ValuSource and MGMA Launch Free Benchmarking Dashboards for Medical Practices
“With reimbursement down and practice costs rising, it’s critical for practices of all sizes to measure practice performance in order to enhance it,” said David Fein, ValuSource CEO. “Too often smaller practices have put off performance benchmarking because they perceive it as too complex or too expensive. Today’s Web dashboards change that. Now any practice can quickly, easily and visually see how their physicians and the practice are performing.”
To gauge physician compensation and production, practice managers select their specialty from a pull-down menu, enter information about compensation, collections, gross charges, ambulatory encounters, surgery/anesthesia cases, and work RVUs. The dashboards compare that data to national norms and produce a series of six gauges that measure physician performance in specific areas (using a simple red-yellow-green visual score).
Similarly, to calculate how their practice costs compare to that of other practices nationwide, practice managers simply enter a few variables detailing accounts receivable (A/R), medical revenue, support staff, and operating costs per physician.
“Smaller and mid-sized medical groups will benefit from an efficient and user-friendly way to gauge their physician and practice performance so they can focus their energy towards acting on what they’ve learned,” said Mick Kasher, CMPE, MGMA director of Survey Operations. “Our members already rely on MGMA’s benchmarking data and the ValuSource platform enables them to use the data even more quickly and easily.”
For more than 20 years, MGMA has conducted annual surveys that focus on revenues/expenses, provider compensation and production, and group performance for medical practices. Executives, practice managers, CPAs, consultants and physicians use the MGMA survey reports as a source of critical benchmark information that contributes to the success of medical group practices nationwide.
About ValuSource Software
Founded in 1985, ValuSource is recognized as the leader in medical practice benchmarking software and provides an array of tools that help group medical practices become more effective and profitable. For product information and pricing, visit www.valusourcesoftware.com.
MGMA, founded in 1926, is the nation’s principal voice for medical group practice. MGMA’s more than 21,500 members manage and lead 13,500 organizations, in which more than 270,000 physicians practice. MGMA’s core purpose is to improve the effectiveness of medical group practices and the knowledge and skills of the individuals who manage and lead them. MGMA headquarters are in Englewood, Colo. Please visit mgma.com.
Copyright Business Wire 2008