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Benchmarking
Home » Healthcare Administration » Practice Management Consultants » BenchmarkingBenchmarking is a term used for statistical analysis of the business and operational components of the medical practice. In layman’s terms, it is “crunching the numbers” with regard to how the office staff runs the clinic and what each staff person spends time doing, how the physician or other medical personnel spend their time in clinical and non-clinical tasks, how many medical charges are made each month and how much payment is received, the effectiveness of the system of billing and coding for insurance, how many patients are seen each month, the effectiveness of patient scheduling and even answering phone calls. Companies that offer benchmarking services compare the data from a medical practice to the statistics of successful clinics. Evaluation of the data can help pinpoint problem areas and give the consultants clear direction in advising their clients. In short, benchmarking helps identify wasted expenses and wasted time.
It also must be noted that though the general idea of hiring a consultant is to increase the business’s bottom line, there are plenty of physicians and healthcare workers who are facing burn-out from the long hours and demanding schedules. These people don’t want more money; they want a more balanced life. A practice management consultant can help create effective ways of scaling back the amount of work and carving out time for family and social activities while leaving the patients and customers having the services and care they need.
Related Practice Management Consultants Articles
- Practice Management Consultants Overview
- What is a practice management consultant?
- Benchmarking
- Practice Start-up
- Practice Mergers and Changes of Ownership
- Practice Policies and Procedures
- Health Information Technology