Nowadays, physicians are as eager as ever to provide excellent patient care. However, insurance rule changes and coding adjustments are constantly happening. Those shifts have placed more burdens than ever on provider groups to manage their incomes effectively. Additionally, they must do this without neglecting what matters most: their patients.
Identifying what insurance payers may be up to in their attempts to meter your reimbursements is a clear, data-driven activity. However, 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 to benchmark to ensure that you are on the right track and your practice is managed correctly. Benchmarking can help you achieve high reimbursement levels and guarantee well-optimized processes.
- Benchmark against yourself
How are you doing against your history? Is your practice growing in charges, payments, and patient visits? Tracking those metrics by specific time lapses will help you see if you are going in the right direction.
You can also benchmark internally by comparing one financial class to the other. That will help you understand where to focus your availability as you fill your practice slots, driving the most revenue for your medical practice.
Another way you can do it is by benchmarking one doctor against another. For example, you have three employee internists. Compare how your best-performing doctor is doing (in terms of patients per day, revenue per encounter, or other metrics) versus your least productive one. Target it internally within your team to improve productivity and increase revenue.
- Benchmark against others
Compare your medical practice to others. What other medical practices work for them that you are not doing?
It is not enough to just say how your practice is doing. For example, we don’t only say, “You are in 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 to develop your pathway to achieving your goals and moving up on the ranking in terms of benchmarking.
We value the importance of benchmarking your medical practice and determining strategies to move forward based on data analysis.
Optimizing your medical practice through benchmarking is essential to achieving your goals. Health Prime takes a holistic approach to helping you detect areas for improvement within your medical practice and 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 possible from every available appointment? Is your staff 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 Health Prime, 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 significant effect. Physicians must constantly face the squeeze on reimbursements and the continuous rule changes by private insurers. However, through proper benchmarking, many practices have discovered how to thrive and grow in the current healthcare landscape.
Get help from Health Prime Datalytics!
Benchmarking can sometimes seem daunting. 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 drill-down capabilities of Health Prime Datalytics, we can help you understand your medical practice’s story and how it is going. With access to this unique medical billing solution, you can set action plans within your practice to improve processes, deliver a great customer experience, and ensure you are getting paid for your work.
If you want more information about benchmarking your medical practice, email us at [email protected]. You can also set up a meeting with us to discuss how Health Prime can help you achieve your goals.
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