Get Live Chat Request a Callback Get live demo

← Back

Increase practice revenue through benchmarking, step 4 of 5

EMR/EHR

advancedmd-banners-advancedBenchmarking

Abstract
More than likely, adding benchmarking to your independent practice has been on your to-do list for quite some time. It’s now more important than ever to measure the key financial metrics of your practice. No matter how large or small your independent practice, finding areas to improve makes for a happier and more efficient practice for you, your staff and your patients. Practice benchmarking is useful to keep your practice operationally healthy, giving you the needed confidence in your practice’s performance, which in turn means you can concentrate your efforts on patient care.

The most efficient method to save time while implementing benchmarking is to automate your practice. The right cloud-based practice management system allows you to keep your finger on the pulse of your practice, which will help you gain a much better understanding of how to improve your practice finances and operations. The bottom line to investing in benchmarking, just as with investing in other good practice management behavior, is a smoother running, more profitable, higher-quality and less stressful practice. These conditions make it easier to do what you entered medicine to do: deliver great patient care.

Step #4 Benchmarking that drives practice improvements.

Operational Benchmarking
Benchmarking that is used to find inconsistencies in operations, which incudes staffing, productivity, office workflow and procedure analysis. Specific details include:

  • Number of procedures per provider, versus last month
  • Identify workflow bottlenecks
  • Amount of overtime you pay each month
  • Whether you have too many employees
  • Patient retention rates
  • Number of patients you or other providers see each month
  • Reception wait times
  • Marketing expense summary

Financial Benchmarking
Track the financial health of your practice through measurement of key financial metrics, including:

  • Payer reimbursement rates by procedure
  • Payer trends & contracts
  • Collections process
  • Claim rejections and denials
  • Accounts receivable days outstanding
  • Rejected insurance claims

Advanced Planning
Significant improvements to your practice require thoughtful planning and long-term commitment. You and your office manager need to work together to establish the benchmarks, but the office manager should prepare the reports and track any differences. Benchmarks are useful in identifying what is possible, so it’s important that your efforts incorporate recent data. Study those medical practices that have the best scores, to create a short list of benchmarks to incorporate within your practice. But remember, it may require substantial changes in your day-to-day routine and even staffing to improve operations, which will ultimately be used to improve financial markers.

It’s important to change or modify the benchmarks any time your office environment changes, such as hiring a new practitioner or more staff, or adding an EHR system. After you identify where improvements should be made, it’s essential to implement the changes quickly. It will be much easier to make these changes if you keep your staff informed, especially your office manager, and take their input to which metrics need to be monitored.

The next step explains the impact of benchmarking on your staff.

 

AdvancedMD Benchmarking
The experts at AdvancedMD have the solutions you need to boost revenue through benchmarking. We offer solutions to help you succeed by systematically implementing each tip mentioned in this guide and helping you along the way.

AdvancedBenchmarking
Our most accurate way to compare your financial performance to peers in your geography & specialty.

AdvancedInsight
An entirely new way to measure, manage & control financial performance

Learn more about AdvancedInsight through our 60-second video expert series.

Schedule a complimentary demo of AdvancedBenchmarking today.



Topic: EMR/EHR, Medical Billing, Revenue Cycle Management


Other Resources Related to This Topic


EMR/EHR

EHR for the Private Practice : A Beginner’s Guide

This ebook from AdvancedMD shows how an effective EHR platform can drive efficiencies across your...

EMR/EHR

A case for EHR: 5 myths of remaining status quo

When considering EHR, practices often remain status quo because it seems easier and less expensive...

EMR/EHR

The State of Electronic Health Records in 2024

Electronic Health Records (EHRs) have revolutionized modern healthcare by transforming how patient information is stored,...

“The money I have invested in AdvancedMD is miniscule compared to the return. I have never been more efficient – ever – in my professional life as I am now.”

Jed Shay, MD
The Pain Care Center

Read the story  ›

“[Our] patients are very well-educated and well-informed, and they want to see results quickly. The practice has to run extremely efficiently and be accessible to them. The nice thing about [AdvancedMD] is it has allowed me to be more efficient both in and out of the office. Now I don’t have to come back into the office, which is great for my family and everything else. It saves me a lot of time – probably an hour a day on the three days I work in the second office.”

Keith Berkowitz, MD
Center for Balanced Health

Read the story  ›
Estaban Lavato, MD - La Loma Medical Center

“The best thing I ever did in private practice was getting AdvancedMD—it has liberated me.”

Estaban Lavato, MD
La Loma Medical Center

“Having integrated practice management and EHR is absolutely wonderful, you don’t have to flip back and forth between systems—all of your information is at hand when needed.”

Raju Raval, MD

Read the story  ›