02 Jul Week 10 Discussion Responses
Write a response for each discussion
Taylor
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The text states benchmarking is a continuous process by which an organization can measure and compare its own processes with those of organizations that are leaders in an area Baker & Baker (2014). Benchmarking is usually considered to be a process of seeking out and implementing best practices at best cost. This pursuit of performance is based on collaboration among several organizations. The basic principle of benchmarking consists of identifying a point of comparison, called the benchmark, against which everything else can be compared. To be able to benchmark an organization would need reliable and up-to-date information. This process of information management is called surveillance, the first foundation of benchmarking, facilitates and allows for a quick benchmarking process. A second foundation consists of learning, sharing information and adopting best practices to modify performance which will help contribute to understanding the finances of an organization.
Mazanec
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At our organization, our balanced scorecard reporting measures include: Net Days in Accounts Receivable, Discharged Not Final Billed Days, Days Cash on Hand, Operating Profit Margin, and Long Term Debt to Capitalization. Our metrics are calculated on a 12 -month rolling average. Other scorecard measures that have been calculated in the past are Average Age of Plant; Supplies as a Percentage of Total Operating Expense, and Rolling Non-Operating Revenue Ratio.
One of the more important benchmarks for the organization right now is the Days Cash on Hand metric. With the completion of our $40-million-dollar renovation project funded by a USDA Loan, there is a covenant that requires us to maintain 90-days cash on hand for the life of the loan.
Benchmarking is important to an organization to be able to assess its risk by identifying and quantifying data in comparison to industry standards (Cimasi, 2004). Cimasi (2004) explains this can include financial ratio analysis or operational performance tools and can be measured in the following: liquidity, leverage, activity, and profitability. Benchmarking is one of the more effective means to pull data out a healthcare system that will help to provide information about future performance and financial condition (Cimasi, 2004).
_Buda
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Benchmarking is used to measure performance gaps; it is the process of measuring services and activities against the best levels of performance both within an organization and outside the organization (Baker & Baker, 2014). One of the main ways that benchmarking contributes to understanding of finances in a healthcare organization is by assessing similar performance data with comparable organizations (Wolfskill, 2013). This evaluation allows the organization to identify areas where the organization excels compared to its peers and also allows it to identify areas where its peers excel. With this information, a healthcare organization can dedicate resources to determining the causes for the underperformance and then developing strategies to improve performance (Wolfskill, 2013).
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Prince
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According to the text, benchmarking is a way to compare an organization’s products, services, activities, and performance by collecting objective indicators and comparing them to a “best practice” performance. This is a way to identify gaps in expected performance levels. Although I do not work in the health care industry, my employer uses benchmarking to determine how many claims a claims examiner can manage at one time. This benchmark is determined by collecting information about the average caseloads of our competitors; studying the best practice process; and evaluating existing caseloads within the company. The Benchmarking within my company assists with the budget financing as management plans for the number of examiners budgeted for each client.
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