Topic 7 DQ 2
What type of staff performance indicators would you monitor to ensure you were meeting your budget? How would you monitor these indicators?
IN RESPONSE TO THE DISCUSSION
To thrive and function successfully in the healthcare industry, healthcare organizations must ensure that standards are maintained and monitored on an ongoing basis. Healthcare indicators are used to keep track of how effectively companies are performing and to identify areas that require improvement. According to Wikipedia, “Key performance indicators are quantitative statistics that demonstrate how well an organization, team, or individual is performing in relation to a predefined goal or target” (Mind Tools, n.d.). Consumption, or the demand for services by consumers, is measured by performance indicators to determine how effectively healthcare organizations manage consumption (Penner, 2017). In healthcare companies, financial indicators are used to measure the monetary values (Penner, 2017). Healthcare facilities must find a way to strike a balance between providing the best possible patient care while also managing manpower, resources, and other costs. In order to ensure that facilities stay within budget, it is important to analyze several key performance metrics, including the staff-to-patient ratio, bed occupancy rate, average hospital stay, treatment expenses, patient happiness, and employee satisfaction. Tracking records and progress, creating reports, and comparing them all helps to ensure positive patient outcomes and organizational success; doing so helps to ensure positive patient outcomes and organizational success, as well.
Tools for the mind (n.d.). Performance management and key performance indicators (KPIs). https://www.mindtools.com/pages/article/newTMM 87.htm #:~:text=A KPI stands for key performance indicator. A key performance indicator (KPI) is a measurable measure of performance that is used to achieve a predetermined goal or to achieve a target in a given period of time.
Penner, S. J., et al (2017). Nurses and nurse leaders should be familiar with economics and financial management (3rd ed.). Springer Publishing Company is a publishing company that specializes in the publication of books. 978-0-8261-6001-0 is the ISBN for this book.
I agree that healthcare is constantly evolving. Every day, new scientific discoveries are made. It is necessary for healthcare organizations to implement these changes in order to give their patients with up-to-date care that is both effective and cost-efficient. This transformation will necessitate a significant investment of resources, and it will be up to healthcare organizations to determine which improvements are worthwhile to implement. The efficiency with which a corporation handles its finances determines the rate at which change occurs.
Employee happiness should also be a priority for healthcare businesses, which can be achieved by providing them with a pleasant work environment and competitive compensation. A focus for any healthcare institution should be ensuring that its patients are satisfied. Patients should be given the impression that their healthcare demands are being met, and they should be encouraged to participate in the development of their treatment plan. Healthcare firms should constantly aim to improve the quality of service they provide to their patients and to their employees as a whole (Selim et al.,2018)
Selim Ahmed, Noor Hazilah Abd Manaf, and Rafikul Islam are among those who have contributed to this work (2018). Measuring the effectiveness of Lean Six Sigma and quality improvement initiatives in healthcare businesses. IJQSS, volume 10, number 3, pages 267–278 (International Journal of Quality and Service Sciences). https://doi.org/10.1108/IJQSS-09-2017-0076
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