- Benchmarking is comparing performance to industry standards.
- It helps you understand how your physicians and your medical practice perform compared to similar practices.
- It’s one of the first steps in evaluating provider and organizational performance and one of the best ways to identify problems and opportunities for improvement.
By conducting periodic benchmarking, you can track your progress and keep your finger on the pulse of the industry. You can assess and compare performance metrics such as:
- physician compensation
- number of patients
- operating expenses
- accounts receivable to industry standards