At the Institute of Podiatric Excellence and Development (IPED), one of our goals is helping podiatrists maintain the highest standards in their practices and to offer a wealth of resources to help them do that. Whether you’re a brand-new practitioner just starting out or one with years of experience in the field of podiatry, it’s a good idea to assess your practice on an annual basis to see how you’re doing.
Of course, there are a number of subjective measures of practice and personal success, such as how satisfied your patients seem with their care, the tone and atmosphere of your office, how cohesive is your staff and how fulfilled are you with your practice. These are important indicators and should certainly be taken into consideration. In addition, however, you should have some objective assessments that you use when analyzing overall benchmarks.
Below are 7 important ones:
Financial Soundness—this includes gross charges, net collections, accounts receivable, debt to equity ratios and current assets vs. current liabilities.
Overhead Expenses—what are your costs for occupancy (mortgage or rent), equipment purchases, supplies, staff and benefits?
Managed Care Costs—capitation rates, quality assurance and utilization management issues.
Patient Encounters—how many patients are seen in your practice daily? How many new patients do you have and how many encounters per physician per full-time equivalent (FTE)?
Services—what is the cost for services you hire or send out to be performed? These include subcontracted or subcapitated services, carve outs, ancillary services, outsourcing and costs of services calculated through activity-based costing or other methods.
Product—revenues per hour, encounters per hour, encounters per procedure, revenues per FTE and payer mix.
Client Satisfaction—segregate patients by type of insurance and assess your rate of patient turnovers.
To help you reach your practice goals IPED offers webinars, blogs, videos, and face-to-face meetings which enable you to get the information you need to achieve your professional and personal best. To learn more about the benefits of membership, contact our Executive Director, Ruth Ann Donahue at: 978-296-7634.