“Benchmarking” most often means comparing an organization’s performance to that of other outside organizations for the purposes of setting standards and identifying improvement opportunities. Organizations can also establish more limited internal benchmarks by measuring their own performance over time or by comparing the performance of individual sites, teams, or employees with similar roles. At its simplest, Benchmarking is a systematic approach to answering three basic questions about performance:
“What’s Normal?”
“What’s Possible?”
“Where Could My Clinic Be Doing Better?”
Once these questions have objective answers, owners and managers can set fact-based targets and make better decisions about where to focus their efforts. They can also use their new information to begin investigating how top performers are achieving their results.
Beyond building and managing the practice, benchmarking information is invaluable when it comes to communicating the real quality of your business to potential bankers, investors, partners, and buyers.
We offer both Members and non-Members opportunities to participate in events that feature PracticeLight’s performance management and benchmarking work.
