8 Financial Benchmarks for a Medical Practice That You Need to Look At
To grow a successful medical practice, practice owners must continually evaluate themselves, their competitors, and their industry. Only then can they compare their own performance with the ‘benchmarks of success’ and make the necessary changes to improve. To grow a successful practice, here are 30 medical industry benchmarks you should look at.
Medical industry benchmarks
Overhead as a percentage of sales
Drugs, supplies, consumables, lab fees etc
Rent of premises
Staff wages & salaries
Repairs, Maintenance, Hire of Plant & Equipment
Other Depreciation, Lease and HP
For more medical industry benchmarks, see our full industry report which gives the average results for businesses.
Why use benchmarks?
Benchmarks not only save you time, because you don’t have the time to sift through pages of financial data, but they also give you an insight into the key areas that you need to focus on for your business.
By condensing your main practice statistics into a short report, you can easily compare your numbers with those of your competitors and the medical industry benchmarks to measure your success and highlight any areas for improvement. Maybe your costs are too high or your productivity isn’t high enough? Maybe you’ve identified that you have some operational mistakes of inefficiencies?
Benchmarks show businesses what best practices to strive for, what is necessary to maintain a competitive edge, and what actions are necessary to adapt to the needs of their customers. Therefore, you could say, that comparing your data to medical industry benchmarks is essential to growing a successful medical practice.
Do you use benchmark data to gain insights into the performance of your medical practice?
If you haven’t used benchmark data yet, start using it today starting with these 8 medical industry benchmarks. Not only will they help you set realistic practice goals when it comes to your finances, but they will also enable you to make valuable changes so that you achieve better results.
Working with a specialist accountant will give you access to these industry benchmarks, as well as an insight into what other practices are doing and what is/isn’t working. Contact me now via firstname.lastname@example.org to keep your ear to the ground so that your practice can flourish.