title: Benchmarking your practice.
abstract: A medical practice is a business and as such is governed by the principles of good business management; these include planning, budgeting, and supervision. A benchmark comparison of a practice is the first step in identifying the factors that determine the financial performance of the practice. However, it is only a first step. Performance is also measured against expectations. A benchmark comparison against market data is not the only tool to use in managing a business successfully. Creating a financial budget together with performance standards is essential to developing and maintaining a healthy practice.
authors.forename: J M
authors.initials: JM
authors.lastname: Clapp
mesh_terms: D019985:Benchmarking; D002017:Budgets; D006801:Humans; D011216:Practice Management, Medical / Q000191:economics*