Benchmarks and Industry Data Overview
What is benchmarking?
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.
Benefits of benchmarking
Armed with accurate, up-to-date data on the industry and comparable data on your practice, you can assess and compare performance metrics such as physician compensation, productivity, number of patients, staffing, revenue, operating expenses and accounts receivable to industry standards. By conducting periodic benchmarking, you can assess your progress as well as keep your finger on the pulse of the industry.
Why are MGMA survey reports considered industry-standard benchmarks?
For decades – longer than any other organization in the industry – MGMA has conducted annual surveys for medical practice management that establish industry benchmarks. The scope of the annual survey effort is extensive and comprehensive, with more than 4,200 organizations surveyed representing more than 126,800 providers in more than 100 specialties and subspecialties. And to ensure accuracy, our in-house analysts first aggregate and review the responses from the MGMA surveys before running statistical analyses to reveal benchmarks (mean, median and percentiles) applicable to medical practices like yours.
Find an MGMA survey report
Learn about the different MGMA survey reports, such as the physician compensation survey, academic practice compensation and cost and revenue reports.
Participate in a Survey
Take an MGMA survey today to receive the free results for your practice.