Benchmarking is useful for provider organisations looking to improve their operations and bottom line. Essentially, it enables the organisation to gauge its performance vis-à-vis its competitors.
David Gans, senior fellow for industry affairs at the Medical Group Management Association, says that benchmarking allows practices to evaluate their performance and understand their strengths and weaknesses. It can help you see where your practice has been and predict where it is going. Moreover, benchmarking can help convince physicians and staff of the need for change.
What’s needed is to look at your organisation’s data, analyse it and then compare it against a recognised benchmark to see if you are above or below the average.
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