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 #1: The challenges you face as a physician.
It’s now more important than ever to measure the financial performance of your independent practice. Competition is stiffer than ever, regulations continue to increase, preauthorization requirements slow operations, and pay-for-performance measures are now in play. These are just some of the challenges you face as physicians. Plus, measuring the financial health of your practice is easier and less expensive than it has ever been, which eliminates the traditional obstacles. And emerging technologies allow specificity to private practitioners that have never before been available.
Where should you start?
Most likely, practice financial measurement is already on your to-do list, but where do you find the time? And where do you start? And do you need to mange it or hire someone? 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. Relying on input from your staff, the few patients who will speak to you honestly, or making educated guesses, just won’t cut it anymore. Get started with benchmarking, using both accurate qualitative and quantitative metrics, to run a more efficient practice.
Stay tuned for additional information on how and why benchmarking should be such an important part of your practice.
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.
Our most accurate way to compare your financial performance to peers in your geography & specialty.
An entirely new way to measure, manage & control financial performance
Learn more about AdvancedInsight through our 60-second video expert series.