Question

In: Finance

External Benchmarks Discuss how an organization would use external benchmarks to measure and monitor performance. Provide...

External Benchmarks

Discuss how an organization would use external benchmarks to measure and monitor performance. Provide an example of a reputable source for obtaining benchmark data, which is comparable to the specific type of organization selected.

Solutions

Expert Solution

Benchmarking in an organization such as healthcare is regarded as collaborative and continual discipline for comparing and measuring the outcome associated with key processes of work along with the top performers in assessing the performance of the organization. There exist 2 different type of benchmarking that is taken into consideration for assessing the quality performance and patient safety. Internal benchmarking is taken into consideration for recognize adequate practice underlying an organization for making comparison of adequate practices underlying organization and to make comparison underlying ongoing practice over time. External or competitive benchmarking on the other hand comprises of comparative data underlying organization for identification of the improvement and to judge performance that stand to be successful underlying other company/organization.

The sources associated with the benchmark underlying health care is based on the type of process of benchmarking and the goals that have been set for benchmarking as part and parcel of current process of monitoring. In case internal benchmark is being used by the team or performing task externally with another organization in order to have collaborative benchmark, thus the data can be ascertained from these aforesaid sources. However if the team has decided to use benchmarks that are publicly available then there exist different sources such as world health organization, agency for healthcare research and quality, Dartmouth atlas of health care, health data. Gov, the disease control website and Medicaid and Medicare services website etc.


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