Benchmarking for Success
Benchmarking is the practice of tracking and comparing the performance of your practice to your profit plan and general industry operating stats. Benchmarking gives you a point of reference to assess whether or not you are doing well or need to improve various functions of your practice; i.e., scheduling, marketing, recall, staff model. In other words, benchmarking provides feedback on how well you are running your business and points to specific functions that need improvement in order to grain operating efficiency and grow profits. Tracking your operating stats on a regular basis also tells you how well you are doing towards achievement of goals; i.e., revenue growth, new patient flow, profitability.
Benchmarking starts with timely kept, accurate, and complete accounting records. In other words, it begins with excellent bookkeeping. You can’t reach your goals if you can’t quantify your actions–You need to keep good accounting records to keep a good score card. If your books are a mess, then you don’t have accurate data to work with. Your consultant and/or CPA will be able to better assist you if you have a clean set of books.
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