PT Benchmark 2009

By participating in this study, you’ll finally have the specific data you need to take control of your business operations and stop wasting precious time and money. Using both financial and productivity metrics, you'll be able to directly compare your business performance practices with those of your competitors and peers. You'll finally be able to pinpoint inefficiencies as well as identify your best practices.

Only study participants receive customized reports showing how they compare to their peer group, giving them a tremendous advantage in today's highly-regulated, competitive economic environment.

"The PPS Board of Directors encourages all private practitioners to participatein PT Benchmark 2007. We have found the study experience and the information gained to be extremely beneficial in improving the business aspects of our practices.

As reimbursements decline beyond our control, the ability to compare our costs to our peers can be the key to staying profitable in this volatile business environment.”

Steve Anderson, PT, President of PPS

To learn more about this exciting opportunity,
read the FAQs below and/or contact us directly.

Phone: 949.280.3449
PTBenchmark@HCSconsulting.com

You should be collecting about $223 per square foot.
Your A/R should be about 184% of one month's charges.
Your labor costs should be no higher than 58% of collections.
Your profit should be at least 11% of collections.
Licensed staff should generate $199K in annual collections per FTE.

What is a Benchmark Survey?

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.

Why is it important to benchmark?

Benchmarking has emerged as an important tool for appraising and developing organization capability through detailed comparisons with other firms. Benchmarking can help a firm:

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.

Has this ever been done before?

PT Benchmark 2009 is the seventh nationwide benchmarking study conducted by HCS Consulting. The first study, PT Benchmark 2003, included data from 40 locations across the country. PT Benchmark 2004 included data from 43 locations. PT Benchmark 2005 included data from 47 locations. PT Benchmark 2006 included data from 52 locations. PT Benchmark 2007 included data from 95 locations.. Click here to learn more about the results of the most recent study.

What type of information is being collected?

This is a comprehensive cost and price survey unlike any other available to physical therapists. PT Benchmark 2009 covers services provided in 2008. The survey includes detailed information on charges, collections, expenses, wages, productivity and employee benefits. 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 Charles R. Felder at HCS Consulting.

How will PT Benchmark 2009 benefit me?

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.

Why should I participate?

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.

What if I don't participate?

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.

This is very private information, how do I know it will be handled confidentially?

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.

Is this legal? What about antitrust issues?

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 survey is managed by a third-party (e.g. a health care consultant)
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

When is the survey being conducted?

The data collection period ends March 31, 2009. To be included in the study your data must be submitted by Monday, March 31, 2009.

What time period is being studied?

Data from your fiscal year of 2008 is being studied. Most physical therapy practices operate on a calendar year, therefore for this study the year end would be December 31, 2008. If your corporation operates on a fiscal year, you will use the ending date for your fiscal year, for example June 30, 2008.

What data do I need to complete the study?

You will need the following data:

Year end financial statements for 2008
Year end billing software reports for 2008 showing accounts receivable summaries
Year end payroll reports
Your lease
Employee benefits information
Productivity statistics, new patients, visits, cancels, no-shows, etc.

How is the data submitted to HCS Consulting?

All data is entered into specific locations on a password protected Excel® workbook. Upon completion of data entry, email the completed file to PTBenchmark@HCSconsulting.com.

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.

What type of results do I get?

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.

How long will it take to get my results?

Expect to receive your results in June, 2009.

How can I participate?

Download, complete and send the order form on this site (see top of page). Contact Chuck Felder at PTBenchmark@HCSconsulting.com or call 949.280.3449 to place your order and to receive the Excel® workbook.

How much does it cost?

In-depth benchmark studies like this typically cost $1,000 or more in other industries. PT Benchmark 2008 is priced at only $595 to encourage extensive participation in this landmark study for physical therapy practices.
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