Healthcare Finance

The use of metric parameters to enhance and track improvements and production has become a critical technique of ensuring that health care services are delivered in an efficient and productive manner. Real-time location systems, balanced scorecards, and event-driven data are examples of emerging technology measures.

Real-time location systems (RTLS)-These technical metrics are utilized in patient tracking and provide critical information in real time. The person or item that is being tracked has tags. These tags are linked together using sensors and transceivers that detect the tags' location in real time. This tracking system has the ability to communicate with the information systems of the hospital, the bed management system included through automated message exchange(Oh, Phua, Tong, & Lim, 2011). The data obtained is used in decision making for the admission of patients and placements as well. Through the systems, the managers can see the available number of beds.

Using event driven data to track patients- This involves tracking patients flow by deducing their current location using the last known location e.g. if a patient has just undergone an x-ray, the most probable location of that patient is the radiology department (Oh et al., 2011). The data can be entered manually or imported automatically from the information system of the hospital such as lab and radiology. The tracking system provides a quick and broad picture of what is happening to all patients at a particular time and place. Timers are used to remind medics of activities such as the discharge of patients they can also configure their systems to alert staff through emails or text messages.

Balanced scorecards- It is a well-organized management and planning system used to improve an organization’s communication and monitor its performance in comparison to its goals. They are important since the encourage teamwork and also assists in goal achievements. In order for good services to be delivered in the healthcare industry, strategies and visions play a major role in ensuring quality standard services are offered. Keeping track of patients in the hospital can be challenging but the use of balanced scorecard can help in managements system to align the quality of services offered in the hospital with its visions(Oh et al., 2011). Some of the decisions these metrics help in is decisions based on new admissions, ambulance used and patient discharge.


Oh, H. C., Phua, T. B., Tong, S. C., & Lim, J. F. Y. (2011). Assessing the performance of operating rooms: what to measure and why?.Proceedings of Singapore Healthcare, 20(2), 105-109.

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