Understand how your practice compares
Financial benchmarking that provides context for your numbers, helping you identify where your practice performs well and where thoughtful adjustments might support sustainability.
Back to HomeWhat this service delivers
Practice Financial Benchmarking provides comparative analysis that puts your practice's financial performance into industry context. We compile key financial metrics from your records and compare them against benchmarks from similar practices, giving you a clearer picture of where you stand relative to peers.
You'll receive a comprehensive report showing how your revenue per patient visit, operating expense ratios, collection efficiency, and other important metrics compare to industry standards for practices of similar size and specialty. Areas where your performance is strong get highlighted, as do opportunities where adjustments might improve your financial sustainability.
The outcome is context for your practice's financial data. Rather than wondering whether your numbers are typical or concerning, you'll know how they compare to similar practices. This understanding supports more confident decision making about practice operations, staffing levels, and financial priorities.
The context challenge practitioners face
Healthcare practitioners often operate without clear visibility into whether their practice's financial performance is typical for their specialty and situation. You might know your monthly revenue and expense totals but lack context for whether those numbers reflect efficient operations or indicate areas needing attention.
This absence of comparative context makes it difficult to evaluate whether changes to practice operations would be helpful or whether current performance is actually quite reasonable given your circumstances. Should you be concerned about your overhead percentage? Is your revenue per patient visit in line with similar practices? These questions are hard to answer in isolation.
Many practitioners sense they could be operating more efficiently but don't have objective data to identify specific areas where improvement would be most valuable. Without benchmarking context, it's challenging to prioritize which aspects of practice operations deserve attention and which are working well as they are.
Our benchmarking methodology
Practice Financial Benchmarking uses industry data collected from thousands of healthcare practices to establish meaningful comparison points. We calculate key performance metrics from your financial records, then compare these against benchmarks specific to your practice type, size, and geographic market characteristics.
Our analysis looks at multiple dimensions of practice performance, from revenue generation efficiency to expense management patterns to collection effectiveness. We present comparisons showing where you fall within typical ranges and highlight metrics that differ significantly from peer practices, either positively or in ways that might warrant consideration.
This methodology is effective because it provides relevant comparisons rather than generic business metrics. Healthcare practices have unique financial characteristics, and our benchmarks reflect the actual performance patterns of medical and dental offices rather than being adapted from general business standards. The result is context that genuinely applies to your situation.
The benchmarking experience
When you engage practice financial benchmarking, we'll begin by gathering information about your practice structure, specialty, patient volume, and geographic location. This context ensures we use appropriate benchmark comparisons. We'll then analyze your financial records from the most recent twelve months to calculate your practice's key performance metrics.
Within three weeks, you'll receive a comprehensive benchmarking report showing how your metrics compare to industry standards. We present this information visually through charts and graphs that make comparisons easy to understand, accompanied by narrative observations about what the data suggests for your practice.
You'll feel clarity about your practice's financial position relative to peers. Areas of strong performance become evident, as do opportunities where adjustments might improve sustainability. The report includes practical observations about what typically drives differences in the metrics where your practice varies from benchmarks, helping you understand potential paths forward.
Investment and what's included
Practice Financial Benchmarking is offered at $3,200 for a comprehensive analysis. This one-time investment provides detailed comparative insight into your practice's financial performance across multiple dimensions.
Your benchmarking analysis includes:
- Comprehensive analysis of twelve months of financial data to calculate key performance metrics for your practice
- Comparison against industry benchmarks specific to your practice type, size, and geographic market
- Visual presentation showing where your performance falls within typical ranges for similar practices
- Analysis of revenue generation efficiency including revenue per patient visit and payer mix effectiveness
- Expense category benchmarking showing how your operating costs compare in areas like staff compensation, supplies, and facility expenses
- Collection efficiency metrics comparing your billing and payment capture against industry standards
- Written observations about what typically drives differences in areas where your metrics vary from benchmarks
- Follow-up consultation to discuss the benchmarking findings and answer questions about the analysis
This investment provides context that can inform decisions about practice operations for years to come. Understanding how your financial performance compares to peers gives you a foundation for evaluating whether changes would be valuable or whether current operations are working well as they are.
How benchmarking creates value
The effectiveness of financial benchmarking appears through the clarity it provides for decision making. When considering changes to practice operations, you'll have objective data about whether your current performance suggests that change would be valuable. Areas where your metrics differ significantly from peers become priorities for consideration.
The benchmarking report often reveals strengths you weren't fully aware of, showing metrics where your practice performs above typical levels. This recognition of what's working well helps you protect effective aspects of operations when making other changes. Conversely, areas performing below benchmarks get identified clearly rather than remaining as vague concerns.
Timeline for seeing value is immediate in terms of gaining comparative context, though translating that insight into operational changes happens at whatever pace makes sense for your practice. Some practitioners use benchmarking results to inform decisions they're already considering, while others identify opportunities they hadn't previously recognized and address them over subsequent months.
Our commitment to you
We're confident in the value practice financial benchmarking provides because practitioners consistently find the comparative context helpful for understanding their financial position. Our commitment is to deliver analysis that genuinely helps you understand how your practice performs relative to meaningful benchmarks.
The benchmarking report presents information objectively rather than pushing toward specific conclusions or changes. We're interested in providing you with accurate comparative context, not in pressuring you toward predetermined outcomes. What you do with the benchmarking insights is entirely your decision based on what makes sense for your practice circumstances.
Before you commit to benchmarking analysis, we offer an initial conversation to discuss your practice situation and what questions you're hoping benchmarking might help answer. This ensures the analysis will actually address areas you care about rather than just producing generic comparative data.
Getting started is straightforward
Beginning practice financial benchmarking involves providing us with twelve months of financial records so we can calculate your performance metrics. This typically means sharing reports from your accounting system or practice management software. We'll coordinate this data transfer to be as simple as possible for your staff.
Once we have your financial data, the analysis process takes approximately three weeks. We calculate your metrics, compile appropriate benchmark comparisons, and prepare the comprehensive report with visual presentations and narrative observations. You'll receive the report along with scheduling for a follow-up consultation to discuss the findings.
The main requirement for meaningful benchmarking is having reasonably organized financial records for the analysis period. If your records need significant cleanup before metrics can be calculated accurately, we'll identify this early and can discuss whether that preparation should happen before proceeding with benchmarking.
Ready to explore this together?
If you'd like to discuss how practice financial benchmarking might provide helpful context for your financial performance, we'd be happy to have that conversation. Share your information below and we'll reach out to schedule a time that works for you.
Start the ConversationExplore our other services
We offer additional specialized services designed to address specific financial needs in healthcare practices.
Healthcare Practice Accounting
Comprehensive accounting tailored to medical practices, dental offices, and healthcare clinics. Monthly reporting designed for practitioners who need clear financial insight.
Medical Billing Reconciliation
Reconciling billing records with insurance and patient payments to ensure complete revenue capture. Discrepancies identified and aged claims followed up monthly.