Oncology Performance and Financial Benchmarking for Cancer Care Providers – Hospitals, Health Systems and Practices
Even the best-of-class cancer centers seek to continuously improve their performance. Benchmarking against one’s peers is an excellent way to identify opportunities to enhance efficiency, cost-effectiveness, and financial outcomes. There are numerous sources for such data, but few are specific to oncology. OMC Group has developed an extensive proprietary database with the capability of benchmarking virtually any area of a cancer center’s performance. Using our ground-breaking National Hospital Outpatient Benchmark Study, (NHOBS) we can compare our clients to other similar centers for dozens of data points – number of nurses needed for an infusion suite, number of radiation therapists needed for a radiation department, etc. This allows our client to pin point efforts around staffing ratios and work-loads, physical capacity and throughput down to the diagnosis level.
Financial Benchmarking is also a powerful tool. Again combining our own proprietary data set and other external information and tools, we can benchmark costs and revenue against other similar centers and practices in terms of financial performance such as Accounts Receivable, Staffing, Purchasing, Productivity, Physician Compensation, etc. This work provides our clients with the information necessary to identify any areas where additional focus can lead to improved financial results through actions such as renegotiating payer contract terms, change drug acquisition channels, or through process overhaul to streamline collections or to maximize staff efficiency for increased production.
- Staffing and skill mix
- Productivity benchmarks
- Utilization analysis
- Service line financial contribution analysis