Free Two-Minute Physician and Practice Benchmarking on the Web

COLORADO SPRINGS, Colo. – ValuSource Software, the leader in medical practice benchmarking software, and the Medical Group Management Association (MGMA) announced two Web-based dashboards that allow physicians and group practices to enter a few easy-to-find variables about physician compensation and production and costs that are compared to national norms. The process takes only about two minutes, is free, and can be accessed at www.mgmadashboards.com.

"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, and then enter information about compensation, collections, gross charges, ambulatory encounters, surgery/anesthesia cases, and work RVUs. With the click of a mouse, the dashboards then compare this 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 A/R, medical revenue, support staff, and operating costs per physician.

"Smaller and mid-sized medical groups have been telling us for a long time that they need a quick and easy way to gauge physician and practice performance so that they can better focus their energy toward improvement," said Mick Kasher, MGMA director of survey operations. "By combining MGMA’s data and ValuSource’s technology expertise, we are helping group practices figure out the issues they need to address to survive and prosper in today’s difficult medical economic environment."

For more than 50 years, the 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 surveys as a source of critical benchmark information that contributes to the success of medical group practices nationwide.

Source: ValuSource