FY 2023 Balanced Scorecard: Q1 results are in
Asante’s recovery from the effects of the COVID-19 pandemic continues. As reported recently, the system is focusing on five key strategies to improve our financial health.
The blueprint for our performance, however, remains the Balanced Scorecard. Designed around Asante’s strategic priorities, the scorecard guides decisions and measures progress each quarter.
Results for fiscal year 2023’s first quarter, which spanned October through December of last year, are in — and these early results show some promise.
Among the 10 goals measured, half met or exceeded the target. The rest are within reach by the fiscal year’s end in September.
One of the most critical measures is reducing the rate of open job positions, also called the vacancy rate. For now, that figure is in the green at 12.6%, a dramatic improvement over the 15.1% high mark a year ago, and the trend continues to move downward. This has been the result of robust employee retention and recruitment efforts by HR and Talent Acquisition. In the first quarter alone, Asante hired 360 employees from outside the organization.
Likewise, patient experience scores are currently above the target, as is Asante’s patient safety rate, the percentage of patients who can make appointments through direct scheduling, and the cost-per-CMI-adjusted discharge. For that one, Asante is focusing on four areas with the greatest opportunity: laboratory, imaging, cardiac testing, end-of-life care and transfusion.
The EBIDA margin remains high on our list of critical success factors. Asante used to use operating margin as the mark of its financial health, but EBIDA (earnings before interest, depreciation and amortization) provides a more historically consistent picture.
The first quarter’s EBIDA margin fell just short of the goal, but there is time to make gains by year’s end.
“This one is entirely possible,” said Dennie Conrad, chief strategy officer. “It’s a huge step up from where we were a year ago.”
Other areas working toward the year-end target shortening the time it takes for CT or MRI imaging. In the first quarter, 12.1% of patents were able to get an appointment within two weeks of referral. To help meet the goal of 25%, Asante is working to expand access to testing, including acquiring new equipment and extending imaging hours.
The employee engagement index, which took an expected dip in the aftermath of the pandemic, is still losing ground. The measure relies on scores from the annual Employee Engagement Survey, which will be sent out in April, as well as quarterly “pulse” surveys. The mini surveys help identify more frequently any barriers to engagement.
Finally, leaders continue to seek stewardship opportunities to improve Asante’s efficiency and financial health.
“We’re not out of the woods yet financially,” said Roy Vinyard, interim CEO. “But if you compare it to where we were a year ago it is an incredible positive change.”
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