Strategic Planning – Using Data and Benchmarking to Help Drive Practice Growth-Strategic Planning – Using Data and Benchmarking to Help Drive Practice Growth

Strategic Planning – Using Data and Benchmarking to Help Drive Practice Growth

Video Transcription

Video Summary

In today's webinar on strategic planning using data and benchmarking to drive practice growth, the speakers discussed key topics such as SWOT analysis, budgeting strategies, and revenue efficiency. They highlighted the importance of identifying strengths, weaknesses, opportunities, and threats within a practice to drive strategic initiatives. The speakers emphasized the need to assess data metrics like patient volume, surgeries per new patient, and revenue per patient visit to ensure operational efficiency and profitability.<br /><br />Furthermore, the discussion focused on physician compensation, overhead costs, and payer mix as critical factors impacting practice performance. The speakers shared insights on comparing partner compensation to benchmarks, tracking net collection ratios, and adapting to shifting payer demographics, particularly the increase in Medicare patients. They stressed the importance of monitoring overhead costs as a percentage of revenue and assessing staff efficiency to optimize practice operations.<br /><br />Overall, the webinar provided valuable insights into leveraging data and benchmarking to make informed decisions and drive practice growth in an evolving healthcare landscape.

Keywords

strategic planning

data

benchmarking

SWOT analysis

budgeting strategies

revenue efficiency

patient volume

physician compensation

overhead costs

payer mix