Systematic Review & Meta-Analysis of the Balanced Scorecard for Hospitals

Abstract

This paper is directed towards the idea of in-depth explanation of the balance scorecard highlights the application in the hospital and medical environment. Performance is a key indicator and enrichment factor that allows us to assess the goals and their pre-defined status in an effective way. In various academic research, the performance factors are measured on factor-wise dependency rather than measuring with a collective standpoint. Very limited studies have directly answered ‘How an organization’s overall performance can be measured and enhanced in a systematic method’. It is noted that in various empirical research papers, very few even try to evaluate the entire organizational performance based on these factors as a construct on a dependent measure. Balanced Scorecard or BSC is a leading and most popular frameworks for overall performance analysis. Though BSC is widely acknowledged and utilized tool, it has revolutionized to be a critical part of tactical change management.

Method: Balanced Scorecard is a simple yet powerful tool that offers unparalleled strategic improvements with an easy to use and implement interface The design of the scorecard is evolved according to the requirements of the organization. The utilization of the base or primary factors of the scorecard design allows for proper attention to various interdependent domains related to the organizational management in lieu of just the core or fundamental pillar. The financial domain is covered pertaining to the overall revenue stream, internal domain, including the internal processes and know-how to meet external requirements while continuous innovative solutions can be devised for an enhanced learning and knowledge building experience all while adhering to the meet its strategic expectations determined by the organization while also focusing on the customer centric domain of an organization.

Result: This paper delivers an overall view of the systematic review and meta – analysis of the  balanced scorecard along with the existing application to the healthcare industry and how it can be further optimized thereby enabling new ways to build better value to the quality of service offered, building better in-house learning outcomes within organization metrics.