NUR 621 Balanced Scorecard

Assignment: Balanced Scorecard

NUR 621 Balanced Scorecard Assessment Description

The purpose of this assignment is to display an understanding of how and why strategic measures are displayed in a balanced scorecard.

Select a health care organization with which you are familiar. Using this organization as your setting, write a 1,000– to 1,250-word essay addressing the following:
Explain what the purpose of a balanced scorecard (BSC) is. How is the balanced scorecard used to lead and manage an organization?

Discuss the indicators that may be selected for a BSC specific to your selected organization. Be sure to describe the rationale for your choices.

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Describe the tools and techniques that you would use to analyze and display your data. NUR 621 Balanced Scorecard Select at least one quantitative and one qualitative method or tool.

Discuss how the BSC can be used to drive quality improvement.

Include 3–4 peer-reviewed resources.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Lopes Write. A link to the Lopes Write technical support articles is located in Class Resources if you need assistance.

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NUR 621 Balanced Scorecard Rubric

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Rubric Criteria

Total100 points
Criterion
1. Unsatisfactory

2. Insufficient

3. Approaching

4. Acceptable

5. Target

Purpose and Explanation of Its Use to Lead and Manage an Organization

Purpose and Explanation of Its Use to Lead and Manage an Organization
0 points

Does not explain the purpose of a balanced scorecard and/or how it is used to lead and manage an organization.

16 points

Unclearly explains the purpose of a balanced scorecard and how it is used to lead and manage an organization.

17.6 points

Partially explains the purpose of a balanced scorecard and how it is used to lead and manage an organization.
18.4 points

Clearly explains the purpose of a balanced scorecard and how it is used to lead and manage an organization.

20 points

Thoroughly explains the purpose of a balanced scorecard and how it is used to lead and manage an organization. NUR 621 Balanced Scorecard

Indicators Selected for a Balanced Scorecard

Indicators Selected for a Balanced Scorecard
0 points

Does not discuss the indicators that may be selected for a BSC specific to the selected organization and does not describe the rationale for the choices.
16 points

Incomprehensibly discusses the indicators that may be selected for a BSC specific to the selected organization and poorly describes the rationale for the choices.
17.6 points

Somewhat discusses the indicators that may be selected for a BSC specific to the selected organization and specifically describes the rationale for the choices.

18.4 points

Succinctly discusses the indicators that may be selected for a BSC specific to the selected organization and specifically describes the rationale for the choices.
20 points

Comprehensively discusses the indicators that may be selected for a BSC specific to the selected organization and specifically describes the rationale for the choices.

Tools and Techniques

Tools and Techniques
0 points

Does not describe the tools and techniques that would be used to analyze and display the data.
20 points

Ineffectively describes the tools and techniques (one quantitative and one qualitative) that would be used to analyze and display the data.
22 points

Broadly describes the tools and techniques (one quantitative and one qualitative) that would be used to analyze and display the data.
23 points

Effectively describes the tools and techniques (one quantitative and one qualitative) that would be used to analyze and display the data.
25 points

Professionally describes the tools and techniques (one quantitative and one qualitative) that would be used to analyze and display the data.

Driving Quality Improvement

Driving Quality Improvement
0 points

Does not discuss how the BSC can be used to drive quality improvement.
16 points

Inappropriately discusses how the BSC can be used to drive quality improvement.
17.6 points

Attempts to discuss how the BSC can be used to drive quality improvement. NUR 621 Balanced Scorecard
18.4 points

Appropriately discusses how the BSC can be used to drive quality improvement.
20 points

Innovatively discusses how the BSC can be used to drive quality improvement.

Development, Structure, and Conclusion

Advances position or purpose throughout writing; conclusion aligns to and evolves from development.
0 points

No advancement of the thesis, position, or purpose is evident. Connections between paragraphs are missing or inappropriate. No conclusion is offered.

4 points

Limited advancement of thesis, position, or purpose is discernable. There are inconsistencies in organization or the relationship of ideas. Conclusion is simplistic and not fully aligned to the development of the purpose.
4.4 points

The thesis, position, or purpose is advanced in most aspects. Ideas clearly build on each other. Conclusion aligns to the development of the purpose.

4.6 points

The thesis, position, or purpose is logically advanced throughout. The progression of ideas is coherent and unified. A clear and plausible conclusion aligns to the development of the purpose.

5 points

The thesis, position, or purpose is coherently and cohesively advanced throughout. The progression of ideas is coherent and unified. A convincing and unambiguous conclusion aligns to the development of the purpose.

Mechanics of Writing

Includes spelling, capitalization, punctuation, grammar, language use, sentence structure, etc.

0 points

Errors in grammar or syntax are pervasive and impede meaning. Incorrect language choice or sentence structure errors are found throughout.
4 points

Frequent and repetitive mechanical errors are present. Inconsistencies in language choice or sentence structure are recurrent.

4.4 points

Occasional mechanical errors are present. Language choice is generally appropriate. Varied sentence structure is attempted.
4.6 points

Few mechanical errors are present. Suitable language choice and sentence structure are used.
5 points

No mechanical errors are present. Skilled control of language choice and sentence structure are used throughout.

Format/Documentation

Uses appropriate style, such as APA, MLA, etc., for college, subject, and level; documents sources using citations, footnotes, references, bibliography, etc., appropriate to assignment and discipline.

0 points

Appropriate format is not used. No documentation of sources is provided.
4 points

Appropriate format is attempted, but some elements are missing. Frequent errors in documentation of sources are evident.
4.4 points

Appropriate format and documentation are used, although there are some obvious errors.

4.6 points

Appropriate format and documentation are used, with only minor errors.
5 points

No errors in formatting or documentation are present. Selectivity in the use of direct quotations and synthesis of sources is demonstrated.

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NUR 621 Balanced Scorecard Sample

The Balanced Scorecard (BSC) is a strategic planning and management system used to align business activities with the organization’s vision and strategy, improve internal and external communications, and monitor organizational performance against strategic goals. It provides a more comprehensive view of organizational performance by incorporating non-financial measures alongside traditional financial metrics. For the Mayo Clinic, a prominent healthcare organization, the BSC is vital in aligning patient care, research, and educational initiatives with the clinic’s mission and strategic objectives (Balanced Scorecard Institute, 2024). NUR 621 Balanced Scorecard

Indicators for Mayo Clinic’s Balanced Scorecard

The BSC helps Mayo Clinic lead and manage the organization by focusing on four essential perspectives: The four categories include Financial, Customer, Internal Business, and Learning and Growth. According to Reiter et al. (2021), this approach guarantees that the clinic stays financially sound, meets patient satisfaction surveys, runs effectively, and enhances the staff members’ training. Therefore, combining these different measures, the BSC supports Mayo Clinic’s strategic objectives and provides quality healthcare services.

Financial Perspective

The indicators included in the Financial Perspectives are the Operating Margin, Cost per Patient Visit, and the Revenue Growth Rate. Mclaughlin et al. (2022) have observed that the Operating Margin is essential to sustaining a clinic’s broad service portfolio and research initiatives. NUR 621 Balanced Scorecard It evaluates the company’s efficiency in producing profit from operations. It has also been shown that managing and lowering the cost of patient care depends on maintaining a low cost per patient visit so that the clinic stays reasonably accessible and affordable. The Growth Rate of Revenue, on the other hand, is the rate at which incomes are increased over time. This indicator shows the clinic’s ability to grow and adapt to the new needs in the sphere of healthcare.

Customer Perspective

The performance measurement of the Customer Perspective involves Patient Satisfaction Scores, Patient Retention Rates, and Referral Rates. Patient Satisfaction Scores define patient satisfaction with the services delivered and can be used for constant enhancement (Nowicki, 2022). NUR 621 Balanced Scorecard High patient retention rates suggest that patients trust and value the care offered by the clinic, while referral rates demonstrate how often other healthcare practitioners recommend patients to the clinic.

Internal Processes Perspective

On the other hand, Internal Processes Perspective measures include Average Length of Stay (ALOS), Clinical Outcomes, and Bed Utilization Rates. According to Reiter and Song (2021), ALOS refers to the average number of days a patient spends in the hospital. It is one of the critical parameters that define the efficiency of the treatment compared to intense therapy. As stated by the researchers, Clinical Outcomes indicate the quality of therapy since they express the degrees of treatment effectiveness. Additionally, higher bed utilization rates must be achieved to exploit capacity properly and reduce patient length of stay. NUR 621 Balanced Scorecard This indicator affirms that the clinic utilizes the hospital beds to the maximum extent.

Learning and Growth Perspective

In the Learning and Growth Perspective, Key Performance Indicators include Employee Satisfaction and Retention Rates, Training Hours per Employee, and the Innovation Index. High levels of Employees Satisfaction and Retention Rates imply a positive organizational culture, which is core to building a competent workforce (Nowicki, 2022). Training Hours per Employee measure the extent of training delivered, which is essential to maintain the adequacy of staff’s knowledge and professional experiences according to the current medical advancements and trends (Reiter & Song, 2021). NUR 621 Balanced Scorecard The Innovation Index captures the rate at which research findings and techniques are implemented in the clinic, demonstrating the clinic’s operating philosophy of development and progress in medical science.

Tools and Techniques for Analyzing and Displaying Data

Quantitative Methods

The Mayo Clinic’s BSC data is measured and displayed quantitatively and qualitatively. In the context of qualitative and quantitative tools and procedures for analyzing and displaying data, Reiter and Song (2021) have noted that SAS and SPSS are examples of numerical data tools employed in assessing medical and financial results. Moreover, dashboards help represent the clinic’s results comprehensively and in real-time mode, indicating its efficiency in several factors. These tools facilitate the decision-making process, establishing a growth pattern and controlling the effects of policies put in place.

Qualitative Methods

Some of the standard qualitative research techniques are questionnaires and focus groups. NUR 621 Balanced Scorecard Measures assessing patient and employee satisfaction are obtained to identify organizational areas requiring attention. Unlike surveys that give general information on patients and staff, focus groups provide detailed information on what they can experience and what measures can be taken to improve the services being offered (Hoyo & Bouland, 2022). These qualitative tools supplement quantitative data to justify a comprehensive view of improving performance.

Using the BSC to Drive Quality Improvement

The BSC promotes quality improvement at Mayo Clinic because it offers a systematic way of measuring organizational performance. According to Betto et al. (2022), the BSC augments the discovery concerning the pathways toward improvement since it concentrates on the sustained improvement of the balanced set of indicators. This provision, in turn, stimulates the culture of accountability and learning. NUR 621 Balanced Scorecard Reiter et al. (2021) also support this viewpoint by stating that if patient satisfaction scores are low, the clinic can examine the causes and develop solutions to improve the patients’ experiences positively. In the same way, monitoring clinical results is used to determine what is working and what needs a review of the training or resources.

Furthermore, the BSC improves strategic management since the chances of quality enhancement and organizational objectives being in line are boosted. For instance, if one of the clinic’s strategic initiatives were to reduce the average length of stay, then the BSC would show the accordingly relevant indicators and targets regarding the success of the strategic initiative (McLaughlin et al., 2022). This alignment enables all the departments and the staff to focus on achieving common goals and objectives, increasing organizational integration.

NUR 621 Balanced Scorecard Conclusion

The BSC is a practical framework for Mayo Clinic and other healthcare organizations. It helps coordinate efforts concerning the strategic goals and enhance communication and performance measurement about numerous aspects. The BSC measures the organization in the four essential dimensions of financial, customer, internal business processes, and learning and growth, thus providing a balanced view of managing and leading the organization. Additionally, all the selected indicators help measure performance while utilizing quantitative and qualitative instruments to guarantee proper analysis and eventual conclusions. Ultimately, the BSC drives quality improvement by promoting accountability, continuous learning, and strategic alignment, ensuring that Mayo Clinic delivers exceptional healthcare.

NUR 621 Balanced Scorecard References

Balanced Scorecard Institute. (2024). Balanced scorecard basics. Balanced Scorecard Institute. https://balancedscorecard.org/bsc-basics-overview/

Betto, F., Sardi, A., Garengo, P., & Sorano, E. (2022). The evolution of balanced scorecard in healthcare: A systematic review of its design, implementation, use, and review. International Journal of Environmental Research and Public Health, 19(16), 10291. https://doi.org/10.3390/ijerph191610291

Hoyo, V., & Bouland, D. (2022). Lessons learned: Evaluating the role of a balanced scorecard in the strategic management of a translational science research institution. Physician Leadership Journal, 9(5), 16–22. https://doi.org/10.55834/plj.1620793732

Mclaughlin, D. B., Olson, J. R., & Sharma, L. (2022). Healthcare Operations Management. Chicago, Illinois Health Administration Press Washington, DC Association of University Programs in Health Administration.

Nowicki, M. (2022). Introduction to the financial management of healthcare organizations. Health Administration.

Reiter, K. L., Song, P. H., & Gapenski, L. C. (2021). Gapenski’s healthcare finance: An introduction to accounting and financial management. Health Administration Press; Association of University Programs in Health Administration.

Reiter, K. L., & Song, P. H. (2021). Financial condition analysis. In Gapenski’s Healthcare Finance: An Introduction to Accounting and Financial Management (7th ed.). Health Administration Press. NUR 621 Balanced Scorecard