Why Your Benchmarking Needs To Be Smart? Healthcare Finance - Healthcare Finance
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The video is showing Why your benchmarking needs to be SMART information but also try to cover the following subject:
-Healthcare finance
-Healthcare management
-Hospital supply chain
Your benchmarking needs to be SMART: specific, measurable, attainable, relevant, and time-bound. Here’s why:
If you have a generalized or ratio benchmarking, you're not getting the details.
You will not get results if you benchmark based on:
- aggregate numbers,
- bed size,
- outpatient revenue, or
- another hospital’s service.
So we tell our hospitals to have a system in place to make their benchmarking SMART.
Yes, you will have to roll up your sleeves more, but you will meet your cost savings goals.
Let me know if you found this helpful!
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