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Assess the process of benchmarking as a function of practice management. Suggest one financial and one operational benchmark that a practice manager could use to improve business outcomes and the quality of patient care. Support your recommendations with at least one real-world example. +300 words
Benchmarking is an essential tool for practice managers in order to improve business outcomes and quality of patient care. It involves identifying best practices from other organizations or peers within the same sector, analyzing them closely and then implementing strategies which are most suitable for their own organization. Benchmarks can be used to compare performance against industry averages, set goals and measure progress over time.
A financial benchmark that a practice manager could use to improve business outcomes would be the cost per procedure performed. This metric can help to identify areas where procedures are being overcharged or undercharged by comparing current prices with those of similar practices. For example, if the average cost per procedure at other hospitals is lower than your rate, you may need to adjust your pricing accordingly in order reduce costs and increase profitability.
An operational benchmark that a practice manager could use to improve quality of patient care would be wait times in both clinical and reception areas. This data can give insights into how well the clinic is managing its workflow and whether there are any bottlenecks which need addressing in order optimize patient flow through the clinic. As an example, if it’s discovered that wait times for certain procedures exceed those found at comparable clinics by more than 10 minutes then steps should be taken to review processes and make changes as necessary in order reduce waiting times for patients.
Overall, benchmarks provide valuable data points which allow practice managers to monitor performance metrics such as costs, productivity, service levels etc., allowing them to make informed decisions on how best they can meet their objectives while providing quality care for their patients.