Benchmarking is critical to accurate reporting, yet many hospital finance directors fail to track the right metrics or properly use the measurements they do collect.
Too often, they fixate on broad scale comparisons to industry averages, instead of looking directly at the top performers. They also fail to look outside the healthcare industry for role models. Why is that? The US healthcare industry has its share of problems, but we are, in general, trending toward innovation an evolution. Why does it seem like the industry’s finance directors, who are typically savvy people, are failing to see the correlations between the healthcare industry and the service sector as a whole?