Medical group leaders have used these metrics to benchmark performance against peers, understand discrete areas for improvement, and highlight achievements with executives across the system.
The online tool also allows groups to compare their benchmarks against like groups by segmenting data based on reimbursement level, risk contracting, group size, and location.
How medical groups use these metrics
Our calculations are based on the granular data reported by 62 medical groups on more than 15,000 physician and more than 5,000 advanced practitioners. Because we calculate these values ourselves, medical groups can be confident that they are getting a true apples-to-apples comparison. For a high-level picture of group performance, medical group and health system leaders can compare net investment per physician FTE across multiple specialties and provider types.
For instance, top performing medical groups have an overall net investment of -$93,478 per physician FTE, but can expect greater losses in specialties like cardiology and orthopedics, which have a median net investment of -$259,751 and -$205,808, respectively.
To measure performance among specific sources of revenue, leaders can find specialty-specific metrics on net professional revenue, productivity per wRVU, and reimbursement rate. In FY 2016, top performing groups produced the greatest share of revenue from primary care specialties like family medicine and internal medicine, which generated 39% and 14% of group revenue.
Groups can also compare how care teams are constructed by benchmarking clinical staffing ratios with other medical groups. This tool breaks down staffing ratios for the entire clinical team, including advanced practitioners, nurses, and medical assistants. For more resources on designing clinical roles to strengthen physician-clinician collaboration, see our research on realizing the full value of the care team.
Related StudyRealizing Full Value of the Care Team
For cost-focused metrics, groups can compare expenses related to physicians and staff to similar groups. This tool segments expenses into compensation, benefits, and total pay, so that group leaders can get a clear picture of where their dollars are going. In 2016, median compensation for family medicine was the lowest in the cohort at $230,991, and neurological surgery represented the highest compensated physicians, at $732,752. For more information on how medical groups are evolving physician compensation, see our new white paper on the frontier of physician compensation.
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