Financial Performance in Non-Profit Healthcare
Please review:
Professor Office. (n.d.). Excel: Horizontal analysis and vertical analysis. Retrieved from http://professoroffice.com/VerticalHorizontalRatioAnalysis.aspx
Use the consolidated balance sheets downloaded from Ascension Health to perform a vertical analysis of the company and a horizontal analysis of the company in an Excel document.
Discuss your findings by answering the following:
Is Ascension Health growing? How do you know?
What line items reflected the largest-percentage increases and/or decreases?
What is the financial impact these changes have on the company’s financial viability currently and in the future?
To support your work, use your course and textbook readings and also use the South University Online Library. As in all assignments, cite your sources in your work and provide references for the citations in APA format.
Sample Answer
Sample Answer
The Benefits of Benchmarking in Healthcare Organizations
Benchmarking is an invaluable tool for healthcare managers in assessing and improving the quality of various aspects within their organizations. By comparing their performance to that of others, healthcare managers can identify areas for improvement and learn from organizations that have achieved high levels of performance. Here, we will discuss three departments in a healthcare organization where benchmarking can be particularly beneficial as a measurement tool.
1. Patient Satisfaction Department
Benchmarking patient satisfaction is crucial for healthcare organizations to ensure they are meeting the needs and expectations of their patients. By comparing their patient satisfaction scores with those of similar organizations, healthcare managers can identify areas where improvement is needed. For example, benchmarking can reveal if a healthcare organization’s waiting times are longer or if their communication with patients is less effective compared to industry standards. Utilizing benchmarking in the patient satisfaction department allows healthcare managers to understand how other organizations achieve high levels of patient satisfaction and implement best practices in their own organization.
2. Clinical Outcomes Department
Benchmarking clinical outcomes is essential for healthcare organizations to assess the quality and effectiveness of their medical interventions and treatments. By comparing their clinical outcomes with those of peer organizations, healthcare managers can identify areas where they may be falling short or excelling. For instance, benchmarking can reveal if a healthcare organization has higher rates of post-operative complications or lower rates of readmissions compared to similar institutions. This information can help healthcare managers analyze how other organizations achieve better outcomes and implement strategies to improve their own clinical performance.
3. Supply Chain Management Department
Benchmarking in the supply chain management department can help healthcare organizations optimize their logistics processes, reduce costs, and improve efficiency. By comparing their supply chain performance with that of other organizations, healthcare managers can identify areas where there may be inefficiencies or opportunities for improvement. For example, benchmarking can reveal if a healthcare organization has longer lead times for medical supplies or higher inventory costs compared to industry benchmarks. This information allows healthcare managers to analyze how other organizations achieve better supply chain performance and implement strategies such as process improvements or vendor negotiations to enhance their own supply chain operations.
Conclusion
Utilizing benchmarking as a measurement tool in various departments of a healthcare organization can yield significant benefits. By benchmarking patient satisfaction, clinical outcomes, and supply chain management, healthcare managers can identify areas for improvement, learn from high-performing organizations, and implement strategies to enhance the quality and efficiency of their operations. Benchmarking enables healthcare managers to make data-driven decisions and continuously strive for excellence in providing quality care to patients while optimizing resource utilization.
