We are excited to announce the launch of the 2017 Medical Group Strategy Council's Benchmarking Initiative. Every other year we collect data to create an online tool that provides members with reliable financial, productivity, and operational benchmarks critical to evaluating performance against peers and competitors.
Data are collected at a granular level to account for structural, financial, and strategic differences between groups and thus allow for apples-to-apples comparisons on metrics such as net investment per physician. Benchmarks can also be segmented by medical group size, specialty, and geography for even greater comparability.
All participating medical groups will receive a custom, detailed benchmarking report with expert insights and analyses highlighting your group's performance against national averages and improvement opportunities.
Access the survey
Data collection for the survey will remain open until April 14th, 2017.
How medical groups have used the metrics
Net investment per physician is one of the most requested benchmarks, attracting attention from both health system and medical group leaders. In 2015, the median net investment per physician was $240,000, but this metric varied widely depending on the specialty.
For instance, a system in 2015 could expect to invest $139,000 per family medicine physician and $327,000 per cardiologist. Family medicine physicians at the 50th percentile of productivity and compensation yielded about 4400 wRVUs and earned $213,000 per year. Benchmarks for cardiologists at the same percentile of productivity and compensation were higher—7500 wRVUs and $461,000 per year.
Medical group leaders have used these and other metrics, such as reimbursement rate and patient panel, to accurately measure performance against peers and get nuanced insight into areas for improvement within their practices.