14 Apr Now that you have defined your operational problem, built your charter, and outlined what data you will be collecting and measuring, it’s time to bu

Now that you have defined your operational problem, built your charter, and outlined what data you will be collecting and measuring, it's time to build your balanced score card.  This weeks assignment is to construct a  balanced scorecard for your operational problem.  

Note:  This will be another section of your final paper.

We visited these tools in Week 2 | Chapter 5, please refer back for more information to assist you.  Below is the link that will take you to the page in the module:

The Balanced Scorecard

Paper Requirements

· Actual balanced scorecard tool (Please see example below).   This must be built in Excel.

· KeyMetrics

· Build metrics being tracked - Building in mock numbers is required, lean on research to educate yourself on how these metrics impact organizations and where you would want your organization to fall in these areas to meet your goals.

· Label scorecard with red/yellow/green – as seen below.  Please review in Chapter 4 what these colors help indicate in a scorecard.  

· Metrics range that correlate to red/yellow/green

· Identify range, actual and target

· Definition page  to explain the metrics and measurements

· References in APA formatting

· No minimum page requirement but must meet all requirements stated above

Source:   Lowder. (2016, October 20). Healthcare Dashboards vs. Scorecards: Use Both to Improve Outcomes. Retrieved May 14, 2020, from https://www.healthcatalyst.com/healthcare-dashboards-vs-scorecards-to-improve-outcomes

 

View Rubric

Balanced Scorecard Rubric
Balanced Scorecard Rubric
Criteria	Ratings	Pts
Content and Focus view longer description	25 to >13 pts Exceptional Student addresses all items of the assignment. Visually provides a balanced scorecard with clear key metrics, along with a key which describes the goal v. actual metrics. Metrics are labeled clearly with the range laid out with red/yellow/green. 13 to >5 pts Sufficient Student addresses some but not all items of the assignment. Visually provides a balanced scorecard with key metrics, along with a key which describes the goal v. actual metrics. Metrics are labeled clearly with the range laid out with red/yellow/green. The elements above are not fully articulated. 5 to >0 pts Not Sufficient Student fails to meet the requirements of the assignment.	/ 25 pts
Definition Page view longer description	15 to >10 pts Exceptional Definition page is completed, clearly articulating the metrics and measurements. 10 to >5 pts Sufficient Definition page is completed, not clear articulation of metrics and measurements 5 to >0 pts Not Sufficient Definition page was not completed	/ 15 pts
Organization view longer description	10 to >7 pts Exceptional Work represents an example for others in respect to assignment format. Follows APA guidelines for formatting and citations when respected sources are used to support ideas. Scorecard is completed in Excel. 7 to >3 pts Sufficient Work follows the appropriate format of the assignment. Follows APA guidelines for citations and formatting with very few exceptions. Scorecard is completed in Excel 3 to >0 pts Not Sufficient Work does not follow the appropriate format of the assignment. No cited sources are used to support ideas, little or no parenthetical documentation. Scorecard is not completed in Excel.	/ 10 pts
Total Points: 0

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STRATEGY AND THE BALANCED SCORECARD Operations Management in Action The Bridgeport Hospital in Connecticut was a successful 425-bed institution staffed with more than 550 active phy-sicians. However, it was facing financial pressures and felt the use of a balanced scorecard could help them achieve their patient care and financial goals. Their vision included four perspectives: • Organizational health • Quality and process improvement • Volume and market share growth • Financial health For each of these perspectives they developed a set of initiatives that were linked and scored. Many initiatives were team based and ranged from large projects to “seven daily” commitments such as “I will introduce myself to patients 100 percent of the time,” “I will be sensi-tive to and aware of cultural diversity,” and, “I will keep patients and families informed” (BSC Designer 2018). After one year, the hospital was able to: • lower turnover rates, • exceed their volume goals in targeted areas such as cardiovascular surgery, OVERVIEW Most healthcare organizations have good strategic plans; what fre-quently fails is their execution. This chapter demonstrates how the bal-anced scorecard can be an effective tool to consistently move strategy to execution. First, we examine traditional management systems and explore their failures. Next, we review the theory behind the balanced scorecard and strategy mapping and explain the tools’ application to healthcare organizations. Practical steps to implement and maintain a balanced scorecard system are provided, and detailed examples from Vincent Valley Hospital and Health System demonstrate the application of these tools. The companion website to this book contains templates and explanatory videos that can be used for student exercises or to implement a balanced scorecard in a healthcare organization. In addi-tion, a case study on the website includes data that can be used to develop a realistic dashboard. On the web at ache.org/books/OpsManagement4 This chapter gives readers a basic understanding of balanced scorecards that enables them to • explain how a balanced scorecard can be used to move strategy to action, • explain how to monitor strategy from the four stakeholder perspectives, • identify key initiatives to achieve a strategic objective, • develop a strategy map that links relevant initiatives, • identify and measure leading and lagging indicators for each initiative, • understand the use of business intelligence tools to extract data for scorecards, and • demonstrate the connection of value purchasing metrics to strategy and execution.

The Balanced Scorecard

A balanced scorecard can help move strategy to execution successfully. In order to do this, it is important that the following elements are included:

1. Mission and vision

2. Perspectives

· Financial

· Customer

· Internal business process

· Learning and growing

3. Linking measures to strategy

4. Structure and strategy

5. Strategic alignment – top to bottom

6. Targets, resources, initiatives, and budgets

7. Feedback and the strategic learning process

The following video gives a simple explanation of the "Balanced Scorecard." You can also  read or download the video transcript

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The Balanced Scorecard can have various "looks".   There are some key metrics that need to be included in a well defined "Balanced Scorecards": 1.  Financial Metrics (Ex/Net Revenue, Expenses, Operating Margin)

2.  Patient Satisfaction (Ex/ % excellent)

3.  Human Metrics (Ex/ FTE's, Overtime, Open Positions)

4.  Operational Metrics (Ex/ LOS, Wait time, census)

5.  Clinical (Ex/ Patient Falls, CAUTI, CLABSI)

 The text provides a template for the balanced scorecard, but below is a template that I prefer.  I feel that this tells the story well, and shows you what you need to pay attention to.  If metrics are red or yellow, I want to understand why and look at the trends.  I also want to learn from the green metrics, what have they done and are there best practices.  

Source:   Lowder. (2016, October 20). Healthcare Dashboards vs. Scorecards: Use Both to Improve Outcomes. Retrieved May 14, 2020, from https://www.healthcatalyst.com/healthcare-dashboards-vs-scorecards-to-improve-outcomes