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Balanced Scorecard Discussion Response Report
Balanced Scorecard Discussion Response Report
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Balanced Scorecard Discussion Response Report
A Balanced Scorecard
There are many reasons to employ strategic planning tools such as the balanced scorecard (BSC). As nurse leaders, we are responsible for not only the individuals we lead but also the various stakeholders of the organization and keeping them informed on progress and accomplishments. When implementing a new strategic plan, a BSC creates a map that can be easily understood by everyone involved. The BSC is a performance measurement tool that can allow nurse leaders to determine how they will evaluate what they are trying to accomplish (Huston, as cited in Laureate Education, 2013). This discussion will explain my plan for creating a BSC for my strategic plan of developing a Level IV Epilepsy Center, including the processes used to gather data to measure performance. An explanation of how the use of this BSC will enable the evaluation of progress, the impact on the organization, and the cost justification will also be provided.
Developing a Balanced Scorecard
Balancing financial measurements with non-financial measurements can be accomplished through the creation of a BSC, and also provides a comprehensive framework that maps out an organization’s vision and strategy into a set of performance measurements that are easily translatable by all stakeholders (Kolberg & Elg, 2011). Sare and Ogilvie (2010) discussed that a BSC functions to align the organizational mission and vision with the strategic plan. Creating a Level IV Epilepsy Center will require a BSC to map out the fiscal measures, consumer needs, processes and protocols, and growth.
Fiscal
Strategic planning requires the assessment of all financial implications in efforts to capitalize on the benefits and weigh the risks associated with the plan. It is essential that the strategic plan identifies the financial risks to help predict the economic consequences of the plan (Groene, Brandt, Schmidt, & Moeller, 2009). To create a Level IV Epilepsy Center, Gillette Children’s Specialty Healthcare (GCSH) has the potential to generate an additional $8.3 million which after total capital, equipment, and administrative costs are taken into consideration, GCSH still walks away with $5.5 million in the first year. Salaries will be calculated to factor into the financial implications and include an epileptologist, epileptologist fellow, epilepsy nurse practitioner, social worker, neuropsychologist, additional RNs, psychologist, psychometrist, and additional video EEG monitoring technologists. The total cost of the additional staff is $1.1. million, which can be rounded up to $1.2 million to factor in any salary negotiations. Total capital and equipment expenses are estimated at $1.6 million. To succeed financially, I must prove to stakeholders that the Level IV Epilepsy Center will generate enough revenue to make a profit on top of start-up and ongoing expenses.
Business Processes and Protocols
Gillette Children’s Specialty Healthcare is currently a Level III Epilepsy Center with processes and protocols in place to support the internal processes. The business perspective of having a Level IV Epilepsy Center will spotlight the skills and competencies already in place while focusing on improving operational measures with the end goal of improving quality by internal processes. Organizations must remain innovative but must also be able to view and measure the innovation’s success to improve and create value for their customer (Kaplan & Norton, 1992). The BSC that aligns with the creation of a Level IV Epilepsy Center will include the development and revision of new policies and procedures to include the number of staff that respond to an epileptic event, constant EKG monitoring, standby assists when the patient ambulates, and a new policy requiring the patient to remain on VEEG camera in their room, as well as the mandatory tasking that occurs with each event that is currently not in place. Adjusting these internal processes will satisfy stakeholders and allow them the envision how the plan will take shape.
Customer Service
Questions organizations should ask during the strategic planning process are; How are they viewed by their customers, and how will the project improve the customer’s overall perspective? The BSC must align with the organization’s mission and must be translatable into specific measures that signify causes that matter to the customer (Kolberg, & Elg, 2011). According to Kaplan and Norton (1992) customers really care about “time, quality, performance, service, and cost” (p. 73). Tracking and measuring the goal of creating a successful Level IV Epilepsy Center will include gathering baseline scores from customer satisfaction surveys and comparing those scores at intervals after the implementation of the Level IV Center. The cost can be measured by comparing the services GCSH provides with the services of other Level IV Epilepsy centers nationwide. Even if GCSH’s services are more expensive than other centers, if it can provide a higher-quality service or more convenient service, which can be based on customer feedback and surveys, then essentially GCSH will have satisfied the needs of the customer.
Learning and Training
Sustaining GCSH’s capacity to change and improve will require staff buy-in. Gillette will need to invest in the additional staff, equipment, and technology, as well as the training and education that will be required to bring staff up to speed with the new change. Developing the employees’ skillsets to meet the needs of a Level IV Epilepsy Center will require training on the new information technology and training on the new seizure protocols and interview processes. Although not required, employees will be offered reimbursement for completing certification as a neuroscience registered nurse (CNRN), as well as an increase in pay. The more RNs that are CNRN credentialed will not only assist with training but can also cross over into customer service because certification represents a vast knowledge of and experience of the fundamentals of neuroscience.
Evaluating
The use of a BSC will allow for the continuous collection and assessment of data relevant to the development of a Level IV Epilepsy Center. The BSC provides a map for all stakeholders to easily visualize progress in one location versus many. Gillette already uses the Consumer Assessment of Healthcare Providers and Systems (CAHPS) which can assist with measuring satisfaction with the new program, and the Press Ganey Employee Engagement Survey which gauges employee engagement that can also translate to measuring employee satisfaction with the new program. Financial implications can be measured by evaluation of costs versus revenue generated and if the cost of creating a Level IV Epilepsy center is justified. In the end, the use of a BSC will allow leadership to avoid overemphasizing any one aspect of the strategic plan and create a larger picture to help the plan achieve success (Huston, as cited in Laureate Education, 2013a).
References
Groene, O., Brandt, E., Schmidt, W., & Moeller, J. (2009). The balanced scorecard of acute settings: Development process, definition of 20 strategic objectives and implementation. International Journal for Quality in Healthcare, 21(4), 259-271. doi:10.1093/intqhc/mzp024
Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard – Measures that drive performance. Harvard Business Review, 70(1). Retrieved from https://search-ebscohost-com.ezp.waldenulibrary.or…
Kollberg, B., & Elg, M. (2011). The practice of the balanced scorecard in health care services. International Journal of Productivity and Performance Management, 60(5), 427-445. doi:10.1108/17410401111140374
Laureate Education (Producer). (2013a). The balanced scorecard approach [Video File]. Retrieved from https://class.waldenu.edu
Sare, M. V., & Ogilivie, L. (2010). Strategic Planning for Nurses: Change Management in Health Care. Sudbury, MA: Jones and Ba
Balanced Scorecard Discussion Response Report
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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