Benchmarking In Healthcare

Great Essays
Mount Sinai is a successful hospital that is able to deliver high quality services. The organization derives strength in services through their large physician network and their medical school that complements the hospital. Innovation and excellent processes are factors that produce a successful environment for Mount Sinai. However, the hospital system is not flawless and there are some weaknesses in their business operations. Though they maintain excellent processes and use certain contemporary business techniques, there is one technique that has the potential to elevate the service that is provided by Mount Sinai. Through benchmarking the organization can develop a new set of innovative ideas and improved processes. To examine how benchmarking …show more content…
During the end of the 20th century benchmarking became an important method for accessing organizational performance (McGaughey, 2002). The concept allows a company to understand a wide array of processes. Benchmarking is a methodology suitable for evaluating virtually any aspect of organizational performance in public or private organizations (McGaughey, 2002). This methodology can by identified in three different types. The first type of benchmarking is internal benchmarking. Internal benchmarking involves establishing best practice within a company (McGaughey, 2002). These practices can be functions, divisions, or other processes. Internal benchmarking is likely to result in greater internal efficiency or effectiveness, but not necessarily significant improvement in competitiveness (McGaughey, 2002). This type of benchmarking can work well with the principles found in cost …show more content…
External benchmarking examines best practices in other organizations (McGaughey, 2002). As the organization transitions to the outside environment there are multiple organizations that could be examined. The organizations examined can be direct competitors, organizations in similar industries, or unrelated industries (McGaughey, 2002). Different companies are utilizing the same or similar processes to get things done, not just the main service of the benchmarking firm. The processes of purchasing, selling, employee training and development, product development, as well as other processes often have great commonality, even when undertaken by firms in different industries (McGaughey, 2002). When thinking about making improvements there is another company that is already performing the practice and the benchmarking firm should not try to “reinvent the wheel.” The last type of benchmarking is best practice benchmarking. Best practice benchmarking is an extension of external benchmarking, however, the benchmarking firm is now comparing processes to the best in the industry and looking for ways to surpass them (McGaughey, 2002). As the name suggests this type of benchmarking is for the firm that is trying to become number one. Mount Sinai can benefit by the lofty goal of trying to become the best hospital in the

Related Documents

  • Improved Essays

    It can be linked to the use of selective IT outsourcing (Monash University, 2015, p. 26). Organizations that implement the analyzer strategy can prefer selective IT outsourcing in meeting their relative requirements and business goals. As applicable for this type of business, IT outsourcing services are procured in managing stable lines of products. However, for newly-launched and unstable lines of products, in-house or insourcing of IT system is most likely acquired. With selective outsourcing, these businesses can achieve efficiency in their existing resources, while attaining innovation for their new product lines.…

    • 856 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    Essay On Mindmap Analysis

    • 1285 Words
    • 5 Pages

    If SWOT can be placed first in our business or project then it really complements toward project and business success as it really helped in un covering opportunities that can be well-placed in response to our strengths and also we can uncover various threats that can be dreadful in presence of our weaknesses (Zack, 2002). SWOT can not only be used in case of efforts to solutions of various problems but it can also be tactful technique to be used for the decision making when we are going to decide for the best suitable path for the project initiatives and also determining where the change can be possible to drive projects in a way to success. Similarly, mind mapping is also a powerful tool for strategic planning as well…

    • 1285 Words
    • 5 Pages
    Decent Essays
  • Great Essays

    This operational strategy involves the creation of new goods and services, typically designed due to innovations in technology and based on the tastes and preferences of a businesses identified target market. There are various steps in this process such as; the initial concept idea of a product, a cost-benefit analysis, the creation of the product, and finally, market testing to gain feedback and an understanding if further changes are needed. An innovative product enhances a customer’s perception of the product, vital to success in the contemporary competitive business landscape. The new product would be viewed as a superior product, differentiated from previous models or rival products through its higher quality. This differentiation would promote businesses sales and increase the business market share, in turn, increasing profitability levels.…

    • 1487 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    Exel deep knowledge of supply chain can help Haus Mart planners make better decisions and remove any inefficiency. Second, Exel four team approaches appear very capable and effective in conducting research and making transactions for new business opportunities. I think its strong problem-solving skills might work as well in the supply chain planning. Exel’s initial planning involvement in the planning might be limited to certain areas that the company is familiar with, such as inventory management. When it comes to demand forecasting and production planning, Exel would need higher level of cooperation from Hauz Mart and might experience some learning curve.…

    • 1315 Words
    • 6 Pages
    Improved Essays
  • Great Essays

    iii) There is a transformative effect on the firms associated in an inter- organizational network. Firms engaged in networks adopt administrative or managerial innovations which would enhance competitiveness. In fact, engagement in a network will change the definition of competition for a firm. In an inter-organizational network, it is not necessary for firms to exclusively own assets to gain value from them. As a competitor in one project might become a partner in another, the organizations must also adopt to multiple roles in the business environment.…

    • 4108 Words
    • 17 Pages
    Great Essays
  • Great Essays

    How Inventory Forecasting can make your business Great One of the only downsides of inventory forecasting is that it takes a substantial amount of time to complete correctly. Time must be spent reviewing product and market trends as well as the interests and needs of the customers. Since this is usually a difficult process, many businesses don’t see the value in inventory forecasting. Instead, they have determined it easier for them to leave the entire process out of their accounting plans. While this could simplify the work that is completed, there are actually many benefits to inventory forecasting that can actually help make your business better than it started.…

    • 1303 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    This indicates that ERP allows organisations to integrate different activities across the company, and it is one of the reasons that organisation implement ERP systems to improve the efficiency of the business process. A number of researchers highlights that organisations that have successfully implemented ERP systems are reaping the benefits of integrated working environment and operational benefits to the company. Although not all ERP implementations have been successful, and this proven by the number of horror stories of ERP implementation (ref). This essay evaluates why ERP required in organizations, what are the major benefits of using ERP in organizations and the challenges of ERP implementation. Two different case studies are used, to illustrate the arguments and conclusions of this essay.…

    • 759 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    Such techniques include Six Sigma, Total Quality Management (TQM), and Just in Time. These techniques play a vital role in the strategy and success of many companies, and they deal with disciplined, data-driven approaches that eliminate defects, encompasses a set of management practices geared to ensure the organization consistently meets or exceeds customer requirements, thus saving the company time and eliminating waste. These complementary elements of an integrated strategy are aimed at improving competitiveness. Operations Management Operations management comprises those areas of…

    • 1673 Words
    • 7 Pages
    Great Essays
  • Great Essays

    Global Sourcing

    • 1403 Words
    • 6 Pages

    Competition also plays a role into why companies result to global sourcing, because competitors may have better products or ways to produce particular items and going the international route may be a way to combat that issue or even the financial and productivity playing field. Some of the top companies that are successful with their outsourcing practices are Accenture, which is a business processing service, IBM, and Wipro Technologies which is a business Technology company (Supply Chain Digital 2012). Although Global Sourcing can be vital part of companies lowering cost and increasing production for their materials, there are some advantages as well as disadvantages to going the global sourcing route. Some of the advantages to global sourcing includes, companies who decides to go the route of global sourcing gets to experience some of the skills and resources that locally are not available. The base of the suppliers is not just restricted to the domestic market which in turn gives the companies who partake in global sourcing the chance to conduct transactions with more competitive suppliers.…

    • 1403 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    Superior performance achievement, organization needs to generate cost efficiencies, which allow them to manage on lean margins or other alternative themselves. This approach to strategy reflects the role, which internal resources helping organization to create value and be more competitively and profitable (Harrison, 2005). SHRM is focus on two forms of resources. First is the capital human of organization, knowledge, skill and abilities of employees. Human capital is challenge Hr to making a strategic decision because they have to transform human resources into company capability, which is valuable, rare and difficult to imitate (Amit, Shoemaker, 1993).…

    • 819 Words
    • 4 Pages
    Improved Essays