First few Article Sentences
Thank Xerox for benchmarking. It’s an industry standard now, but it wasn’t until 1979 when Xerox (whose market share had fallen from 80% to 35%) started comparing its methods and processes to those of its Japanese affiliates, that benchmarking was born. In healthcare, we use benchmarking to compare processes such as CPT coding, overhead, staffing and accounts receivable ratios with the performance of others in the same or similar specialty.
Why is this important? Several reasons: It provides a structured approach to data gathering and analysis, assists management in development of optimal strategic and operational decisions, and encourages innovation and creative thinking. Benchmarking shouldn’t be a one-time event, but rather a continuum integrated into the practice’s continuous quality improvement plan.