Your practice needs a checkup, too.
Just as your patients need an occasional physical examination to ensure their systems are healthy, so does your medical practice. Periodic assessment of your practice helps to identify the “silent killers” which can only be addressed if you know they exist.
Vantage Benchmarking provides a cost-effective solution that arms you with the information necessary to diagnose financial and operational problems with your practice before they turn your financial world upside-down. Our reports benchmark your practice against others within your classification, providing percentile ranking of your practice against your peers.
Our benchmark reports address each of the areas below, and are available in “simple” and “detailed” formats, providing you with an analysis that’s right for your practice, and your budget. With benchmarking solutions starting as low as $295, there's no reason to risk not being "in the know."
Revenue. Here, we answer questions such as, “Where does your revenue come from?” and “How much are you generating per provider?” This information is then benchmarked against other practices to let you know if you are generating revenue above or below the median.
Expenses. Knowing what percentage of your revenue is spent in each expense category helps identify areas that may be receiving too much or too little financial allocation. We benchmark your practice in this area and then analyze how much is spent in each category per provider.
Ratios. Your practice requires people to operate, and knowing how effective you are at using your staff is important to your financial and operational health. We benchmark the number of staff you use per provider as well as the cost of your staff against industry norms.
Accounts Receivable (A/R). It's no secret that collecting revenue in healthcare is complex. A/R, or accounts receivable reports are used to gauge how quickly your practice collects cash after providing services. We benchmark your A/R in six directions to provide you with the best A/R analysis available.
Learn more by giving us a call at (866) 259-0264 or complete our online contact form. We will put you in touch with a qualified Vantage representative who will be happy to answer your questions about Vantage Benchmarking.