decisionhealth Newsletters, Part B News - 2009 Issue 2 (February)
Benchmarking can improve your practice's revenue stream
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Article Overview
This article covers the use of benchmarking in physician practices, with emphasis on practice-management and revenue-cycle metrics. It discusses how practices compare performance against peers, review staffing and overhead, and track collections, accounts receivable, profitability, and productivity measures. The article is aimed at practice administrators, physicians, and medical group managers who want a broader understanding of benchmarking frameworks and common performance ratios.
Why This Topic Matters
Benchmarking can help a practice recognize operational problems earlier and evaluate whether its staffing, collections, and financial performance are keeping pace with peers and broader trends.
Article Sections
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Benchmarking practice performance
Introduces the concept of benchmarking and explains why medical practices compare performance data across a range of operational and financial measures. It also discusses the importance of comparing similar practices and accounting for differences in setting and resources.
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Benchmarks to make your practice more efficient
Presents examples of common practice-management ratios and formulas used to assess staffing, accounts receivable, collections, profitability, expenses, and productivity. The section frames these measures as tools for monitoring performance over time and relative to other practices.
What You Will Learn
- How benchmarking is used in medical practice management
- What broad categories of performance metrics are commonly reviewed
- Why comparison groups and contextual factors matter in performance analysis
- Which areas of practice operations are often tracked with ratios and formulas
Who Should Read This
- Physicians
- Practice administrators
- Medical group managers
- Billing and revenue-cycle staff
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