Nicholas Noyes, MS,BSEE,BA. Director Clinical Engineering U. of Connecticut Health Center

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1 Nicholas Noyes, MS,BSEE,BA Director Clinical Engineering U. of Connecticut Health Center

2 References Presentation Developed by Paula McManus U. of Connecticut Health Center

3 Balance Scorecard

4 What is the Balanced Scorecard? A performance measurement & management framework to define, align and communicate strategy effectiveness at all levels of an organization Developed by Kaplan & Norton at HBS in 1992 ( The BSC - Measures that Drive Performance ; HBR) Using only financial or tangible asset measures to judge performance is not enough.need to consider other factors such as quality, customer satisfaction, employee development, innovation, etc.

5 Purpose Clarify, communicate and manage the organization s vision and strategy Translate vision and strategy into tangible objectives and measures Focus on strategic processes

6 Goals Shape and support strategic goals and budget Achieve more specificity in actions, outcomes and resource allocations Improve ownership and accountability Create higher- quality dialogue about what success is and how to measure it

7 Translating Vision and Strategy: Four Perspectives FINANCIAL PERSPECTIVE To succeed financially, how should we appear to our stakeholders? To achieve our vision, how should we appear to our customers? CUSTOMER PERSPECTIVE The Balanced Scorecard INTERNAL BUSINESS PERSPECTIVE To achieve our vision, how will we sustain our ability to change and grow? LEARNING & GROWTH PERSPECTIVE To satisfy our customers and stakeholders, what business process and systems must we excel at?

8 Strategy Map - Balanced Perspec8ves Strategy maps incorporate major institutional goals from 4 different, balanced perspectives: Financial = Financial Health Customer/Outside = Patients & Community Internal/Business Processes = Quality & Efficiency of Care Knowledge & Growth = Employee Development & Clinical Innovation

9 Customer Perspec5ve Who are your customers? List by group Prioritize

10 Internal Business Perspec5ve What strategic processes are linked to the key needs and expectations of your highest priority customers?

11 Internal Business Perspec5ve How successful are you at these processes? Which components of your internal business processes need to be improved to enhance customer service and satisfaction?

12 Learning and Growth Perspec5ve What types of investments in the future will be important for your organization to make?

13 Learning and Growth Perspec5ve What outcomes/linkages do you expect these investments to have? What will happen if these investments are not made?

14 Financial Perspec5ve What types of financial measures would provide strategic information about the status of growth and change in your organization?

15 Financial Perspec5ve How does this financial information link to other strategic goals and measures?

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17 What to Measure?! Input Process Output Outcome Impact Basic System Model

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19 Strategic Measurements Financial Perspective Revenue Growth Customer Perspective Market Share Internal Perspective Mortality or Medical Error Learning Perspective Employee Satisfaction Financial Perspective Charge Entry Customer Perspective Patient Satisfaction Internal Perspective Cycle Time Learning Perspective Skill Development

20 Measuring Results Focus on what is accomplished Results tend to be more easily quantifiable Indicative of past performance

21 Measuring Processes Focus on how results are accomplished Tend to be less easily quantifiable Predictive of present and future performance

22 Assignment Develop a Strategy Map for your department Identify at least one MEANINGFUL strategy in each of the five perspectives Identify measures, source of data for each measure, and the target for each measure

23 Balanced Score Card