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Benchmarking for Beleaguered Budgets

When hunting for opportunities to improve financial performance, benchmarking may not immediately spring to mind as a cost-cutting measure; however, financial leaders who use benchmarking techniques to enhance the fiscal well-being of their institutions have found it to be invaluable. Benchmarking allows each department or hospital within a system to demonstrate the distinct nature of its function, and that can be compared month over month, year over year, or against peers at a neighboring hospital (if that data is available).