Management of Finances in Healthcare Organizations Research Paper

Pages: 4 (1430 words)  ·  Bibliography Sources: 4  ·  Level: Doctoral  ·  Topic: Healthcare

¶ … Lead and Manage Using the Balanced Scorecard

The balanced scorecard has proven to be a very significant and important approach and system in strategic management as it has modernized conventional thinking regarding performance metrics (Kaplan, 2002). The balanced scorecard can be defined as a set of financial as well as non-financial valuation of the success factors of a business or company. The balanced scorecard mirrors the essence of the company's value creating activities. In addition, the strategy is applicable to a company of any size irrespective of its place and origin of its operations (Kaplan and Norton, 2007).

In this discussion, I will support the balanced scorecard system. Specifically, in the medical organization that I worked in, the method was designed distinctively to facilitate managers to establish their strategic goals across an all-inclusive view of the company on the basis of an agreed perspective of the organization in the future (Kaplan and Norton, 2007).

It also enabled the managers to come up with pertinent measures to control as well as monitor the performance of the organization against these goals, measures, and objectives. In addition, the main strength of the organization in using the balanced scorecard method is that it helped in the articulation and communication of strategic requirements to the company as a whole (Kaplan and Norton, 2007).

What are three key factors that you feel are essential for the healthcare organization where you work, or one in which you are familiar, to remain solvent?

With the continuing struggle in the economy, just about every industry is facing tough and competitive environments and settings and the healthcare industry is no exception. There are a number of essential factors for the healthcare organization to sustain growth and development. One of these factors is having a proper delivery system of health care. Due to the new healthcare act, there are changes in policy and health care reforms not only at the state level but also at the national level; one of the factors healthcare organizations can employ is restructuring its delivery system and also its financial models in order to remain financially solvent (Hacker et al., 2014).

Another factor that can be employed by healthcare organizations is having managed care and a patient centered approach in its operations. Patient centered health care ensures that the quality of health care provided to the patients lives up to the expectations. This in turn will ensure that the patients will keep coming back to the health care organization and ensure consistent revenues generated by the business and the organization will remain solvent. Patient-centered health care engages the patients and the employees and helps them to become active participants (Epstein and Street, 2011).

After reviewing the "How to Read a 10-K" from the SEC website, what were your two biggest insights about reading a 10-K? You can find this at www.sec.gov and use their Edgar system

Every publicly traded company based in the United States is required to file different reports, Form 10-K being a part of them, with the Securities Exchange Commission. This particular form offers nearly everything that encompasses the financials of the public company. In addition, an approved auditing company audits these forms, which implies that the information provided in these forms is authentic and reliable (United States Securities and Exchange Communication, 2014).

One of the biggest insights about reading a 10-K form is gaining information on the risk factors. This portion of the form encompasses the different financial requirements, business exposures and the potential risks of various natures the company faces. This is insightful as it offers information on how the company operates in the sense that one can easily anticipate the response of the company to different environments or settings because the section indicates the strong suits as well as weak points. The company selected for the analysis through Form 10 -- K is Wal-Mart (United States Securities and Exchange Communication, 2014).

In utilizing the tips from the SEC website, there are some brief, apparent observations as well as highlights of the company. In the risk factors segment, the company points out some of the challenges it faces in different settings. For instance, Wal-Mart's failure to attract and sustain qualified associates, increase in expenses for wages and benefits, alterations in regulations are some of… [END OF PREVIEW]

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