The Importance of Benchmarking for Medical Practices | Infographic

by | Dec 16, 2021

With the advent of medical practice dashboards, healthcare organizations now have a tool to assemble and view their performance data in one centralized, easy-to-operate interface. With dashboards, benchmarking for medical practice operations has never been easier.  

What is Benchmarking for Medical Practices?  

The concept of benchmarking refers to comparing a certain organization’s products, services, and/or performance(s) against either external or internal competitors. By noting the measured differences in performance, executives can begin to understand why one group is outperforming the other – and then use those findings to inform business strategy that addresses the problem.  

Benchmarking is a powerful way to identify – and thus begin to correct – disparities in areas such as: 

  • Patient outcomes 
  • Contract performance 
  • Population health metrics 
  • Claim outcomes 
  • Revenue and reimbursements 

Why Benchmarking Your Medical Practice Matters  

Benchmarking creates a baseline for what your performance should be. It tells you which processes are working – and which ones need work. By benchmarking across multiple locations, physicians, services, and time periods, your organization can begin to understand its strengths and weaknesses.  

With this information in hand, leadership can assess and alter business strategy as needed, and make improvements to benefit both revenue and patient outcomes. But before any of this can happen, the right KPIs need to be benchmarked.  

Tracking Data with Medical Practice KPI Dashboards  

One of the best ways medical practices can benchmark their data is to leverage medical practice dashboards.  

What are healthcare dashboards? Medical practice dashboards are software tools that allow you to view KPIs quickly and easily – all at the touch of a button, and without manual report assembly. Built for group practices, MSOs, and Private Equity firms, healthcare dashboards consolidate practice data into easy-to-use reports – allowing professionals to benchmark performance and capitalize on best practices.  

Medical Advantage Can Help  

Starting your benchmarking journey is a huge first step toward refining your business strategy. You don’t need to take this journey alone – Medical Advantage’s expert healthcare IT consultants can help evaluate your KPI needs, and then implement healthcare dashboard solutions to help you track them. Talk to one of our consultants today to get started. 

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