The search for a healthy benchmark
Early this week, I took a call from a physician who is the only one practicing his specialty in a large multi-specialty group. The group’s compensation plan credits the doctor with his collections and debits his expenses plus overhead as though he were in solo practice. The doctor expressed frustration not with the compensation plan, but with the absence of any comparative information by which to benchmark his performance.
He receives comparative data on the overall group and each of the group’s specialties, but nothing for his own specialty. Without such information, he said he could not make thoughtful decisions about his workload, whether to add a physician extender or other staff or asking the group’s administrator to shop its medical malpractice insurance policy.
As men and women of science, physicians and other healthcare professionals rely on data to diagnose and treat their patients. Business owners and managers also rely on data to benchmark their performance. If automakers, utilities and banks require data by which to benchmark their performance and make improvements, so must medical practices.
Healthcare MarketMaker addresses this need by leveraging the power of the internet to compile data and enable physicians to benchmark their practices’ performance with other physicians in their specialties. Physicians can now determine their practices’ operational and financial strengths and weaknesses, and thus improve their incomes and value to prospective buyers. Please visit us now at our first specialty website – chiromarkets.com – and keep watch for future specialty websites to be launched this year.