Knowledge Expansion

Benchmarking Success: The Essential Guide for Group Practices, 2nd edition

Book

Benchmarking & Forecasting

Data Analytics & Reporting

Practice Efficiency

Overview

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Using benchmarking to interpret and communicate medical practice data can take a practice to a whole new level, but how does a practice properly measure and assess to improve its performance?

Proper Benchmarking techniques can lead to increased profitability and productivity in a practice, but what are the performance metrics to track and how should they be used?

The fully updated Benchmarking Success: The Essential Guide for Practice Managers, 2nd edition is packed with tools and performance indicators that demonstrate practice-specific factors to determine the right benchmarks and improvement activities.

This book will help you to:

  • Recognize the overall purpose, need and intended reasons for benchmarking.
  • Identify and avoid the common mistakes and potential errors when interpreting measurements and benchmarks.
  • Determine the best method of describing and presenting data to physicians and other stakeholders for making management decisions.
  • Examine techniques for measuring practice operations at the patient, provider and staffing levels.
  • Analyze the metrics needed to build a better-performing practice.

Greg S. Feltenberger, PhD, MBA, FACMPE, FACHE

Greg Feltenberger is the Chief Executive Officer of Idaho Urologic Institute, a Meridian-based independent medical group comprised of three facilities which include a specialty care clinic and an ambulatory surgery center. He recently retired from the U.S. Air Force after 21 years as a Lieutenant Colonel in the Medical Service Corps. Greg earned his undergraduate degree (Summa Cum Laude) with a specialty in Biomedical Equipment Technology in 1996 and then went on to pursue an MBA from Kent State University in 2000. Most recently, he received his doctorate in Health Service Research from Old Dominion University in 2012. His management style is founded on a passion for communication, collaboration, innovation and change management.

Chapter 1: Why Benchmark? This chapter answers the question, “why benchmark?” It also addresses the reasons for benchmarking or “if you don’t measure it, you can’t manage it” and “if you don’t value it, you won’t change it.”

Chapter 2: Benchmarking Fundamentals This chapter explains the importance of and need for standards and describes techniques for determining baseline and current status of a practice. In addition, this chapter presents factors that can be changed to improve a practice. And finally, this chapter describes similarities and differences of small and solo practices in comparison to larger practices.

Chapter 3: Measurement and Benchmarking This chapter defines measurement, associated terms, the art and science of benchmarking, and several benchmarking methods. In addition, this chapter describes common mistakes to avoid when interpreting measurements and benchmarks.

Chapter 4: Management by the Numbers This chapter presents methods of describing and presenting data in meaningful ways, changing it into information, and using it to help make management decisions.

Chapter 5: How to Show the Bank a Credit-Worthy Practice This chapter explains differences in medical practice financial accounting, what financial indicators banks want to see, and how to demonstrate practice credit-worthiness.

Chapter 6: Key Performance Indicators This chapter identifies several very important metrics that could be used to establish a core metric set for a practice.

Chapter 7: Benchmarking Ancillaries, Scribes, and Support Staff This chapter describes metrics to assess anciallary services, the use of scribes, and productivity of support staff.

Chapter 8: Measuring Quality This chapter explores different metrics used to measure clinical quality to include measures developed by the insurance industry and the government.

Chapter 9: Measuring Practice Operations This chapter provides serveral techniques for measuring practice operations at the patient, provider, and staffing levels.

Chapter 10: Tools for Measuring Practice Finances This chapter identifies serveral metrics associated with financial activities.

Chapter 11: Hospital and Inpatient Metrics This chapter presents common hospital and inpatient metrics for determining market share, occupancy rate, length-of-stay, average daily census, payer mix, expense and revenue per discharge, full-time equivalents per bed and other measures.

Chapter 12: Benchmarking Resources This chapter explores free online resources for assessing E&M coding and fee schedule for benchmarking provider and practice factors.

Chapter 13: Talking Numbers to Physicians This chapter describes methods for communicating with physicians using executive summaries, presentations, graphs, charts, and tables. It also presents considerations regarding audience, formatting, and writing style.

Chapter 14: Using Lean Six-Sigma to Improve Operations This chapter provides an overview of concepts to include a general foundation to increase effectiveness and efficiency of operations using Lean Six-Sigma.

Chapter 15: Performance and Practices of Sucessful Medical Groups This chapter presents all the key metrics used by MGMA to assess Performance and Practices of Successful Medical Groups.

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