Are you working to improve practice performance?
Performance Management is a proven methodology that drives critical improvements by measuring and comparing what each physician contributes to the practice to encourage physician accountability. A formal performance management initiative with effective communication will nurture a “Best Practices” culture across the entire practice.
To accomplish this, the practice first identifies metrics that are key performance indicators (KPI’s). KPI’s provide insightful process measurements and are calculated by using timely processing data. The measured results are compared on a regular basis against pre-set realistic and attainable goals.
A simple example might include some standard productivity KPI metrics such as visit volumes or wRVUs that could be calculated monthly and compared to a desired goal for each provider. In time, the monthly results will display as a trend line to visually highlight improvements or shortfalls.
benchmarksMD delivers real time market insights from many other comparable practices and their providers, so you can better understand how you compare.
benchmarksMD is the perfect way to identify realistic and attainable goals.
How do you compare?
Are you wondering how your practice compares to similar practices?
By comparing your measured KPI results to similar practices in terms of specialty, size and geographical area, you’ll be able to highlight areas of strengths and more importantly, areas of weakness that may have significant room for improvement.
Aggregated data results from hundreds of practices and thousands of providers are statistically qualified and broken out by the 25th, 50th, 75th and 90th percentiles.
These percentile value points or benchmarks act as a guide to help your practice set realistic and attainable performance goals.
You can compare your performance to other practices and providers using metrics from many key performance areas such as:
- Scheduling and Patient Flow
- Productivity comparisons
- Procedure ratios
- Procedure volumes
- Patient panel size
- Accounts receivable
- Revenue
Benchmarking data may also be used as a strategic planning tool to develop more effective Provider Compensation and Bonus Models.
Before benchmarksMD, quality benchmarking data was only available on a yearly basis from industry associations that compile the data manually to produce results once a year.
This data takes almost a full year to produce and doesn’t include the current year. This methodology will not yield any benchmark data for 2020 till late 2021. Is it fair or accurate to compare your productivity today in 2020 to data from 2019?
A more precise performance view would track monthly or even daily data which is much more difficult to attain and even harder to produce.
benchmarksMD delivers daily, monthly and year-to-date data, calculated electronically, every day, providing unmatched clarity for this year, this month, today.
Set the bar accurately with benchmarksMD.
Why benchmarksMD?
Better insights. Better outcomes. Best practices.
Better performing practices are actively benchmarking results against their peers on a yearly basis. Most benchmark solutions are tabulated manually from associated members and delivered only once a year.
benchmarksMD results are aggregated electronically, every day, using actual real-time practice management and EMR data connections from thousands of practicing physicians.
Daily benchmarks encourage a more proactive view during the current month to help attain monthly performance goals. Monthly benchmarks and trends deliver unique insights into seasonal highs and lows over the past 12 months.
benchmarksMD delivers Daily Interactive Benchmark Comparison Dashboards for easy access to daily and monthly performance views of common KPI’s or key performance indicators. These performance views effectively display monthly highs and lows while taking into account real world variables (for example: navigating a pandemic). This comparison will help you decide if your practice is falling behind or keeping up with the markets. In some cases you may even define, affirm or deny your understanding of what is considered high or low volumes.
