Workshop 2

by in  Workshop

2017 AAPOS Financial Benchmarking Survey

Robert E. Wiggins, Jr, MD

Purpose/Relevance: Pediatric ophthalmologists are finding it increasingly challenging to maintain profitability in their practices.

Target Audience: Pediatric Ophthalmologists; Practice Administrators

Current Practice: Static or declining reimbursement combined with rising practice expenses are creating financial challenges for pediatric ophthalmologists. There are limited data sets available that provide financial benchmarks for pediatric ophthalmologists.

Best Practice: Ideally, pediatric ophthalmologists and their administrators should be performing financial benchmarking and using that information to improve the financial health of their practices.

Expected Outcomes: The benefits of providing this information to pediatric ophthalmologists and their administrators include: 1) providing a context to pediatric ophthalmologists and their administrators by giving them a baseline assessment of the financial health of their practices, 2) allowing identification of potential areas of opportunity for performance improvement, 3) providing comparison with ‘like kind’ practices, and 4) creating an ‘early warning system’ before financial disasters occur.

Format: Didactic Lecture (15 minutes) as part of the SEC workshop

Summary: The results for 141 pediatric ophthalmologists will be presented. Productivity and expense data will be reported. Examples of statistics reported will include the median and percentiles for productivity statistics such as revenues, clinic encounters, and volume of common surgical procedures.  Examples of expense statistics will include staffing costs and facility utilization as well as overhead ratios.

References: Wiggins, R. Moneyball, Ophthalmology, and Statistics. EyeNet May 2014.

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