Provide a description of the company, its mission, and values
SMC (Schneck Medical Center) is a nonprofit healthcare organization that provides specialized and primary care services. The center was established in 1911 with a donation of five thousand dollars and a land from Mary Schneck (Jcr, 2007). It was established in memory of the founder's Husband to provide healthcare requirements to people of Jackson County. Initially, the center had a seventeen-bed capacity but it has now developed to ninety five-bed capacity. SMC celebrated its 100th centenary in 2011. This medical center is located in Jackson Country where it provides medical services to people of this area and the surrounding communities. Schneck Medical Center provides a full continuum of primary care services (Jcr, 2007). Particularly the medical center focuses on the health of women, noninvasive cardiac care, bariatric surgery, cancer care and joint replacement. Schneck Medical Center provides health services to over three thousands six hundred in-patients, carries out over 700,000 laboratory tests, over 5000 surgical processes, 49,000 imaging procedures, handles 25, 000 emergency cases besides delivering over 700 new born.
Most of SMC care is provided in the organization's major facility situated in Seymour. However, SMC has opened other convenient clinics in adjacent counties as a strategy of ensuring provision of care locally. The organization employees 800 employees, 300 volunteers, over two hundred students and 150 affiliated physicians. More so, the medical center has net patient returns of 98.5 million dollars.
Schneck Medical Center holds a powerful dedication to its volunteers, physicians and employees. More importantly, SMC constantly shows high performance levels with respect to patient-centered measures of health care. The center's dedication to a culture of patient first has triggered scores of creative health care choices. This has been made feasible through the organization's mission, vision and values. SMC mission is to offer quality care to all its clients while its vision is to be a" health healthcare organization of excellence... every person, every time" (Jcr, 2007).
The organizations values include compassion, accountability, excellence, integrity and vision. The center's mission, values and vision are powerfully improved and supported by a committed workforce. Through its mission, vision and values, SMC maintains a birthright of providing superlative healthcare by controlling its culture as well as creating infrastructural investments. Schneck Medical Center is a completely integrated system that offers a range of patient-centered healthcare services (Jcr, 2007). Its value adding culture of patient first compels delivery of healthcare services via multiple opportunities. Services at SMC are offered through health screenings, support groups, educational initiatives, home care and partner physician offices. This is enhanced through collaboration and coordination of scores of interdisciplinary teams. SMC services are extremely integrated to guarantee quality care.
2. Evaluate how the Baldrige winner implemented the HSA principles and practices and their impact on the patients, employees, organizations, and society
Schneck Medical Center was presented with Malcolm Baldrige award in 2011. Baldrige national quality award is the U.S., highest presidential tribute for excellence of organizational and quality performance. This award is normally presented to educational organizations, healthcare and businesses. The winners are selected through brilliance in tactical planning, leadership, market and client focus, human resources, business results, process administration and information review (Swayne, Duncan & Ginter, 2009). The award recognizes U.S. organizations that hold major accomplishments in performance and quality. It award increases awareness pertaining to the significance of performance and quality excellence. For health organization to gain a cutthroat position in the health industry, good administration is vital. Excellent management is defined as the course of action through which defined goals and objectives are achieved, at defined moment through leadership, guidance and management of labors of workers besides valuable use of non-human amenities with consideration of mind swiftness, competence and economy.
To win the desired Baldrige award, SMC maintained a sound development, enthusiastic culture, administration, performance, responsibility and engagement of all is workforce. More so, through collaboration and coordination of scores of interdisciplinary teams, the center ensured that HSA principles and practices are upheld. HSA principles and practices were also implemented through progressive technology use and important investment in modern technology. Investment in technology is a support strategy that enhances quality service delivery (Swayne, Duncan & Ginter, 2009). Notwithstanding its small size, SMC has an extraordinary investment in technology that promotes patient-centered care and more importantly high standard healthcare. Notably, SMC sets apart its healthcare services from that of other healthcare providers through controlling their center aptitude of ensuring that their patients are placed first in all choices that are made in the center.
The healthcare facility offers tools, empowerment and training to its workforce as a means of ensuring high quality, personal and memorable services to clients and their families. The services side with the organization's mission and values. To guarantee enthusiastic visitor, employee and patients experience, the organization adapts a multidisciplinary committee and safety, efficiency, enthusiasm and kindness (SEEK) attitude. More so, the organization adapts an AIDET perspective, which stresses on acknowledgement, introduction, duration, explanation and thank you. This perspective is employed in all divisions of task force. The organization has realized a lot of improvement in engagement of patients following integration of AIDET perspective in their daily activities.
In execution of HSA principles, the leadership at SMC built a culture of excellence based on the organizations values, vision and mission. This is a value adding strategy. Pillars of excellence were also formed to assist in realization of SMC's MVV. Through the excellence pillars, performance is methodically measured and enhanced. The alignment supports comprehension of strategic plan and taskforce contribution to strategic goals and objectives of SMC. The leadership constantly assesses the needs of the amenity as well as those of the community and offers extra space as required. Additionally, the leadership at SMC fosters numerous perspectives that encompasses workforce tactic, culture, high goals lay down that calls for change, performance evaluation and innovation sharing. The organization also maintains superior performance initiative in customer service, financial, clinical, human resources and supply chain indicator areas.
3. Evaluate the skills needed to administer financial planning and measure financial performance within a health service organization.
Financial planning and measuring of financial performance are vital for the success of any healthcare organization (Johnson, Uecke & Austin, 2006).Through skills in financial planning, the budgeting and planning procedure becomes practical while the expected performance is made clear, and the feedback achievement becomes realistic. The budgetary course of action is an outlook for a health organization workforce to become proverbial, engrossed and achieve ownership in quality-control system.
With respect to financial planning and measuring of financial performance in health service organization, knowledge in comparative benchmarks use is paramount (Johnson, Uecke & Austin, 2006). The introduction of a liability culture, expenses control, setting of succinct and high-performance budgets, checking variances, use of a balance scorecard and collective action plans are considerably needed. The financial planners should base the organization's budget on feasible premeditated plan that fosters comprehension of capital needs. The tactical plan should be incorporated into a financial bargain that computes debt, cash and capital, and the strategic plan should uphold financial integrity.
Furthermore, skills in forming organizational financial plan and performing more than a few processes to confirm financial well-being of the organization are needed. Those involved in financial administration must have skills in cash flow appraisal where a spreadsheet that resolves cash inflow and projected everyday expenditure, yearly appraisal that test comprehensiveness and precision of an organization's accounting control (Johnson, Uecke & Austin, 2006). Financial managers and planners must as well hold skills in practices and financial statements.
Other skills considered necessary takes account of administration policies that allows financial planners to have power over cash flow via scrutinizing income statements, revenue model, balance sheet and costs. More significantly, financial managers should be in a position to curtail cost, take full advantage of gains with the intent of engendering future revenue, and at the same time handle existing investments.
4. Discuss how the expected benefits of the financial planning skills paired against what the company realized. Discuss any gaps you identified.
The highly anticipated benefits of financial planning in a business organization are crucial in determining the overall performance of the organization at the end of a trading period. The company realized a full spectrum of primary healthcare services. The major focus is women's health, cancer care, and weight loss surgery. The healthcare provides a wide variety of medical services The Company is characterized by efficiency in providing healthcare services local. The workforce numbers grew to about 800 employees with over 300 volunteers and 200 students. In addition, the net revenue for the revenue is $98.5 million (Biller, 2008). Incidentally, the company's proper financial planning skills has helped the company to scale the height and becoming a leading healthcare service provider. Schneck Medical Center (SMC) outperformed all its local competitors following the measurement of the company's value-based purchasing. The value-based purchasing (VBP) holds the healthcare providers accountable following the quality and cost of their services (Biller, 2008).