Do you know how your medical practice performs against other medical practices? Is your practice a stand-out performer or just an average performer?
Benchmarking your practice will provide you with information to take the necessary steps to sustain or improve the performance of your practice.
Why Benchmark your practice?
Benchmarking can assist you in the running of your practice in many ways including:
- Identifying areas of success in your practice
- Identifying areas which need improvement, before they become a problem
- Comparing your practice against the competition and industry trends.
What is the process?
In order to benchmark your practice, we gather financial and qualitative information from you and compare these figures to industry trends.
Our report will summarise our findings and analyse your performance compared to the industry. We will discuss this report with you, together with our observations and recommendations about best practice.
In some cases, the benchmarking process can lead to further development of management processes. This can include a review of revenue details such as the use of item numbers and, patient fees generated. It may also include monitoring of expenses, budgets and cashflows.
As a medical industry specialist, the resources developed by William Buck can assist you to use the insights provided by the benchmarking to bring about improvements in your practice.
What do we look at?
When benchmarking your practice, we evaluate several performance areas including the following:
- Revenue performance, including patient fees generated, % of private billing and consultation trends
- Primary expenses, such as medical supplies, rent, wages and other operating costs..