primalooki.blogg.se - Benchmark physical therapy old national

Let’s keep playing off that previous example and say you’re really trying to perfect the number of patients your PTs see each day. You now have the data to back up your decisions, and you’re well on your way to improving your revenue stream and your business as a whole. Once you’ve settled on these benchmarks, meet with every PT and explain the practice’s new goals. (Number of billed units per visit is another area that probably warrants some attention and data-digging it’s possible that the therapists who billed fewer units were undercoding their services due to a misinterpretation of the 8-Minute Rule-or perhaps spending too much time on documentation.) (Not to mention, they’re less likely to suffer from burnout.)Īt the end of the day, a more reasonable benchmark for this particular example is actually 10 patients a day-provided that each therapist is billing an average of 3.5 service units per visit.

Those PTs are actually bringing more money into the clinic than the PTs who see 15 patients in a day. After all, that number doesn’t consider any data other than a general average for patients seen, which means it paints an incomplete picture of the value of each visit.Īfter digging further, let’s say you discover that the PTs who see 10 patients a day actually provide more services per day than their “busier” coworkers-thus billing more CPT codes. Though it may sound like a good number for a benchmark, it’s not necessarily the best one. You dig through some records and discover that, on average, your PTs see 13 patients a day. Let’s say you want to create a benchmark for how many patients your PTs see each day. Let’s put aside the business-speak for a minute and dive into a quick example (adapted from this source).

External benchmarking: “An analysis of how your business compares to others in your industry, to gain a clearer idea of where you fall short (if anywhere) and what you can do better.”.

Internal benchmarking: “An analysis of the inner workings of your company that allows you to set goals based on past performance and track progress over time.”.

Benchmarking should also consider the needs and physical limitations of your business and employees.Īs I alluded to above, benchmarking can happen both internally and externally: But, you can’t just pick a numeric goal willy-nilly benchmarks should result from existing data that accounts for averages across multiple data sets (e.g., consider how many units a provider bills not only per patient visit, but also per hour). The PTs in your clinic operate as players on a team, but what good is a team without any goals? Benchmarks are just that: measurable performance goals that compare performance within a business and/or the marketplace. On that note, there’s one important business tactic all practice managers should know like the back of their hand: benchmarking. But once you open your own clinic, overcoming competition is the name of the game-and there’s a whole new set of rules to follow if you want to run a successful practice.

You probably didn’t start a career in the rehab therapy industry to battle with competitors or play business war games-and if you chose to work in a pre-existing practice, you really didn’t have to worry about any of that.