Monitoring Methodology
Monitoring methodology is a science of using tools and monitoring techniques to properly document or provide transparency into a set of problems. Monitoring is the process of observing, checking and documenting a process over a longitudinal period of time.With respect to Boca Raton Regional Hospital (BRRH) our group identified two maintain points of interest when looking at its current finances. The hospital’s days cash on hand is extremely low when benchmarked against other similar institutions. Also noted, Boca Regional Community Hospital accounts receivable currently at 42 days, needs to improve and should be somewhere around 30 days. Both of these metrics need improvement which we have outlined in the recommendation …show more content…
Frequency in financial terms is usually measured in increments of time ranging from weekly, monthly, quarterly or annually. It is not too uncommon to see projections displaying potential estimated data sets. When looking at the BRRH scenario, where the hospital 's cash on hand and accounts receivable needs to be monitored, our analysis was based on the institution 's annual financial statements. Because we have identified these as opportunities for improvement, these initiatives cannot wait for another annual assessment. In this case the frequency of monitoring should either be monthly, bi weekly or quarterly based on the financial reporting capabilities of the hospital. The most generally accepted financial term would be monthly however most departments/institutions take an additional 5 to 10 days after the calendar month has finished to close out the previous month 's financial numbers. This should be taken into consideration when the numbers are being gathered for …show more content…
These methods vary but are extremely important as they can be used in various situations. It is important to consider the audience when choosing the correct recording medium. The audience can vary from the boardroom setting, departmental head meetings, board of investors meetings or simple monthly staff meeting.The medium should not be too complex that the audience cannot follow along in comprehending the desired message but the media should be detailed enough so your point can be easily followed. The types of mediums that are typically used are listed below:
A high-level formal report outlining what was measured, turn it was measured with specific details and any standard deviations. This report
A simplified graph report outlining the data points over a set interval of time. This graph should have clearly labeled so both axis can be distinguished well and their limited opportunities for confusion.
A stationary dashboard that can displayed in the work area that gives a high level summary of the data points over a one to two quarter
Monitoring methodology is a science of using tools and monitoring techniques to properly document or provide transparency into a set of problems. Monitoring is the process of observing, checking and documenting a process over a longitudinal period of time.With respect to Boca Raton Regional Hospital (BRRH) our group identified two maintain points of interest when looking at its current finances. The hospital’s days cash on hand is extremely low when benchmarked against other similar institutions. Also noted, Boca Regional Community Hospital accounts receivable currently at 42 days, needs to improve and should be somewhere around 30 days. Both of these metrics need improvement which we have outlined in the recommendation …show more content…
Frequency in financial terms is usually measured in increments of time ranging from weekly, monthly, quarterly or annually. It is not too uncommon to see projections displaying potential estimated data sets. When looking at the BRRH scenario, where the hospital 's cash on hand and accounts receivable needs to be monitored, our analysis was based on the institution 's annual financial statements. Because we have identified these as opportunities for improvement, these initiatives cannot wait for another annual assessment. In this case the frequency of monitoring should either be monthly, bi weekly or quarterly based on the financial reporting capabilities of the hospital. The most generally accepted financial term would be monthly however most departments/institutions take an additional 5 to 10 days after the calendar month has finished to close out the previous month 's financial numbers. This should be taken into consideration when the numbers are being gathered for …show more content…
These methods vary but are extremely important as they can be used in various situations. It is important to consider the audience when choosing the correct recording medium. The audience can vary from the boardroom setting, departmental head meetings, board of investors meetings or simple monthly staff meeting.The medium should not be too complex that the audience cannot follow along in comprehending the desired message but the media should be detailed enough so your point can be easily followed. The types of mediums that are typically used are listed below:
A high-level formal report outlining what was measured, turn it was measured with specific details and any standard deviations. This report
A simplified graph report outlining the data points over a set interval of time. This graph should have clearly labeled so both axis can be distinguished well and their limited opportunities for confusion.
A stationary dashboard that can displayed in the work area that gives a high level summary of the data points over a one to two quarter