Do you know how financially strong your practice really is? Make sure your practice is healthy and on track to meet financial targets with practice benchmarking from Gheen & Co., CPA, LLC. We use benchmarks to compare your practice with others and highlight areas where adjustments can be made to improve business performance.
Practice benchmarking offers a number of benefits. Benchmarking data helps analyze overhead to see if expenses should be reduced and examines personnel costs to figure out if you need to hire additional staff. This data can also be used to evaluate your compensation structure and discern if it’s fair and on par with regional standards and industry trends. Additionally, benchmarking will assist in determining what your practice is worth for transitions like strategic mergers, acquisitions, or partnerships. Once our analysis is complete, we'll clearly outline recommendations for changes that will make your practice stronger.
How does your practice stack up? Identifying key performance metrics can help you track your growth year over year and continuously improve. But to make a quantum leap, you need to take things a step further and look outside your own four walls. You need to cross-examine what other firms are doing and benchmark how your practice compares.
By taking a closer look into industry-wide data, you may discover new opportunities for improvement, and see what it takes to become "best in class". Ultimately, you'll gain an essential tool for promoting strategic growth and optimizing your practice operations.
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Benchmarking for Doctors, Dentists, Vets
To learn more about how benchmarking can open your eyes to opportunities for increased profitability and growth for your practice, contact us at 719-785-4864 or request a free initial consultation now.
- Aggressive tax planning
- Strategic growth planning
- Practice start-up consultation
- Overhead analysis
- Personnel cost analysis
- Capital acquisitions
- Lease vs. buy analysis
- Business continuation planning
- Operational review and implementing improvements
- Financing assistance
- Business plans
- Equipment acquisition planning
- Choosing the right type of entity for your practice
- Practice transition services
- Mergers and acquisitions