June 23, 2008 – ValuSource Software, makers of medical practice benchmarking software, and the Medical Group Management Association (MGMA) said two Web-based dashboards are now available, allowing 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.