J M Clapp | Search PubMed

PubMed2001

Benchmarking your practice.

A medical practice is a business and as such is governed by the principles of good business management; these include planning, budgeting, and supervision. A benchmark comparison of a practice is the first step in identifying the factors that determine the financial performance of the practice. However, it is only a first step. Performance is also measured against expectations. A benchmark comparison against market data is not the only tool to use in managing a business successfully. Creating a financial budget together with performance standards is essential to developing and maintaining a healthy practice.

Benchmarking↗

PubMed2001

Turning your practice around.

The techniques of managing a medical practice are no different from those required to manage any other business. Planning is the first step, and establishing a realistic budget is essential to creating a successful plan. Knowing your patients and the sources of your revenue are next. Understanding the weaknesses within your practice and developing courses of action to correct them is essential. This includes developing ways to increase revenue as well as control expenses. Once a plan has been developed a basis for monitoring that plan is required. We suggest tracking financial performance monthly. If these basic management techniques are put into place, the actions discussed above will become both easier and more effective.

Accounts Payable and Receivable↗