Increase Revenue Through Benchmarking, Step 1 Of 5

Features Navigation

Live Chat (800) 825-0224 Live Demo

← Back

Increase revenue through benchmarking, step 1 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 #1: The challenges you face as a physician.

Why Benchmark?
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.

 

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


Other Resources Related to This Topic


EMR/EHR

ePrescribing Demo

ePrescribing is unified within our practice management, EHR, and patient engagement suite to help automate...

EMR/EHR

EPCS Demo

EPCS is unified within our practice management, EHR, and patient engagement suite to help automate...

Business

2022 Fall Release On-demand Webinar

We’re excited to share the new features and many enhancements to our practice management, EHR,...

“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  ›

“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  ›