Creating a Balanced Scorecard

NURS 6241: STRATEGIC PLANNING IN HEALTH CARE ORGANIZATIONS

This is the second part to the first question I posted. (Below is the information for the proposed change.) Creating a balanced scorecard for the new stroke nurse position is critical. The balanced scorecard will track improvements to the quality of patient outcomes and financial outcomes (Jeffs, Merkley, Richardson, Eli, & McAllister, 2011). With the balanced scorecard, leadership can see where and how to grow the new stroke nurse position.

Collecting data is how you can justify if the new change is working (“Create a Balanced Scorecard of Robust Measures, Meaningful Targets, and Strategic Initiatives,” 2014). Data collection is mandated by the joint commission to maintain comprehensive stroke certification. The stroke nurse will collect and monitor patients’ progress during admission and give follow-up calls for up to 90 days after discharge from the hospital. This will allow leadership to see an improvement in the outcome of stroke patients. After six months, the collected data from before and after the stroke nurse implementation can be compared.

The hospital is expected to have an increase in stroke patients with the new comprehensive stroke certification. This will create an increase in revenue, which will help offset the cost of the stroke nurse program.

References
Create a Balanced Scorecard of Robust Measures, Meaningful Targets, and Strategic Initiatives. (2014). Balanced Scorecard Evolution, 221-267. https://onlinelibrary.wiley.com/doi/book/10.1002/9781118915011
Jeffs, L., Merkley, J., Richardson, S., Eli, J., & McAllister, M. (2011). Using a nursing balanced scorecard approach to measure and optimize nursing performance. Nursing Leadership, 24(1), 47-58. doi:10.12927/cjnl.2011.22334

Section 4: Budgeting and Timeline Tools

As you have been examining this week, budgeting and timeline tools are vital for determining necessary resources and planning for a proposed change. For your Course Project, you use these types of tools to assess resources that may be required for the successful implementation of your strategic plan.

( Creating a Balanced Scorecard)

To prepare:
Review the information on budgeting in this week’s Learning Resources. Which tools (e.g., Revenue Projection Model, Capital Budgeting Analysis, Depreciation Calculator, Profit and Loss Projection) would be most useful for developing your strategic plan? Use one or more budgeting tools to outline the financial resources for your proposed change. Reflect on any challenges that arise as you evaluate the financial resources required for this change now and in the future.

Review the information on PERT and other timeline tools in this week’s Learning Resources, including Dr. Huston’s presentation in the media program. Use PERT or another tool to analyze and represent the activities that need to be completed to successfully plan and implement your proposed change. Be sure to note dependencies (e.g., a task/milestone that must be completed in order to trigger the next step) and realistically assess the minimum time needed to complete the entire project.

To complete:
Outline the financial resources for your proposed change. Describe the budgeting tool(s) you used to arrive at these determinations. Explain what challenges, if any, you encountered through the budgeting process. Provide documentation (e.g., Excel worksheets) to support your analysis.

Outline the timeline for the implementation of your proposed change using PERT or another timeline tool. Consider how your timeline can allow leeway for variance.

By Day 7 Submit:
Section 3: Balanced Scorecard
Section 4: Budgeting and Timeline Tools (which includes an outline of financial resources and a timeline).

Creating a Balanced Scorecard