Write a response for each discussion Taylor Top of Form The text states benchmarking is a continuous process by which an organization can measure and compare its own processes with those of organizations that are leaders in an area Baker & Baker (2014). Benchmarking is usually considered to be a process of seeking out and implementing best practices at best cost. This pursuit of performance is based on collaboration among several organizations. The basic principle of benchmarking consists of identifying a point of comparison, called the benchmark, against which everything else can be compared. To be able to benchmark an organization would need reliable and up-to-date information. This process of information management is called surveillance, the first foundation of benchmarking, facilitates and allows for a quick benchmarking process. A second foundation consists of learning, sharing information and adopting best practices to modify performance which will help contribute to understanding the finances of an organization. Mazanec Top of Form At our organization, our balanced scorecard reporting measures include: Net Days in Accounts Receivable, Discharged Not Final Billed Days, Days Cash on Hand, Operating Profit Margin, and Long Term Debt to Capitalization.  Our metrics are calculated on a 12 -month rolling average. Other scorecard measures that have been calculated in the past are Average Age of Plant; Supplies as a Percentage of Total Operating Expense, and Rolling Non-Operating Revenue Ratio. One of the more important benchmarks for the organization right now is the Days Cash on Hand metric.  With the completion of our $40-million-dollar renovation project funded by a USDA Loan, there is a covenant that requires us to maintain 90-days cash on hand for the life of the loan.     Benchmarking is important to an organization to be able to assess its risk by identifying and quantifying data in comparison to industry standards (Cimasi, 2004).  Cimasi (2004) explains this can include financial ratio analysis or operational performance tools and can be measured in the following:  liquidity, leverage, activity, and profitability.  Benchmarking is one of the more effective means to pull data out a healthcare system that will help to provide information about future performance and financial condition (Cimasi, 2004).  _Buda Top of Form Benchmarking is used to measure performance gaps; it is the process of measuring services and activities against the best levels of performance both within an organization and outside the organization (Baker & Baker, 2014).  One of the main ways that benchmarking contributes to understanding of finances in a healthcare organization is by assessing similar performance data with comparable organizations (Wolfskill, 2013).  This evaluation allows the organization to identify areas where the organization excels compared to its peers and also allows it to identify areas where its peers excel.  With this information, a h.

1. Write a response for each discussion
Taylor
Top of Form
The text states benchmarking is a continuous process by which
an organization can measure and compare its own processes
with those of organizations that are leaders in an area Baker &
Baker (2014). Benchmarking is usually considered to be a
process of seeking out and implementing best practices at best
cost. This pursuit of performance is based on collaboration
among several organizations. The basic principle of
benchmarking consists of identifying a point of comparison,
called the benchmark, against which everything else can be
compared. To be able to benchmark an organization would need
reliable and up-to-date information. This process of information
management is called surveillance, the first foundation of
benchmarking, facilitates and allows for a quick benchmarking
process. A second foundation consists of learning, sharing
information and adopting best practices to modify performance
which will help contribute to understanding the finances of an
organization.
Mazanec
Top of Form
At our organization, our balanced scorecard reporting measures
include: Net Days in Accounts Receivable, Discharged Not
Final Billed Days, Days Cash on Hand, Operating Profit
Margin, and Long Term Debt to Capitalization. Our metrics are
calculated on a 12 -month rolling average. Other scorecard
measures that have been calculated in the past are Average Age
of Plant; Supplies as a Percentage of Total Operating Expense,
and Rolling Non-Operating Revenue Ratio.
One of the more important benchmarks for the organization

2. right now is the Days Cash on Hand metric. With the
completion of our $40-million-dollar renovation project funded
by a USDA Loan, there is a covenant that requires us to
maintain 90-days cash on hand for the life of the loan.
Benchmarking is important to an organization to be able to
assess its risk by identifying and quantifying data in comparison
to industry standards (Cimasi, 2004). Cimasi (2004) explains
this can include financial ratio analysis or operational
performance tools and can be measured in the
following: liquidity, leverage, activity, and
profitability. Benchmarking is one of the more effective means
to pull data out a healthcare system that will help to provide
information about future performance and financial condition
(Cimasi, 2004).
_Buda
Top of Form
Benchmarking is used to measure performance gaps; it is the
process of measuring services and activities against the best
levels of performance both within an organization and outside
the organization (Baker & Baker, 2014). One of the main ways
that benchmarking contributes to understanding of finances in a
healthcare organization is by assessing similar performance data
with comparable organizations (Wolfskill, 2013). This
evaluation allows the organization to identify areas where the
organization excels compared to its peers and also allows it to
identify areas where its peers excel. With this information, a
healthcare organization can dedicate resources to determining
the causes for the underperformance and then developing
strategies to improve performance (Wolfskill, 2013).
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Prince
Top of Form
According to the text, benchmarking is a way to compare an
organization’s products, services, activities, and performance by
collecting objective indicators and comparing them to a “best

3. practice” performance. This is a way to identify gaps in
expected performance levels. Although I do not work in the
health care industry, my employer uses benchmarking to
determine how many claims a claims examiner can manage at
one time. This benchmark is determined by collecting
information about the average caseloads of our competitors;
studying the best practice process; and evaluating existing
caseloads within the company. The Benchmarking within my
company assists with the budget financing as management plans
for the number of examiners budgeted for each client.
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