Managing an independent medical practice, medical center or hospital-based physician group can be a challenging task. It requires attention to a number of variables including patient care, facilities management, physician recruiting and management, not to mention the bevy of regulations and compliance matters requiring attention. This may leave little time for financial planning and reporting activities essential to the financial vitality of the practice. That’s why the implementation of key performance indicators and industry benchmarking are essential to measure against on an ongoing basis. The insights gained from this valuable exercise provides key information that can be used across the organization.

Medical Practice Experience

DS+B provides KPI dashboard and practice benchmarking for medical practices in a variety of specialty care and primary care services, including many physician-owned, independent medical groups.

Our specialized healthcare advisors provide dashboard design, development and implementation services, along with benchmarking comparison data for medical practices ranging in size from 5 to 50+ practitioners.

Due to this experience, we understand the top areas of importance to management teams, physician shareholders, and can easily establish the necessary tracking and reporting mechanisms. Our goal is to continually deliver meaningful data insights, so that leaders of healthcare organizations can make the right decisions that improve profit and help them stay independent. Featured in this video are Libby Hornibrook, Annette Dunn and Gary Cavett. 

KPI Dashboard Services

Monthly Financial Dashboards

A practice’s financial statements are the starting point for any financial KPI dashboard. Your revenue, operating expenses, and profit or loss should be compared to prior periods and your budget to help judge the viability of the organization or a specific goal. How do your numbers compare to industry benchmarks, averages or top performers?

Monthly Clinical Dashboards

Evaluating physician productivity is a fundamental indicator that should be reviewed monthly. Comparing practice and individual work relative value units by month can help you understand fluctuations in cash receipts. Using national benchmarks for comparison will help identify potential capacity issues. Many physician compensation programs are based on productivity, so measuring monthly and providing the data to the physicians eliminates much of the surprise that may come after the compensation is calculated.

Essential Facts – Rochester MN

Below is key information about Rochester, including:

Source: DataUSA

Top Industries

– The area’s top employers include companies in healthcare and social assistance (40%), retail trade (10.7%), manufacturing (8.0%), educational services (7.2%), accommodation and food services (6.5%) and professional and scientific services (4.7%).

Most Specialized

– Compared to other Minnesota cities, Rochester, MN, has a higher number of healthcare and social assistance employment (2.9 times higher than expected. This is followed by retail trade (1x higher) and accommodation/food services (1x higher).

Patient to Clinician Ratios

 The patient ratio to primary care physicians is 1,111 to 1, the patient to dentist ratio is 1,441 to 1, the patient to mental health provider ratio is 468 to 1, the patient to other primary care providers is 1020 to 1.

Contact Our Rochester Medical Practice Team

DS+B CPAs provides dashboard development and implementation for independent medical practices, hospital-based physician groups and medical centers in Rochester (MN) and across Minnesota. If you are interested in learning how we can assist you, complete the form below and a team member will follow up with you promptly.