One of the keys to having a profitable practice is ensuring that your practice expenses are not out of line for your specialty. Another key factor is ensuring that your revenue is consistent with that of similar practices. This information is not usually discussed in the hallway of hospitals, or over lunch in the hospital cafeteria. Thus, to get the best result, it is important to have an outside organization provide this benchmarking.

iMed Group handles these benchmarking tasks through the accounting department, but taps expertise from other departments to validate certain information related to certain expenses and the practice revenue. After the benchmarking is complete, your practice will receive a report that indicates how your it stacks up against various benchmarks.

The results of this benchmarking can be used to change certain parameters of your practice to increase profit. Upon request, iMed can help your practice implement changes that will decrease your expenses and/or increase your revenues.

This benchmarking is part of the process needed to bring multiple practices together into a larger group practice. In many cases, bringing several expense-heavy practices together will lower the per-physician expenses. Even if there is no additional revenue, there would be an increase in the per-physician profit.