Minimizing Financial Challenges and Personal Shortages

Discussion Using Metrics
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Discussion Using Metrics
Introduction
The American College of Healthcare Executives conducts a survey each year to ascertain the top confronting issues facing hospitals. A 2019 survey shows that financial challenges and personal shortage as the top, pressing issues in hospitals (American College of Healthcare Executives, 2019). In this study, financial challenges were ranked number one that, in most cases, concerns hospital management in the transition from volume to value payment models. Another financial challenge is the management of Medicaid reimbursements and the increase in costs and bad debts. During the survey, statistics show that qualified and certified personnel was way below to meet the number of patients in hospitals. Physicians and specially certified Nurses accounted for only 24% (American College of Healthcare Executives, 2019). These two major challenges can be minimized by using a balanced scorecard, strategy maps, or dashboards.
From a healthcare manager's perspective, one can use the balanced scorecard to minimize financial problems by switching from short-term to long-term goals and a growing tax base (Cokins, 2013). The balanced scorecard will focus on high-level strategy and low-level measures that will categorize performances in other sectors to focus on long-term goals. Hospitals can also increase the tax base to ensure that there is enough revenue to boost hospitals' overall management. The tax-base can be increased by boosting patient satisfaction by providing quality services, which ensures that patients visit specific hospitals frequently. When there are high numbers of customers or patients, probably the tax-base will grow hence increased revenue. Also, the tax base can grow if a hospital reduces readmissions whose rates are always costly. A hospital with no or reduced readmissions will have little chance of being penalized by centers for Medicaid ...