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About PMN
Practice Management News is a free newsletter for SpectraSoft customers and friends, offering insightful articles, handy user tips and troubleshooting advice to help you get more done with SpectraSoft software.
Links
PhysicalTherapy.org - Physical Therapy and The Alexander Technique
College Research - The CollegeBound Network works in partnership with America's colleges and universities, Fortune 1000 companies, military branches, and leading educational companies to help students achieve their academic and lifestyle goals.
BetterU, Inc. - Free Fitness and Exercise Information and Online Personal Training
If you're not benchmarking your practice,
it's like playing in the Super Bowl
without knowing the score!
It’s critical to know how your costs, productivity and revenue compares with other practices. Business benchmarking gives you a crystal-clear, unbiased measure of exactly how well your practice is performing. More important, it highlights those areas that offer the greatest opportunity for enhancing your profitability.
The foremost benchmarking study for rehab private practice owners is the annual survey conducted by HCS Consulting. Here are just a few of the key benchmarks from last year’s study:
-
Licensed staff should generate $202K in annual collections per FTE
-
You should be collecting about $218 per square foot per year.
-
Your A/R should be no higher than 171% of one month’s charges.
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Your labor costs should be no higher than 60% of collections.
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Your profit should be at least 9% of collections.
Practice owners who take part in benchmarking are often amazed at the depth of information available and how it drives practice growth.
“Having participated in PT Benchmark myself, I can speak directly to the importance of the
information obtained," says Tom DiAngelis, PT, a practice owner and President of Private Practice Section of the APTA. "PT Benchmark is a complete tool that evaluates all aspects of your
practice, its operations and finances—all critical in today’s practice environment. Knowing
the importance of having this information available, the PPS recommends PT Benchmark in
hopes that more practices will be able to benefit from participation in this program.”
As a reader of Practice Management News, you qualify for a $100 discount when you sign up for PT BenchMark 2009 -- visit today to find out more.
Let us know how you’re doing and if this article was helpful by emailing PMN at editor@practicemanagementnews.com.
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