Monitor trends on your metrics, check how other medical practices are doing and determine strategies to optimize your business and get paid for your work.
Nowadays, physicians are as eager to provide excellent patient care as ever. However, insurance rules changes and coding adjustments are constantly happening. Those shifts have placed more burden than ever on provider groups to manage their incomes effectively without neglecting what matters the most: their patients.
Identifying what insurance payers may be up to in their attempts to meter your reimbursements is a clear data-driven activity. But when enormous amounts of data are available – and often poorly organized – in practice’s EHR/EPM systems, choosing how or where to benchmark at first seems like a challenging task.
Benchmark your medical practice
There are different ways you can benchmark to ensure you are following the right track and that your practice is being managed correctly. Benchmarking can help you achieve high levels of reimbursement and guarantee well optimized processes.
- Benchmark against yourself
How are you doing against your own history? Is your practice growing in charges, payments and patient visits? Being able to trend those metrics by specific time lapses (by month, by quarter or by year) will help you see if you are going in the right direction.
You can also benchmark internally by putting one financial class against the other. That will help you understand as you fill up your practice slots where do you want to focus your availability on to drive the most revenue for your medical practice.
Another way you can do it is by benchmarking one doctor against another one. For example, you have 3 employee internists. Compare how is your best performing doctor doing (in terms of patients per day, revenue per encounter or other metrics) versus your least productive one. Target it internally within your own team to improve productivity and increase revenue.
- Benchmark against others
Compare your medical practice to others. What are other medical practices doing that works for them that you are not doing?
It is not enough just saying how your practice is doing. For example, we don’t only say, “you are on the bottom 25% on Revenue per RVU”. Instead, we also say “here is what other internists are doing to drive up their Revenue per RVU that you are not doing”. Our approach is on developing your pathway to achieve your goals and moving up on the ranking in terms of benchmarking.
We value the importance of benchmarking your medical practice and determine strategies to move forward based on data analysis.
Optimizing your medical practice through benchmarking is essential to ensure your goals are accomplished. Instead of just focusing on billing and collections, Health Prime takes a holistic approach that helps you detect areas of improvement within your medical practice to help you optimize your revenue.
Read more about how you can optimize your medical practice on our last blog Practice Optimization: How to convert resources into revenue.
Are you getting as much as you should for every visit? Are you getting as much as you can from every appointment that is available? Are your employee physicians or nurse practitioners as productive as they can and should be? We take the administrative burden from you. Benchmarking your practice and trusting us to do that work for you with all our guidance and expertise will ensure your practice is running financially smoothly.
At HPI, we manage internal benchmarks above the industry ones so medical practices can focus on best practices to run their businesses.
How can you benchmark your medical practice?
Improving performance through benchmarking can be done, and often to great effect. The squeeze on reimbursements and the continuous rule changes by private insurers is a constant barrier that physicians must face. However, through proper benchmarking, many practices have discovered not just how to survive in the current environment but also how to thrive and grow.
Get help from Datalytics!
Benchmarking can sometimes seem like a daunting task. Health Prime is here to help. Our business intelligence platform, Health Prime’s Datalytics, can help you benchmark your medical practice against yourself and against others based on benchmarks above the industry ones and by following best practices.
With the drilldown capabilities of Datalytics we can help you understand your medical practice’s story and how it is doing. By having access to this unique medical billing solution, you can set action plans within your practice to improve processes, deliver a great customer experience, and make sure you are getting paid for your work.
If you want more information about how you can benchmark your medical practice, feel free to email us at firstname.lastname@example.org. Set up a meeting with us to discuss how Health Prime can help you achieve your goals.
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