When the price isn’t right: Your expenses vs. cost data
Benchmarking your practice’s costs is the best way to ensure that your pay plan doesn’t leak revenue, but you need a basis for comparison. How does your practice measure up to the one down the street? Do you spend more for bandages or overpay staff? Cost surveys provide a solid measure to ensure that your expenses are on track and that your physicians earn maximum compensation.
"These days, practices are going out of business and costs are a very real concern," says Craig W. Hunter, associate partner at the Alpharetta, GA-based healthcare consulting firm The Coker Group. "For some specialties, such as primary care, the margins haven’t gotten bigger, the compensation hasn’t grown, and there are few ancillaries to draw from."
For that reason, you must closely watch your bottom line.
Most Viewed
Most Emailed
- Urologists 'Outraged' Over PSA Test Challenge
- Mapping Out Revenue-Cycle Solutions
- Will Maryland's Rate Shift Send Tremors Around the Country?
- Luxury Hospital Facilities Put Patient Experience First
- E-book Revolution Changes, Challenges Healthcare
- ICD-10 Coding Uncovers Higher Rate of Fatal Falls Among Seniors
- How Rivals Built an ACO
- FL Hospital Vendors Sentenced in Bribery Scheme
- Aetna Building National ACO Network
- Medical Boards Step Up Disciplinary Actions

