ValuSource and MGMA Launch Free Benchmarking Dashboards

COLORADO SPRINGS, Colo. — ValuSource Software, the leader in medical practice benchmarking software, and Medical Group Management Association (MGMA) released two Web-based dashboards that enable physicians and group practices to enter a few easy-to-find variables about physician compensation, and production and costs, and compare themselves to national norms. The process takes just two minutes and can be accessed HERE.

"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 and anesthesia cases, and work RVUs. The dashboards compare that data to national norms and produces a series of six gauges that measures 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 member’s 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 and 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.

Source: ValuSource Software