How to Benchmark your Medical Practice

Why You Should Benchmark Your Medical Practice

Benchmarking your medical practice is important for several reasons. First and foremost, it allows you to identify areas where your practice can improve. By comparing your performance metrics to practices in the same specialty, you can identify best practices and implement changes to improve patient satisfaction, clinical outcomes, and staff productivity.

Additionally, benchmarking allows you to set realistic goals and track progress toward those goals over time. This can help you stay motivated and focused on continuous improvement. Benchmarking also provides valuable insights into your competition, allowing you to identify areas where you may be falling behind and make changes to stay competitive.

Overall, benchmarking is a powerful tool for improving the performance and competitiveness of your medical practice.

Ways to benchmark your Medical Practice

1. Conduct a patient survey

Patient surveys are an excellent tool for measuring patient satisfaction and identifying areas where your practice can improve.



By surveying your patients, you can gather valuable feedback on topics such as wait times, communication with staff and physicians, and overall satisfaction with their experience.

You can then compare your survey results to those of other practices in the industry to identify areas where you may be falling behind or excelling.

2. Check your no-show rates

In addition to patient surveys, another way to benchmark your medical practice is by tracking your no-show rates.

No-show rates refer to the percentage of patients who do not show up for scheduled appointments.

High no-show rates can be a sign of poor patient communication, long wait times, or inadequate patient education about the importance of keeping appointments.

Tracking no-show rates over time can also help medical practices measure the effectiveness of their improvement strategies and identify new opportunities for increasing patient satisfaction.



Ultimately, monitoring no-show rates can help medical practices understand the patient experience and develop tactics for improving engagement and appointment attendance.

3. Review your medical billing and coding patterns

Another way to benchmark your medical practice is by reviewing your coding patterns. Proper coding is essential for accurate medical billing and reimbursement, as well as tracking clinical outcomes.

You can identify areas where you may be over or under-coding by reviewing your coding patterns and comparing them to those of private practice, which can impact your revenue and the accuracy of clinical data.

You can also conduct data analysis to identify areas where you may need to improve documentation and training for your staff. It's important to review your medical billing and coding patterns regularly and ensure that you are following industry guidelines and regulations.

4. Compare ‘contract expected’ vs ‘contract allowed’ vs ‘contract paid amounts’

Another effective way to benchmark your medical practice is by comparing your contract expected, contract-allowed, and contract-paid amounts. Contract expected amounts are the rates negotiated with insurance providers for specific services.

Contract-allowed amounts are the maximum amount that insurance providers will pay for those services, and contract-paid amounts are the actual amounts paid by the insurance provider for those services.

By comparing these three metrics, you can identify discrepancies and errors in billing and reimbursement that can impact your practice's revenue. You can also use this data to negotiate better rates with insurance providers and improve revenue cycle management.

Comparing your contract amounts to those of other practices can also help you identify industry trends and best practices. It's important to track these metrics consistently over time and to ensure that you are following industry guidelines and regulations. This metric can be a valuable tool for improving the financial performance of your medical practice.

5. Track screenings such as annual wellness visits, physical exams, or diagnostic screenings

By tracking the number of screenings performed at your practice and comparing them to those of other practices, you can also use this data to track the health of your patient outcomes and identify opportunities for early intervention.

Ultimately, capturing screening data can be an invaluable tool that allows the medical group to deliver quality care and maximize their financial performance.

Rely on Medical Revenue Cycle Management

Benchmarking your medical practice is a crucial step toward ensuring that it is operating efficiently and effectively. By regularly evaluating the performance of your practice against industry standards and best practices, you can identify areas for improvement and implement strategies to optimize your operations.

Incorporating the Revenue Cycle Management service from Prosperis Consulting can further enhance performance and help you achieve your financial goals with our healthcare system expertise and ultimately provide better care for your patients. Our medical revenue cycle management services include insurance verification, claim submissions, EOB/ERA posting, payment posting, statement generating, denials management, comprehensive reporting, and much more. There is no software change needed as we can work with your existing practice management software.

Whether you are looking for medical billing or other health care consulting services in the Fort Lauderdale, Miami, or Orlando, FL areas, rely on the team at Prosperis Consulting.

Contact our medical practice consulting team today to learn more about our revenue cycle management service and take the first step toward improving your revenue cycle.