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Related Experiment Videos

Managing trade-offs makes budgeting processes pay off.

Dean Sorensen1, Denis Sullivan

  • 1The Sullivan Lakier Group, Gig Harbor, WA, USA. sorensen@sullivanlakier.com

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|December 6, 2005
PubMed
Summary

Trade-off management systems use technology to help hospitals cut costs while improving patient care quality. This approach integrates financial, clinical, and operational data for better decision-making.

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Area of Science:

  • Healthcare Management
  • Health Informatics
  • Operations Research

Background:

  • Hospitals face increasing pressure to reduce costs without compromising patient care quality.
  • Existing management systems like budgeting and balanced scorecards may not fully integrate financial and clinical data.
  • There is a need for a cohesive management approach to balance competing hospital objectives.

Purpose of the Study:

  • To introduce and define Trade-off Management (TM) as an integrated management system for hospitals.
  • To explain how TM leverages technology to balance cost reduction with service and quality improvement.
  • To highlight TM's role in aligning financial targets with clinical and operational realities.

Main Methods:

  • Trade-off Management (TM) is presented as a conceptual framework.

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  • It emphasizes the integration of financial data with clinical and operational systems.
  • TM facilitates manager engagement in setting balanced performance targets.

    • Main Results:

    • TM enables hospitals to reduce costs effectively.
    • It simultaneously enhances the delivery of exceptional service and quality care.
    • TM provides a structured way to manage competing priorities within healthcare settings.

    Conclusions:

    • Trade-off Management (TM) offers a novel approach to hospital administration.
    • It is not a substitute for, but rather an integration of, existing financial and operational tools.
    • TM supports strategic decision-making by balancing economic constraints with clinical and operational needs.