Performance Improvement and Management in Health & Social Care
Verified
Added on  2023/06/10
|16
|4915
|146
AI Summary
This report discusses the advantages and disadvantages of strategic planning models, Du pont analysis, and non-monetary methods of performance management in the context of health and social care. It includes an analysis of Arden Mountain Nursing Home's financial performance and provides recommendations for improvement.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Performance Improvement and Management in Health & Social Care
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Table of Contents INTRODUCTION..........................................................................................................................3 Question 1........................................................................................................................................3 Critically Evaluating the advantages and disadvantage of strategic planning models:...............3 Question 2........................................................................................................................................6 A. Discussing the importance of Du pont analysis to investors with explanation on purpose of each formula discussed below:....................................................................................................6 B. Comparing industry average with the help of calculation and interpretation of the ratios:. .8 Question 3......................................................................................................................................10 Examinetheuseofmulti-facetedmodelsandnon-monetarymethodsofperformance management..............................................................................................................................10 CONCLUSION.............................................................................................................................13 REFERENCES..............................................................................................................................15
INTRODUCTION According to the below report, Social and health care performance improvement and management are described. The following report determine “Arden Mountain Nursing Home” which is an American based, registered care home situated in England that trying to note down the number of people in England are ageing and how much demand of private nursing care are increased(Allison and et.al., 2019).Their main aim is “a commitment to excellence in long run care for adults globally”and desire to give best facilities to the United Kingdom Adults. The nursing home take place several tasks to developing the area of care for patient like home. The undertakingreportcoverinternalmemorandumforthenursingcarehomedirectorsand advantages and disadvantage of strategic planning models in reference to care sector in England, Ratio Analysis and interpretation of Arden Mountain nursing home from a given financial system and determined the use of non – financial multidimensional models of performance management. Question 1 Critically Evaluating the advantages and disadvantage of strategic planning models: Performance Improvement and Management: It's play an important role at the time of preparing the strategic plan for better performance and management. Performance management is the type of activity which done in between the employer and employee of the company where manager play a role of employer of the company. This type of process cycle include pre- determinegoals,findingdeviations,planningobjectiveandcriticalreviewresults. Every manager of an organization tries to use this process for expansion, growth and achieving goal of the company. It build the relationship between employee and manager of the company which helps them to do the work in a effective or efficient manner. It also helpful in clearing the problem which occur during achieving target. Strategic Planning:It is the planning which run by the top management of the company. In this process, the manager of the company guide and motivate the employees to determine the target and objectives. Generally they prepare a framework of all those activities which need to be done in specific manner(Anderson and et.al., 2019). The “Arden Mountain Nursing home” also uses various integrating department for achieving
the target. There are three steps that helps in strategic planning; Strategy formulation, Implementation and evaluation. There are several types of strategic plan are as follows: ď‚·Tactical Planning:It is the type of plan which prepare for short run. This plan is all based on present position of the company operation. It is framed by the manager of the company for achieving the aim and profits in less than financial year. It is run after analysing the company performance and problem of all departments. This techniques is helpful for Arden Mountain Nursing home to achieve the target before completing one year. ď‚·Operational Planning:Activity which are relate the strategic goals and objectives of the company with tacticalgoals(Boamah, 2019). It includemilestonesand useful in determining the useful portion of strategic plan that helps in achieving objectives. Arden Mountain nursing home manager enables to make a judgement regarding plan of action. To control mission and vision Mission:The main duty and mission of Arden Mountain nursing home is to provide proper care to adults and implement and expand five facilities in United Kingdom. Vision:The Arden Mountain Nursing home is trying to create an environment which helps the people to fell the area of care like home. This is all done and implement according to the design of strategic plan prepared by the top management. Both the term mission and vision are directly depend on the plan. It is the duty of manager to create the plan after analysing the benefits and limitations of the organization. If the manager is fail to perform the activity in an appropriate way then, the organization have to be suffer and it also effected the set mission and vision(Donovan and et.al., 2018). To regulate the work in most effective and efficient manner, the manager have to be take some actions like to communicate with its subordinates and check the work which implemented in the organization are according to the strategic plan or not. If the result is favourable than no action is required to taken or if the result is unfavourable then the manager need to take some strict action that will improve the whole performance of the organization. Arden Mountain Nursing Home regulate this function or planning strategies for attaining the specific objectives. This is owned and control by the manager of nursing home by determining its employee practices. Following tools or techniques of Arden Care Home :
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Balanced Scorecards: It is the techniques of management system which gives estimation on internal process of business and external outcome both to continuously boosting plan of action performance and results. Balance scorecard is a tool that help to measure the usefulness of an activity opposed to strategic plan of an organization. Advantages of balance scorecards ď‚·It useful in preparing the framework of the company. Generally, all organization works in a different environment and also they have a different way to analyse their activity. Balance scorecard is a most easy and common way to analyse all different company position and strategy of business structure(Foo and et.al., 2021). ď‚·The nature of balance scorecard helps to develop the organization an environment friendly manner because its provide an advantage to all the individual employee of the company to communicate easily with their co-workers and top management. Arden Mountain Nursing Home is also helpful to perform the strategic functions which is favourable for the organization. ď‚·It help the company member to place their targets on different level. Disadvantage of balance scorecards ď‚·This function is unfavourable sometimes because every business plan are different and perform different activity. These type of problem consume more time and energy to prepare a better plan for an organization. ď‚·It is difficult to understand because every organization need proper research before taking any action. This arises the problem for the business. ď‚·It is the approach which contain more data to run the business. It is hard to collect the huge data. SWOT analysis SWOT is stands for strength weakness opportunities and threat of the company. It is the tool which helps the business to improve and analyse the business performance(Gupta and et.al., 2021). The strength refers to capability of the company to cover the future risk, weakness stands for loss of company assets and performance, opportunities is a chance to develop the business position and threats means risk. Advantages ofSWOT analysis
It is the type of techniques that helpful is determine the business objective and both the internal and external factors. SWOT analysis are works equally in every type of business organization whether it support strategic planning or the opportunity analysis. SWOT is a multi - level analysis factor because it provide all the strength related to the department of the organization that helps the top management of company to take a specific decision for growth and expansion(Gupta and Arora, 2020). It is easy to manage and regulate by any of the employee of the company because it does not take any specific knowledge and skills for performing task. Disadvantage SWOT analysis It does not place mechanism in a significant manner of one factor to another that why it is hard to analyse the impact of a particular factor. It is works in a path of SWOT analysis so, it doesn't collect or provide any specific issue of the department. Sometimes, it is biased or time consuming for analysing the business because all the information are collected by an individual people. SWOT gives more plan for decision making but does not give a specific plan for implementation. It provide lot of knowledge and information but these information are not helpful in running the business. Recommendation: From the above analysis of strategic planning, it is recommended that the balanced scored is more useful in improving performance of the “Arden Mountain Nursing Home”. It is helpful for the manager to regulate the work in effective and efficient manner and achieving the goals of the business. This also give an idea of performing the task in a path of mission and vision. It also increase the employee productivity and efficiency to do the work in a good way. Question 2 A. Discussing the importance of Du pont analysis to investors with explanation on purpose of each formula discussed below: Du pont analysis is a useful tool which is helpful in measuring fundamental performance of the business entity. It is a very useful technique used to separate the multiple drivers on return
on equity(Harris and White, 2018). Du pont analysis is used by investor to compare the operational efficiency of two related firms. This technique is also used to identify strength and weaknesses of the fundamentaloperations. The calculative formula of Du pont analysis is Net income / Total Revenue. Du pont analysis helps investors and stakeholders to measure which financial activities are lend the most to the changes in Return on equity. There are mainly three financial elements that drive return on equity which are net profit margin, assets turnover ratio and financial leverage. Comparing industry average with the help of calculation and interpretation: Total Margin: This ratio help in comparing company's profits with its sale to measure financial stability of the firm(Hoge, 2020). It is expressed in terms of percentage. It shows how well a company handling its financial operations overall. It considertotal revenue from all the sources which make it different from gross profit and operating profit ratio. = (Excess revenue over expenses / Total revenue) * 100 = (£3269404 – 3180356 / 3269404) * 100 = (89048 / 3269404) * 100 = 2.72 % Industry’s total margin has been 3.50 % Interpretation: The total margin ofArden mountain nursing home is compared with the industry'stotalmarginwhichshowsorganizationneedsimprovement.Organizationare underperforming in terms of achieving the pre-determined revenue and firm is not able to manage their expenses. Total assets turnover ratio: Assets turnover ratio is calculated to measure revenue from assets. The main purpose to calculate this ratio is to measure efficiency and effectiveness of the firm to generate revenue from the assets. The calculation is mentioned under: = (Net Sales / Average total Assets) * 100 = (£3269404 / 2502992) * 100 = 1.31 times Industry asset turnover ratio is 1.50 times Interpretation: the Assets turnover ratio ofArden mountainnursing home is low as compare to the industry ratio. This indicate inefficient utilisation of the assets in the organization. The firm needs improvement to manage their assets in efficient manner.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Equity Multiplier: The purpose of equity multiplier is to measure the portion of a company's assets which is owned by equity shareholders rather than by debts(Khan and et.al., 2019). The formula of calculating equity multiplier is total assets decided by shareholders equity. High equity multiplier indicates that firm using more debts to finance assets where low equity multiplier shows less dependency on debts. = (Total Assets / Shareholders equity) = (2502992 / 357842) = 6.99 times The industry equity multiplier has been 2.50 times Interpretation: According to the above calculation Arden mountain nursing home is more depended on the equity fund as compare to debts. The equity multiplier ratio of nursing home is 6.99 whereas industry equity multiplier ratio is 2.50 which states that long term risk of nursing home is less then the industry(Leckel, Veilleux and Dana, 2020). Return on Equity: return on equity help in measuring a company's profitability after distribution of dividend among its shareholders. Shareholders can be equity shareholder or debenture holders. The formula of calculating return on equity is net income divided by the Shareholders equity. = (Net income / Shareholders equity) = (57881 / 357842) = 16.18 % The industry’s return on equity has been 13.10% Interpretation: the Arden mountain nursing home performing 3.08% better than indusrty. This ratio shows that they are effectively and efficiently utilising their assets without wasting their resources. It is also beneficial for the organisation to improve their performance in the competitive market. B. Comparing industry average with the help of calculation and interpretation of the ratios: Return on assets: This ratio help in measuring return on the investment. This ratio represent the efficiency of utilization of the assets to generate more income(Macke and Genari, 2019). = (Net income / Average total assets * 100) = (£57881 / 2502992 * 100)
= 2.31% Industry ratio has been 5.20% Interpretation: according to above calculation it states that both the organizations are not able to utilise their assets in good manner and they need improvement for future growth. Nursing home ratio is more than twice from industry ratio. Current Ratio: Current ratio refers to the short term liquidity of the firm. It shows that how many time a firm is able to meet their short term debts by their current assets. It shows difference between current assets and current liability. = (Current Assets / Current Liability) = (608992 / 445150) = 1.37 times Industry ratio has been 2.0 times Interpretation: The current ratio of Arden mountain nursing home is 0.63 times less than the industry's ratio which shows that firm is not have enough current assets to repay its current liabilities. Cash in hand days: This ratio refers to time in which firm can meet their operational expenses from the cash in hand. This ratio helps to measure liquidity position of the firm. = (Daily cost of operation exc. depreciation / Cash and cash equivalent) = 3180356 / 105737 = 30 Days Industry days cash on hand has been 22 Days Interpretation: The industry average is 6 days less than the nursing homes average which shows company is efficient in meeting out their operational cost(Oh and Lee, 2020). Average collection period: This ratio refers to the time taken by the firm to collect their amount from their debtors. It shows firms efficiency to collect their sum form their sundry debtors. = (Receivables / Total Sales * 365 days) = 215600 / 3269404 * 365 = 24 Days Industry average collection period 19 Days
Interpretation: Ac coring to above calculation funds of industry is blocked more time as compare to inrushing home which will effect the liquidity position of the company. Debt ratio: This ratio help in measuring the risk in the capital of the company. The formula to calculate debt ratio is debt divided by equity. = Debt / Equity = 1700000 / 357842 = 4.75 times Interpretation: the debt equity ratio of nursing home is higher than the industry ratio which shows there is a high risk percentage in the capital structure of nursing home. Fixed asset turnover ratio: this ratio tells that how a firm can generate revenue from its existing fixed assets. The formula is calculating fixed asset turnover ratio is net sales devided by total assets. = (Net sales / Total Assets) = (3269404 / 2502992) = 1.31 times Interpretation: the ratio of both the organization is almost same which shows that they are efficiently utilising their fix assets to generating revenue in the business. Question 3 Examinetheuseofmulti-facetedmodelsandnon-monetarymethodsofperformance management. The Performance managementcan be understood as the leaders' execution, which is an important field of business that is frequently overlooked in the well-thought-out plan of the board. This is rapidly changing as organisations realise that streamlining the effectiveness of their workforce is a critical part of ensuring their continued progress monitoring. Every company with genuine goals to win in their target market and continuously high employable efficiency needs a compelling vision accompanied by clear missions that guide how it approaches activities and strategies(Qiu and et.al., 2021). A firm can modify the working and points of view of their workplace with the use of board models in order to reach the broad association vision and missions, which builds their show and helps instil a healthy work culture in the organisation. The board's execution contains two broad views that direct the important frameworks to be spread out
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
under it, close by the various purposes that are primarily performed under it and are recorded along these lines(Rose, Nam and Chen, 2018). Apart from focusing solely on the financial aspects of an industry, the board of directors is also responsible for anticipating essential components in the broad field of human resource management. The leaders finish by supporting the general course of delegate responsibility. The board of directors is closely associated with non-financial aspects of the company because it helps measure factors that are typically overlooked when making financial forecasts, such as the level of buyer trust that the company can provide in the target market, the level of brand invasion and new leads that are figuring out how to convert into deals, and the continuous brand awareness that it enjoys among the general public(Sampaio and et.al., 2018). Non-monetary models of board execution are critical for its survival, since the external environment has become dynamically perilous in the high-level company scene, and merely focusing on arrangements and pay age is no longer a feasible game plan. Some non-financial models are commonly used and play complex roles because they not only aid in execution assessment but also in strong human resource practises, with a couple of models being modified scorecard and execution pyramid. A balance score card is a basic organisation execution estimation that is used to identify and also promote a couple of internal critical techniques and their resulting outward results. Changed scorecards are extremely common among UK associations because they are used to measure and analyse affiliation. Businesses can conduct client research using their internal interpretation of changing scorecards. Including updated scorecards has a number of advantages, including allowing the relationship to pool data and information into a single report rather than dealing with many devices(Vimal and et.al., 2020). Changed scorecards have a variety of benefits and weights, which are listed below: ď‚·Assign the individual worker to the organization's aims and points: Subject matter experts can use balanced scorecards to "keep their eyes on the prize" in terms of targets. When workers with canning see a more visible reason for the item contends and goals they are seeking to hit, it may help individual delegate's own display. ď‚·Carry out construction-related approaches and techniques in the organisation: Distinct divisions within an affiliation may have different strategies for evaluating shows and what they consider to be fundamental in terms of estimations. As a result, distinct
departments and trailblazers can individualise their show evaluations with the reasonable scorecards, but it deceives in set coordinated that can be observed across the work area. It provides a common location for everyone in the workplace to evaluate their performance. ď‚·Revealing and estimating skills have improved: It is sense to make the display more straightforward in order to check represent the worth of altered scorecards. Changed scorecards can be used to request specific corporate goals and key indicators. It also aids relationships in the preparation of more effective reports and varied forecasts. Concerns can be easily resolved thanks to its strong core objectives. When there are advantages to implementing a changed scorecards system at work, there are also certain possible weight and boundaries for changed scorecards, which are listed below: ď‚·It can become confusing: Balanced scorecards are perceived as requiring time and effort to comprehend. There are a plethora of related studies and resources to investigate, and it is particularly simple to be thwarted using this method in a couple of distinct ways. ď‚·Request a lot of information: In most cases, balanced scorecards need associates and through to report the data, implying data logging. Various relationships could do without it because it was extremely repetitive, and it may get in the way of doing regular job to fulfil targets(Waljee, Chopra, and Saint, 2020). ď‚·Should be adapted to the organisation: Balanced scorecards are accepted as a model from which to work, but they must be adjusted for any organisation that uses that framework. It is possible to anticipate more significant ventures while remembering that the models are important and, as a result, they cannot be reproduced conclusively due to the unique requirements of any businesses. ď‚·The occupation of execution pyramid cannot be articulated in terms of non-money related and complex models of execution the board, as this model's reason depends on the way that an association's financial limits can't help in the assessment and possible progression of its business errands in the target market. This model battle that to structure a relations principal market goals and focuses, there must at first be the presence of a solid corporate vision which helps guide what the future holds exercises of the firm in a thorough manner. Arden Mountain nursing home's corporate vision which has a put on this model is the one where it tries to be in five extra regions across UK while setting out to give splendid in long stretch adult consideration on an overall level. This vision
according to the pyramid will not happen and can't be true to form assessed by the standards of execution the leaders with the exception of assuming it is met by twofold focus on both money related and non-financial limits which are recorded just under the corporate vision. The outside interest of a firm drives critical elements such as benevolence, which clearly influences the way things are perceived by both clients and the media in the business, as well as brand strength and acumen, which can happen when a business bases its working structures on non-monetary factors. Non-monetary elements include how the firm's work and results satisfy the target market, the business's ability to adjust in response to unforeseen circumstances, and general proficiency, as indicated in the pyramid. With the support of departmental aspects on which their flourishing depends, the functional structures mentioned in this display appear to be fine. The notion of clinical benefits that Arden Mountain will accommodate the more seasoned and weakened will directly influence the buyer's reliability, as will the time necessary to express the thought and the potential waste activities and system. Arden Mountain should focus on this approach to appreciate the areas of non-money related undertakings on which it needs to focus in order to make its vision come true. CONCLUSION The above report went into detail regarding important processes of human resource management and business administration such as strategic management tools, use of financial analysis and ratios along with various non-financial models of performance management to evaluate the productivity, viability and current financial robustness of healthcare companies. These companies were analyzed using strategic tools such as SWOT analysis and balanced scorecards and their financial performance was duly analyzed using financial ratios along with their interpretation such as Debt-to-equity ratio. The report was concluded with an overview on the non-financial and multidimensional models of performance management with main focus on balanced scorecards and performance pyramid.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCES Books and Journals Allison,M.A.andet.al.,2019.Thelinkbetweenschoolattendanceandgood health.Pediatrics,143(2). Anderson, R. and et.al., 2019. Optimal training frequency for acquisition and retention of high- quality CPR skills: a randomized trial.Resuscitation,135, pp.153-161. Boamah, S.A., 2019. Emergence of informal clinical leadership as a catalyst for improving patient care quality and job satisfaction.Journal of advanced nursing,75(5), pp.1000- 1009. Donovan, A.L. and et.al., 2018. Interprofessional care and teamwork in the ICU.Critical care medicine,46(6), pp.980-990. Foo, P.Y. and et.al., 2021. Unfolding the impact of leadership and management on sustainability performance: Green and lean practices and guanxi as the dual mediators.Business Strategy and the Environment. Gupta, A. and et.al., 2021. Social comparison and continuance intention of smart fitness wearables: An extended expectation confirmation theory perspective.Behaviour & Information Technology,40(13), pp.1341-1354. Gupta, K. and Arora, N., 2020. Investigating consumer intention to accept mobile payment systems through unified theory of acceptance model: An Indian perspective.South Asian Journal of Business Studies. Harris, J. and White, V., 2018.A dictionary of social work and social care. Oxford University Press. Hoge, R.D., 2020. The Youth level of service/Case management inventory. InHandbook of violence risk assessment(pp. 191-205). Routledge. Khan,S.A.R.andet.al.,2019.AgreenideologyinAsianemergingeconomies:From environmental policy and sustainable development.Sustainable development.27(6). pp.1063-1075. Leckel, A., Veilleux, S. and Dana, L.P., 2020. Local Open Innovation: A means for public policy to increase collaboration for innovation in SMEs.Technological Forecasting and Social Change,153, p.119891. Macke, J. and Genari, D., 2019. Systematic literature review on sustainable human resource management.Journal of cleaner production,208, pp.806-815. Oh, N. and Lee, J., 2020. Changing landscape of emergency management research: A systematic review with bibliometric analysis.International Journal of Disaster Risk Reduction,49, p.101658. Qiu, S.C. and et.al., 2021. Can corporate social responsibility protect firm value during the COVID-19 pandemic?.International Journal of Hospitality Management,93, p.102759. Rose, T., Nam, C.S. and Chen, K.B., 2018. Immersion of virtual reality for rehabilitation- Review.Applied ergonomics,69, pp.153-161. Sampaio, C.A. and et.al., 2018. Assessing the relationship between market orientation and business performance in the hotel industry–the mediating role of service quality.Journal of Knowledge Management. Vimal, S. and et.al., 2020. Enhanced resource allocation in mobile edge computing using reinforcementlearningbasedMOACOalgorithmforIIOT.Computer Communications.151. pp.355-364.
Waljee, J.F., Chopra, V. and Saint, S., 2020. Mentoring millennials.Jama.323(17). pp.1716- 1717.