Productivity Benchmarking – A Powerful Tool for Management Teams

Department productivity benchmarking is one of the most powerful and versatile tools available to progressive hospital management teams. Here are just a few of its uses.

  • As a Cost Management Tool: Labor costs remain the largest single component of any hospital’s expense budget. Managing labor costs is important for both financial and moral stewardship reasons. Department productivity benchmarking is an important first step in identifying and resolving excessive labor costs.
  • As an Overall Performance Screening Tool: Staffing variances are a marker for potential performance issues that go far beyond excessive labor costs. Departments frequently “staff up” to overcome operating problems caused by everything from organizational cultural issues and resource inadequacies to work process factors. Departments that consume an abnormal amount of labor resources because of these factors are more often than not also struggling with quality, physician and patient satisfaction, employee relations and community image issues. Done correctly, department productivity benchmarking will help identify those departments in the most need of management action.
  • As a Management Data Set Validation Method: More than sixty percent of U.S. hospitals are managing with inadequate or inaccurate management information. A systematic review of data, performed during the course of the benchmarking process, will identify errors in the management data set leading to better decisions.
  • As a Change Management Resource: Is your team in the process of building a new organizational culture to meet today’s challenges? Productivity benchmarking serves as an essential component of any serious management initiative to transform the classic hospital culture. Hospitals that routinely and systematically benchmark department productivity are communicating powerful performance expectations with action as well as words.

Modern technology has placed annual department productivity benchmarking within the easy reach of every hospital management team. Major changes take place in the hospital almost every day. How current are your department productivity benchmarks?

How To Find Affordable Life Insurance Policies

All of us try to make our future secure. More than that we all try to make our family`s future secure. Though we are leading a peaceful and well settled life sometime we get awed by the unseen thought that if some untoward happen to us and our happy and secure family may come on the road. To think negative is not a good habit but so many such incidents happen in front of us every day that we can not avoid thinking about ourselves and get worried. So, to guaranty our and our family’s future we go for life insurance policies. But, here comes the question as which policy is affordable for us.

Before speaking about affordable life insurance policies it is necessary to first categories the section of people for whom the policies are meant for. Normally, there are three sections of people in our society i.e. rich, middle class and poor.

The poor sections are satisfied if they get their daily meal, some clothes and a shelter. They earn on daily basis and buy daily food for the family. They can hardly think about their future security. Further, they are not so aware about life insurance policies. If they are little bit literate then they keep some saved money in the bank.

In a middle class family the main source of income is job, agriculture or small business. The middle class people are the most aware about life insurance policies as they feel not so safe about other investment policies. These days, almost all the grown up members in a middle class family are well educated and earning either taking job or some other fields. So in such cases it is easy to take affordable life insurance policies for them. They should prepare a monthly budget of all the essential expense. Suppose an individual can save Rs 2000/- per month then he can choose Rs 12000/- half yearly premium policy. After deciding the amount of premium as how much you can afford it is to decide as which type of policy you want to go for. In the market there are so many types of policies like critical illness cover, accident cover, education, to protect the assets etc. So we can decide as which one suits us. Normally, only the head of the family worry to go for life insurance policies. But if the children are also working or earning it is better if they can also go for such policies according to their income.

As the rich section of people has big properties vast empire of business they normally have their own consultant for investment. Still, it is better for them to insure their property buy life insurance policies for self and family members to guaranty a secure future, as no one knows what happens tomorrow.

As we know that the amount of premium of life insurance policies is exempted from income tax it is always wise to calculate the income tax before going for the policies. This will do double profit of tax saving and a secure future as well.

What Does a Life Insurance Company Rating Mean?

Most people, comfortable with their own sense of immortality, might look to a Life Insurance Company rating as an indication of the lowest premiums for x amount of Life Insurance. A bit more important is the Company’s financial stability and its ability to pay its claims.

When you are shopping for Life Insurance and feel all proud of yourself for being responsible and taking care of the risk management portion of your long term financial planning process, it is easy to concentrate solely on the cost of premiums. After all, most people are expecting to lost their wager with the Insurance Company and are getting Insurance for the “what if” and not the “when.”

Yet, although comparative premiums play a part in the Life Insurance Company rating, financial stability is a more important consideration. If an Insurance Agent offered you a million dollar term policy for a couple of cents a year, it might seem like a very, very good deal. Yet, if the Company has folded up shop and moved to Central America when your beneficiaries come looking for their payout, it was really a wasted couple of cents.

In the world of permanent Life Insurance and the combination of Life Insurance with savings and investment, financial stability and a good track record in selecting and managing your investment are the factors that constitute a good Insurance Company Rating. The ratings and evaluations of any single Company are subject to change during the life of your policy. The need to understand ratings and to follow them closely does not end when the policy is purchased.

There are several reputable Rating services and they present their ratings online, so it is easy to obtain them. In addition, the Insurance regulatory agencies of most States can provide additional information on Company performance. The Insurance Marketplace Standards Association (IMSA) provides a Seal of Approval to Companies with ethical standards and a good performance records.

Remember, the Life Insurance Company Rating is a combination of a number of factors. These include competitive rate comparisons, but more important are the ratings that indicate long term financial stability and a good performance and investment track record. The ratings are tools that can be used to make the important choices involved in the selection of the best Company for your Insurance needs. Make sure you use them and do not be afraid to discuss them and their meaning with your Insurance Agent.

5 Factors to Consider When Choosing a Senior Life Insurance Policy

Finding an online senior life insurance policy is not necessarily easy considering the many offers available online. Therefore, it takes effort and time to find a life insurance policy that meets the needs and budget of an insurance shopper. Some of the factors that need to be considered when choosing a senior life insurance term include:

· Do you need the insurance cover?

You will discover that not everyone needs the online senior life insurance policy. In case you are young, single and do not have dependents you may not need the seniors term policy. In such circumstances you are advised to consider other insurance policies such as the 30 year term policy to cater for your days of retirement.

· Type of insurance policy

There are many types of insurance covers available including the simplest annual plan to the whole life insurance policy. To learn more about the product policies you can consider seeking for advice. Depending with your needs you will need to find an appropriate policy. Determine how long you will need the insurance cover. Find out whether you need the term or the specific term insurance policy.

· The cover that you will need

Insurance shoppers are normally encouraged to buy a policy that is about 8-10 times the annual income of the insurance shopper. To choose the right cover you need to determine where and how the insurance benefits will be used. The benefits are normally channeled to the beneficiaries.

In addition, they can be used to pay off any debts or loans, cater for pre-existing medical conditions, cater for the children’s college education, cater for funeral costs and other liabilities. Therefore, it is important to choose a policy that is enough to cover all possible expenses that the dependents may have.

· The company’s background

The background of the company helps to facilitate an informed decision. It is advisable to consider choosing a provider with a good record of handling customers. By reading through the clients’ reviews, referees and recommendations you will get an idea whether the service provider is good or not.

· The company’s premiums

The premiums charged by different service providers vary among different companies. Each of the companies endorses a different format for computing the risks as well as deriving the premiums. Therefore, it is important to find as many quotes as possible to compare. This way, the insurance shopper will avoid paying exorbitant rates for their insurance policy.