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The article “Developing financial benchmarks for critical access hospitals” by Pink et al. (2009) established and made use of benchmarks for five indicators distributed to all critical access hospitals. One item of significance that I gained from the article encompasses the challenges experienced in the development of benchmarks. To begin with, benchmarking can be delineated as an incessant methodical practice of examining the products, services and work procedures of organization that are acknowledged as signifying best practices for the main aim of improving the organization. Imperatively, this is deemed to be a fundamental element of several organizational performance systems of measurement. In actual fact, benchmarking is also beneficial in ascertaining best in class performance, which offers an approach for setting aggressive targets for enhancement, and acknowledges prospective tactics on the enhancement of performance (Pink et al., 2006).From the article, there were two key challenges that were faced in benchmarking. To begin with, despite the fact that banks, bond rating organizations, industry establishments, as well as other groups have different informal and formal targets for satisfactory performance, there have been no financial benchmarks explicitly for critical access hospitals. In particular, critical access hospitals...
An example of these other restrictions includes restrictions on the length of patient stay within the hospital. In addition, critical access hospitals differ from traditional Medicare Prospective Payment Systems, as well as the small ones situated in the rural expanses, owing to the dissimilarity in payment in Medicare (Pink et al., 2009).
Another challenge faced is that a benchmark necessitates clear and unambiguous requirement of good performance, but the onset where performance varies from average to good is every so often not recognizable. For instance, a great deal of individuals can almost certainly come to an agreement that long-term losses are disparaging and that hospitals require returns or profits to supplant capital assets, procure new technology, and the like. Nevertheless, questions are considered as to what can be considered to be average profit levels or goof profit levels. The indicator rankings at which performance fluctuates from average to good are not constantly taken into account in the financial literature (Pink et al., 2009).…
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