Financial metric and a nonfinancial

Discuss an example of a financial metric and a nonfinancial metric. What are the similarities and differences? Why is it important to use the correct type of metrics when evaluating performance? Why should you incorporate both types?

Managing Health Care Business Strategy

Moseley, G. B. (2017). Managing health care business strategy (2nd ed.). Jones & Bartlett. ISBN-13: 9781284081107

Requirements: 200 words

Answer preview

Healthcare organizations must use the correct metrics when measuring performance to ensure that the indicators will provide the basis for the appropriate needs that organizations need to prioritize and mire more focus (Moseley III, 2018). The correct metrics of performance will point the management to the right strategies that will align with the organization’s mission. In addition, healthcare organizations must incorporate financial and non-financial metrics as they complement each other. For instance, financial metrics are considered in that they are lagging since they report what has already happened, while non-financial metrics help in linking the gaps

[350 Words]

 

Financial metric and a nonfinancial
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