Here are a few key metrics from PT Benchmark
You should be collecting about $262 per square foot
Your days in A/R should be at 32 or less
Your labor costs should be no higher than 65% of collections
Your profit should be at least 14% of collections
Your arrival rate should be 90% or higher
Many industries survey businesses within their field to determine what various companies charge for their services and how they spend their revenues. This survey is designed to collect data from a cross section of outpatient physical therapy practices across the country. Benchmark surveys are used by companies to measure their performance against that of their peers and competitors. They help companies determine if they are operating efficiently and maximizing the use of their resources.
Benchmarking has emerged as an important tool for appraising and developing organizational capability through detailed comparisons with other firms. A business can expect benchmarking to help:
Identify areas within the firm where there seems to be potential for improvement
Compare their performance with that of other similar firms
Analyze the reasons for the performance differentials
Use the new learning to redefine goals, redesign processes and change expectations regarding one's own functions and activities
PT Benchmark 2020 will be the sixteenth nationwide benchmarking study on the business aspects of physical therapy practice. We now have completed studies from 2,124 locations across the country. Click here to learn more about the results of the most recent study.
PT Benchmark will be conducted every three years. So, if you miss PT Benchmark 2020 you must wait until 2023.
This is a comprehensive review of the business aspects of PT practice unlike any other available to physical therapists. PT Benchmark 2020 covers fiscal year 2019. The survey includes detailed information on charges, collections, expenses and productivity. The survey is completed using a user-friendly Excel® workbook with clearly defined questions and entries. Upon completion participants email the password protected survey directly to Chuck Felder.
You will be able to compare your productivity and financial performance to that of similar businesses in your region. The data and comparisons provided will help you determine areas for improvement. Knowing the "gold standard" will help you fine tune your business to improve its performance. It will also help you improve your financial management, potentially saving thousands of dollars which flows directly to the bottom line.
You'll finally be able to pinpoint inefficiencies as well as identify your best practices. You'll gain control and stop wasting time and money on poor practices.
Only study participants receive customized reports comparing their performance to that of their peer group, giving them a tremendous advantage in today's highly-regulated, competitive economic environment. Now, more than ever, you need the right information to make the right decisions for your practice.
HCS Consulting is committed to maintaining confidentiality of all data. Only the lead investigator will have access to all the data. Personal identifying information will be carefully guarded. Recipients will only receive aggregated data. HCS Consulting maintains physical, electronic and procedural safeguards to protect the confidentiality of all data.
The Justice Department has published an opinion that provider participation in exchanges of price and cost information is permitted provided the exchange meets specific criteria. This survey meets all of the following criteria to qualify for the Antitrust Safety Zone.
The data is more than three months old
At least five providers participate, and no individual provider's data represents more than 25 percent on a weighted basis
The data is sufficiently aggregated such that it would not allow recipients to identify the prices charged or compensation paid by any particular provider
The data collection period begins February 1, 2020. To be included in the study your data must be submitted by March 31, 2020.
Data from calendar year 2019 is being studied. If your corporation operates on a fiscal year, you will use the ending date for your fiscal year, for example June 30, 2019.
You will need the following data from 2019:
Year-end financial statements.
Year-end billing software reports showing accounts receivable summaries
Year-end payroll reports
Productivity statistics, new patients, visits, cancels, no-shows, etc.
All data is entered in specific locations on a password protected Excel® workbook.
How long will it take to complete the data entry?
Previous participants typically spend 2 to 3 hours entering data, with many taking less than 2 hours.
Each participant receives a customized report containing information on the whole study population, a customized section showing their results compared to that of their peers according to dollar volume, and a report on trends in the industry.
Expect to receive your results in June 2020.
Contact Chuck Felder at CFelder@HCSConsulting.com or call 951.273.7748 to place your order and to receive the Excel® workbook.
In-depth benchmark studies like this typically cost $1,000 or more in other industries. PT Benchmark 2020 is priced at only $445 to encourage extensive participation in this landmark study for physical therapy practices.