Strategies for Using Benchmarks to Maximize Revenue
By Featured article
Practices can maximize revenue when using benchmark data if a practice can see data from other like practices (similar in size for number of practicing physicians, geographic area, etc.). The relevant data will help in making improvements to their own practice.
Strategies for using benchmark data should include:
- Sharing the data with the providers in your practice. Example: If aphysician is seeing fewer new patients than their practice counterparts, steps can be taken to address this.
- Obtaining a full understanding of the data and relationships between the metrics. Example: One provider may fall in a higher percentile against his/her peers for Evaluation Management, but this may also increase their Relative Value Units (RVUs) in Evaluation Management.
- Deciding what metrics to focus on in your practice if the performance is below expectations. Example: New patient evaluations – how are you getting your referrals for new patients, and who are your referring partners?
- Tracking performance metrics over time to see where your professionals have improved, or not.
- Considering reaching out to similar noncompeting practices to see how they have addressed improving their performance metrics.
One of the most important considerations for using benchmark data is assuring that the metrics are sourced from actual billing data instead of selfreported data. Your results will be more meaningful.
Topics:
Data
Financial management
