance ratings. It is important to use more than just financial indicators, because other factors, those qualitative in nature, measure how an employee does their job and gives a larger picture of how well an employee performs. For example, in the case of sales concerning installation of home improvement products one might be measured by repeat buyers or customer satisfaction of how well the salesman followed up with their sale and installation. This kind of non-financial factor can be used to measure the company’s goal of repeat buyer and customer satisfaction which can translate into future sales and growth. Financial indicators are used in similar ways, but are more quantitative in nature. The main reason to use financial indicators is because they can provide a clear picture

Organizations across the board monitor performance in order to be profitable, and make their stakeholders happy, including healthcare organizations. The following paper will address similarities along with differences among three specific healthcare organizations; long-term care, VA hospitals, and community/public health systems. We will also discuss how each organization monitors performances, and how each organization achieves regulatory and accreditation compliance. Communication with leadership in order to align organizational goals, and compliance with regulations and development of risk and quality management systems will also be addressed.

A balanced scorecard is a method company’s use to measure their performance. It includes objectives, strategies, and tactics. This paper will contain two strategic objectives for each of the four balanced scorecard areas (shareholder value or financial perspective, customer value perspective, process or internal perspective, and learning and growth perspective) for H & R Block. It will also have two strategies for every objective, one tactic for each strategy, and two methods to monitor and control the overall strategic plan for H&R Block.

“The balanced scorecard should translate a business unit’s mission and strategy into tangible objectives and measures. The measures represent a balance between external measures for shareholders and customers and internal measures of critical business processes, innovation and learning and growth. The measures are balance between outcome measures, the results of past efforts, and the measures that drive future performance. And the scorecard is balanced between objective, easily quantified outcome measures and subjective, somewhat judgmental, performance…”

A Balanced Scorecard is, “A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009, p. 202). Healthy Place needs to develop a balanced scorecard in order to assist in defining the company’s mission, values, vision, and SWOTT analysis. Herein, the four perspectives, financial performance, customer knowledge, internal business processes, and learning and growth will be discussed as they relate to the Healthy Place mission, values, vision, and SWOTT analysis.

As provided in the table above. Using correlation and regression analysis, conduct a study to validate the balanced scorecard. The objective of the study is to make sure that the scorecard measures being used are

Healthcare organizations (HCOs) are in the business of providing quality care, while reducing cost and meeting various guidelines and regulations. Therefore, it is necessary that HCOs monitor, measure, and evaluate the performance of their organization. Balanced scorecards is a tool that is used in healthcare to monitor organization performance by focusing on indicators that affect performance. A balanced scorecard was created and implemented at a clinic at the Oregon Health and Science University Family Medicine. The article “Performance Enhancement Using a Balanced Scorecard in a Patient-centered Medical Home” discusses how the balanced scorecard was developed, how it was used, and how it improved performance.

Martello, M., Watson, J., Fischer, M., (2008). Implementing a balanced scorecard in a not-for-profit organization. Journal of Business & Economics Research. 6(9), 67-80. Retrieved from: http://journals.cluteonline.com/index.php/JBER/article/view/2471/2517

A balanced scorecard is a tool to provide management a way to bridge the gap between the organization’s strategy and vision and the operational processes used to do business. It enables the company to look at more than just the financial targets, but to include nonfinancial measures such as customer service, internal business processes and more. These intangible measures provide better focus on the organization’s long-term strategies. This paper is an attempt to analyze Frieda Fizz decision to utilize a balanced scorecard as they expand into new geographic areas. The strengths and weaknesses of each perspective are discussed along with the pros and cons of using

"The scorecard provides a language and framework to communicate mission and strategy" (Ball, 2003) to the entire health care organization. It sets the tone and provides a concrete

The balanced scorecard is changing operating environment healthcare management and center tools and implementing up-to-date management tools for the organizations Columbia Memorial Hospital. The balanced scorecard (BSC) is considered a practical tool for high-income states to improve hospital performance. A set of performance actions secured to a strategic model and planes that has financial perspective of the customer internal perspective and knowledge, growth outlook Balanced scorecard is a strategy implementation tool that connects multiple SWOT analyses which are internal and external performance metrics to balance financial and strategic goals. The framework of strategic change and used to guide data collection and analysis contrasting

Triangulating between the complexities of their customer or patient, financial, learning and growth, and internal business processes and their need to be galvanized around a shared business vision and set of metrics, Duke Children's Hospital undertook a comprehensive Balanced Scorecard (BSC) strategy to unify the many diverse areas of their business model. By realigning processes and systems in these four central areas of their business, Duke Children's Hospital was able to align administrators, clinicians, nurses, and physicians on a single integrated platform designed to improve business processes while achieving higher quality clinical outcomes and attain higher levels of employee and patient satisfaction (Meliones, Ballard, Liekweg, Burton, 2001). By unifying the customer-based, financial, internal business, and learning and growth processes and systems throughout the hospital, costs were reduced $30M and net contribution margin increased by 15% while also increasing patient and staff satisfaction levels (Meliones, Ballard, Liekweg, Burton, 2001).

A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process. This paper will define each of the four perspectives objectives, performance measures, targets, and initiatives. The paper will also show how the perspectives relate

For nearly 20 years, leading organizations have been using balanced scorecards to strategically measure the financial and non-financial performance of different operational functions within their firms. More recently, they have begun leveraging them to measure the performance of their third-party service providers. In the facilities management (FM) function, use of a balanced scorecard enables companies to evaluate the performance of their external providers against multiple criteria (see Figure 1), help set alignment and focus, identify improvement

Kaplan and Norton introduced the Balanced Scorecard System; the system integrates traditional financial metrics to certain non-financial measurement tools. The balanced scorecard allows monitoring the activities of four different perspectives (Kaplan and Norton), which at the same time answer the four key questions of the organization. The financial perspective objectives indicate what needs to be done to meet the needs of investors