• 3-4 financial indicators’
The financial indicators will be used by the organization to assess its financial and operational stability. The indicators will also help in developing methods of looking at the financial and operational results to determine the fiscal health status of the company’s finance. The key financial indicators include:
Financial ratios- the financial ratios are used to assess the company financial performance for enamel the liquidity ratios are used to assess if the company has adequate current assets to offsets its debt obligations. The profitability ratios are used to determine if the company is generating adequate profits to maximize the shareholders wealth and become sustainable. Other ratios include the market ratios, the debt ratios which are also known as the leveraging ration, as well as the capital budgeting ratios. All these ratios will be analyzed to determine how best the company is performing in order to make necessary decisions.
Balance sheets– the balance sheets show the company’s financial health as at any time. The balance sheets indicates the company’s assets, and , capital and liabilities
Cash flow statement– the cash flows are used to assess the financial health and performance of the company. The cash flows ratios are used to determine how much the company is making as profit after deducting its expenses. this way, the company can determine its profit censer.
• 3-4 operational indicators
The key operating indicators refers to the groups of measurement or metrics used to assess and or evaluate the organization’s performance against its goals and objectives. The organizational performances is compared to the standard, benchmarked industry standers r budgets
Inpatient flows– the inpatient flow indicates the company effectives in delivering care. It looks at the bed turnovers rate, the readmission rates of the patient As well as the hospital occupancy
Patient’s satisfaction– the patient satisfaction is a measure of the overall patient perception about the company’s services. For example, if the service quality is excellent, the patient satisfaction would be high (Parasuraman, Zeithaml, &, Berry, 1994)
Revenue cycle– Finally the revenue cycles indicates the overall patient attitudes, awareness and perception. If the attitudes towards the colony’s services are positive, then the patient satisfaction is positive
• 3-4 satisfaction indicators
Patient healthcare experience– patient healthcare experience determines the patient’s satisfaction. Therefore, by survey the patients about their healthcare experience in the hospital, the hospital can analyze their service quality. Service quality dimension include
Net promoter score (NPS)– According to De Vos, et al, (2009), the net promoter scores is used to analyze the likelihood of a patient or a client refrying their friends, and relatives to the hospital. The hospital can determine the net promoter score by analyzing how many patient or families have been referring to the hospital by either relative or healthcare institution. If a hospital finds that most patients are referred to it, then the net promoter scores is higher, otherwise the net promoter score is low
Industry benchmarks– industry benchmarks can also be used to analyze and compare the hospital’s performance to that of the other leading hospitals in the region. If the hospital is bellow the industry benchmarks in terms of cleanliness, service quality, nursing code of ethics, and other healthcare standards, then the hospitals is underperforming and thus should take necessary measures to improve its performance
• 3-4 quality indicators
Hospital based outcome- the hospital based outcome include the success of treatment, hospitalization and patient care. If the percentage of patient that leave the hospital cured is higher than the percentage of the dead or referred patients, then the hospital based outcome are poor. Such hospital needs to revise the practice approach (Pandey, &, Cursio, 2006, pp. 224-9).
Care processes– care processes include patient care, feedback, distress response, medication nod prescription. If the patient survey indicate that these care processes are poor, then there s needs for the hospital to take necessary measures to remedy this. It is the duty of the hospital to continuously improve quality and maximize their performance. Therefore in case the hospital does not have its own specific performance improvement strategies, it can adopt any of the quality management program or strategies implemented by the other hospital. There are also patient care standards that are already benchmarked to bemused in the hospitals
Audit and feedback report– currently, almost all hospitals have in place their audit programs which involve the analysis of stakeholder feedbacks, it is therefore important for the hospital to continuously analyze the audit reports to determine if their performance is lacking. Hospital audits are very important performance indicators that a hospital ought to have as apart of its dashboard
The above dashboard elements are just for indicative purposes, large healthcare organizations are likely to have many more or less performance indicators based o their specific services, market niche and movement regulation. In most case, hospitals still
Pandey K, &, Cursio J, (2006).Data feedback for quality improvement of stroke care: CAPTURE Stroke experience. Am J Prev Med 31:S224-9.
De Vos, M., Graafmans, W., Kooistra, M., Meijboom, B., Van Der Voort, P., & Westert, G. (2009). Using quality indicators to improve hospital care: a review of the literature. International Journal For Quality In Health Care, 21(2), 119-129. doi:10.1093/intqhc/mzn059
Parasuraman, A., Zeithaml, V.A. and Berry, L.L. (1994), “Moving forward in service quality research: measuring different levels of customer expectations, comparing alternative scales, and examining the performance-behavioral intentions Link”, Marketing Science Institute working paper, Report No. 94-114 September 1994