What is a Balanced Scorecard?
The Balanced Scorecard is a tool used to measure an organization’s activities and initiatives against its Vision, Mission and Values as outlined in its Strategic Plan.
The tool is usually divided into four sections called quadrants. These are designed to help ensure the activities and initiatives being monitored are comprehensive and reflect a well-balanced approach to achieving the Vision.
Key Performance Indicators (KPIs) are developed for each quadrant and must be selected carefully to ensure they provide a useful measure of the progress the Organization is making towards fulfilling its strategic plan.
This framework is based on the premise that "what gets measured gets managed"; however, since it is not possible to measure everything a hospital does, choosing the best KPIs is critical.
The acronym SMART is used when describing the important considerations in the identification of meaningful indicators. SMART reminds us that the indicators we choose need to be specific, measurable, achievable, realistic and timely.
As you can see from HRH's scorecard, the indicators chosen are both financial and non-financial. This enables the Organization to maintain a balanced approach between financial issues and other critical dimensions in health care such as quality, safety and risk when monitoring and measuring our progress.
View Humber River Hospital's Balanced Scorecard (PDF)
Read an accessible version of Humber River Hospital's Balanced Scorecard