Practice Management Check Up: Examining the Business Health of Your Practice |
 |
The first, easy-to-use benchmarking tool for general internal medicine practices— available exclusively, and free of charge, to ACP members.
In today's challenging medical environment, success requires pinpointing any practice weaknesses and improving all aspects of operations and performance - constantly and credibly. To do that well, you need to conduct the business equivalent of a screening physical examination. ACP and the Health Care Group, Inc. (HCG), a leading practice management consulting firm, therefore developed an instrument that enabled general internists to assess the management of their practices using national benchmarking data, a method normally confined to large sophisticated practices and expensive outside consultants. ACP developed the current web-based tool under a license provided by HCG. You may learn more about HCG's wide range of business and legal services to physician practices by visiting www.healthcaregroup.com.
A Tool to Improve the Bottom Line
Practice Management Check Up: Examining the Business Health of Your Practice is a simple yet powerful self-assessment tool that quickly and accurately checks the "vital signs" of your practice's overall business performance. It guides you through the gathering of important practice data and then:
- Compares your practice's key indicators against established and understandable national benchmarks for general internal medicine.
- Highlights strengths and weaknesses.
- Takes you step-by-step through the analysis and identification of opportunities for improving your practice's performance.
- Sets the baseline for future monitoring of your practice's improvement efforts.
List of Key Benchmark Indicators
- Gross income per provider
- Net income available per provider
- Percentage of gross income expended on staff
- Staffing ratios
- Days of charges in accounts receivable
- Gross collection ratio
- Aged accounts receivable distribution
- Earliest available comprehensive examination
- Evaluation and Management coding distribution
- Laboratory percentage of charges
- Procedures percentage of charges
- Patient encounters per provider
- Number of bed days per life
- Examination/Procedure rooms per provider
- Patient base per provider
- Scheduled patient hours per provider week
- Number of new patients per year per provider
- Office square footage per provider
Answer These Crucial Business Questions
- Profitability: Does my practice generate sufficient income and is it over or under staffed?
- Billing and Collections: How effective is my collection process?
- Service Access and Availability: How long do my patients wait for appointments compared to other internists?
- Productivity and Revenue Sources: How many patients per week do I see compared to the national norm, and is my coding pattern optimal?
- Production Capacity: Is my patient base, provider schedule and available office space adequate for my practice to be financially successful?
Practice Management Discussion Groups
Practice Management Educational Opportunities
More Related Links:
The Center for Practice Improvement and Innovation
- The Center for Practice Improvement and Innovation makes practicing medicine easier at every stage of your career.