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AAO & AAOE Benchmarking Survey. ~~. Task Force on Eye Care Delivery. The Benchmarking Survey came about as a recommendation from the Academy’s Task Force on Eye Care Delivery, recognizing members will need benchmarking data with which to make decisions:
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Task Force on Eye Care Delivery • The Benchmarking Survey came about as a recommendation from the Academy’s Task Force on Eye Care Delivery, recognizing members will need benchmarking data with which to make decisions: • Preparing their practices for Baby Boomers • Anticipating other changing economic and demographic factors
Three Steps to Participating • The benchmarking tool is comprised of 3 components: • Registration (enrollment of your practice into the survey) • Data collection (the survey) itself • Report writing
Registering to Participate • During the registration process, participants will be asked to enter demographic information about their practice, to identify the primary data respondent for their practice, to enter their practice’s Tax ID number so we can avoid duplicate submissions of data from the same practice, and to create a unique benchmarking log in • After registering, the primary data respondent will receive the benchmarking log-in at the email address provided • The Academy will send the primary data respondent an invitation via email to enter data in the Summer 07
What is a Benchmark? – & How Will Your Practice Benefit? • A measure of practice efficiency • In many cases it is a ratio of two data elements • First step is to define the preferred benchmarks • Second step is to determine which data points are needed to create the benchmark
Benchmarks • 31 Benchmarks will be produced by the survey in seven practice areas • An additional 10 Benchmarks will be produced if your practice participates in the Optical Section of the survey
Your Practice Benchmarks • At the end of your data-entry session, during which you input your practice data, you will receive benchmarks specific to your practice in the following categories:
1. Financial receipts & Income • Professional clinical collections per FTE Ophthalmologist (MD) • Professional clinical collections per FTE Optometrist (OD) • Clinical Revenue per encounter for Ophthalmologist (MD) • Clinical Revenue per encounter for Optometrist (OD) • Practice Net Collections per FTE staff member • Practice Net Collections per FTE billing office staffer
2. Financial Costs & Expenses • Clinical Operating Expenses per encounter by entire practice • Non MD/OD Clinical Staff (back office) cost per encounter • Front office staff cost per encounter • Total staff wage and benefit cost as a % of net collections • Total front office wage and benefit cost as a % of net collections • Total Billing Staff wage and benefit cost as a % of net collections • Total Non-MD/OD Clinical wage and benefit cost as a % of net collections
Staffing Levels • # FTE Optometrist per FTE Ophthalmologist • # FTE front office staff per FTE MD/OD • # FTE non MD/OD staff per FTE MD/OD
4. Accounts Receivable Management • Total Days A/R Clinical Outstanding • Percentage Clinical A/R in "Current" Percentage A/R in “31-60 days" • Percentage Clinical A/R in “61-90 days" • Percentage Clinical A/R in “91-120 days" • Percentage Clinical A/R in "121+ days"
5. Throughput & Productivity • Total encounters per FTE Ophthalmologist (MD) • Total encounters per FTE Optometrist (OD) • New patient encounters as a % of total encounters by entire practice • Encounters per FTE MD/OD Clinical Staff • Encounters per FTE Front Office Staff
6. Facility • Total facility cost as a % of total net collections
7. Bottom Line • Net clinical compensation per FTE Ophthalmologist • Net clinical compensation per FTE Optometrist • Net clinical compensation per FTE owner
8. Optical Benchmarks • Optical collections per FTE MD/OD • Optical collections per FTE Optician • Optical collections per practice encounter • Optical cost of goods sold as % of Net Optical Collections • Optical Operating Expenses as % of Net Optical Collections
8. Optical Benchmarks cont. • Optical Rx capture rate • Average revenue per sale • Average cost per sale • Average net profit per sale • Total optical net profit or loss
Required Data Elements • 30 Separate data elements for general practice • 6 Additional data elements for the optical section • The key to these data elements are clear and comprehensive definitions for each element
Once you enter your data you will get benchmarks for your practice immediately.
Sample Report You Can Run Yourself to Compare Your Practice to Others
Our Schedule • Starting Now • Identify potential members to participate in pilot project to “field test” the Survey • June – Aug 2007 • Start data collection period for pilot practices • December 2007 • Open the Survey to Members
To Enroll in the Pilot • In order to join, go to the Academy Web site at http://www.aao.org/pilot_registration/ and log in • Fill out the information in the demographic forms and submit • Your designated data respondent will receive a confirmation with the benchmarking log in at the email you provide • We will issue you an invitation to fill out the survey in Summer 07 • If at any time you have questions or comments, please contact us at benchmarking@aao.org
Thank You for Your Interest • Members who contribute their practice data will be able to run reports to compare their practice to other practices. • The Benchmarking Survey Database is FREE to members who contribute their data. Members who do not will only receive a summary of the aggregate results but they can’t run reports. • If you decide later to participate, the Survey remains open indefinitely for your 2006 practice data