When it comes to benchmarking your practice, there are many ways to look at performance levels and how your practice operates compared to other practices within your specialty. What you don’t know about the business and financial aspects of your practice can hurt you. Benchmarking your practice can help reveal areas for improvement to ensure that you meet your goals.
Comparing your practice’s health to others can help you:
- Determine areas of growth
- Evaluate costs & eliminate waste
- Improve your staff ratios with regard to revenue and other target variables
- Evaluate specific work processes
- Make expense decisions with hard data
Once you have comparable data you can start to measure results and create goals specific to your practice. The old saying is that you can only manage what you can measure. By creating and monitoring key performance indicators, also known as KPIs you can measure, monitor and improve various aspects of your practice, such as gross charges, collection rates, number of new patients, no-show rates and other important indicators. Keeping your pulse on trends within these KPIs is vital to continually improve the health of your practice.
BiggsKofford has the tools and database to benchmark your practice within your specialty. If you have questions about setting up key performance indicators and comparing them to other top performers in your practice’s specialty, call or e-mail Deborah Helton at (719) 579-9090 or firstname.lastname@example.org.