Posted: February 26th, 2023

reply

 Post replies on the posts of other classmates that add something to the discussion utilizing concepts from the case, course, and ethical principles. You should not merely compliment classmates or post your feelings about their post but support your response with concepts from the assigned material for the course. See attached pdf. Same topic you did this week. See attached pdf 

Statement1:

• Any experience you have with utilizing the balanced scorecard and strategy
map

My only experience with the balanced scorecard is learning about it and its importance
in my business strategy class. Dr. Magnini walked through each section and discussed
how we could apply it to different companies.

• Ways in which you may be able to utilize managerial accounting and the
balanced scorecard or strategy map in your field

The balanced scorecard is a performance measurement framework that can help analyze
financial and non-financial indicators. We use four perspectives from the company’s
goals to find growth and increase profits. First, we have the financial perspective to
improve productivity and increase revenue. Tracking my company’s financial
performance can help me in marketing because we need to understand where and why
costs need to decrease and which products we should advertise to our target market
based on sales. Then the customer’s perspective helps us better our relationship and
understand our value propositions. For example, if we have issues with customer loyalty,
we have marketing strategies to persuade them to repurchase our products or stay with
our company. Our value proposition communicates what we offer our customers and
how we differ. In marketing classes, we learn to persuade our customers that we are
different, not better than our competitors. Next, the process perspective is how we
execute the strategy and if we are efficient. Various processes depend on your position
in marketing, but if our customer management could be more efficient, we can improve.
Lastly, we have the learning and growth perspective to enhance our human resources,
technology, and culture. All of these objectives affect marketing teams. For instance, if
the company’s culture is positive, it provides a comfortable work environment of
efficiency. Then the strategy map visualizes the cause-and-effect relationships between
each perspective’s objectives. Using the framework and strategy map can improve each
perspective, increasing profits and leading to many successful outcomes. Many
managerial accounting modules help us understand how to find the issues and fix them
when measuring our performance. In marketing, we are constantly completing analyses
and researching ways to improve. Therefore, we can succeed if we combine our
marketing strategies with managerial accounting knowledge.

Statement2:

Any experience you have with utilizing the balanced scorecard and strategy map?

From a financial perspective, the organization I work for looks at our insurance case mix
for revenue reimbursement purposes. For example, Medicare, Medicaid, Commercial,
and Self-pay. Each payer source reimburses at a different rate for the same services.

Customer perspective: scorecards of patient demographics are created to give insight
into the patient population’s income, zip codes within a 25-mile radius from the hospital,
and age range. These patients are most likely the individuals utilizing our services
frequently. We will also provide a report that provides individuals who utilize our
services whose zip codes exceed the 25-mile radius to determine customer growth. A
survey is provided randomly to patients that had a recent acute hospitalization. The
discharging unit gets the score from the survey.

Process perspective: every department within the hospital setting has processes that are
measured to meet the hospital’s mission and goals. Physicians must meet treatment plan
standards based on a patient’s diagnosis or symptoms without causing harm. These sets
of treatment standards provide an average timeframe a person should be in the hospital.
For example, for patients hospitalized with pneumonia, the standard is 3 days length of
stay. Length of stay is a metric all departments providing services to a patient are held to
or play a significant role. Case management is measured on how long it takes to
successfully discharge a place to the next level of care at home with resources after a
discharge order is placed by the physician.

Ways in which you may be able to utilize managerial accounting and the balanced
scorecard or strategy map in your field.

We utilize managerial accounting for a patient length of stay in the hospital. Loss of
revenue is associated with patients staying past the recommended length of stay. The
example given previously was 3 days stay for pneumonia. The insurance company will
only pay for a pneumonia diagnosis for 3 days unless the patient develops complications
despite the treatment plan.

Quality measurements are evaluated based on hospital-acquired infections. This is
another financial risk factor for insurance companies. If a patient was hospitalized due to
a fall that results in a hip fracture, has the surgery then develops COVID, the insurance
most likely only covers the surgery and not the COVID treatment. This is considered a
hospital-acquired infection.

Financial data is shared with staff to provide a summary of financial growth and revenue
loss in specific service lines. The financial reports are compared to previous years. I
enjoy seeing the financial reports that inform us of how we are doing as an
organization. As a leader, I use financial reports to help decide where to decrease
spending. For example, hiring full-time nurses is extremely cheaper than hiring travel
nurses. Travel nurses under a 3-month contract hourly rate can range from $150 to
$250 per hour.

Statement3:

• Any experience you have with utilizing the balanced scorecard and strategy
map

I have not developed and used the balance scorecard in my current role as an analyst or
in my previous role as a logistics management specialist with the government. I have
however used bits and pieces of the balance scorecard approach to developing goals and
strategies within my team to achieve goals on specific taskers. The same is true with a
strategy map, I have never created a full strategy map across all four perspectives of my
organization, but I have used a similar process within my analyst team to clearly lay out
the strategic objectives of our team and how they relate to the bureau.

• Ways in which you may be able to utilize managerial accounting and the
balanced scorecard or strategy map in your field

I think that managerial accounting through the balance score card and strategy map
could be used in my field in a few ways. To begin with my analyst team provides our
bureau with threat analysis from around the world in relation to our bureau’s missions
and assets. A balance scorecard would allow our team to develop an internal strategy
map linking our team’s objectives through all four BSC perspectives. In the case of our
analyst team objectives at the learning and growth perspective would be “develop
employee process improvement on threat collection.” From that perspective objective
we would then link it to the process perspective of “reduce process time of report
generation” and “improve report quality”. That can then be linked to the customer
perspective by “delivering products on time” “offer best quality threat reporting” which
would lead to customer retention from bureau leadership and interagency partners. That
would then link to the final objective in the financial perspective which would be
“increase the value of the bureau within the State Department.” We could then define
units of measure for each perspective stage that show how effectively we are meeting
our objectives. This could then be stored in a repository to be shared with our bureau
leadership when asked about our team’s value added or during Inspector General Audits
of our practices. This could also be used to provide justification for the procurement of
analysis software contracts by illustrating how our team has mapped and accomplished
objectives or by showing that the new contracts would allow our team to accomplish
stated objectives.