Compare the two levels of financial benchmarking

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Reference no: EM133758139

Overview
According to the text, a significant amount of revenue that the health care industry generates can be linked directly to the care that physicians provide for their patients. In addition, physicians in a medical practice add to this revenue stream by admitting patients to a hospital, prescribing prescription medication, ordering home health services and medical equipment, and referring their patients to other health care providers for care and treatment.

Scenario
This is Part 3 in the development of the operations plan to guide you in managing the practice and leading the staff.

Instructions
Part 3:
Develop Part 3 of your operations plan. It should be 3-4 pages and include at least two quality academic resources in which you:

Explain what you need to know about accounting and budgeting as a practice leader.
Compare the two levels of financial benchmarking (i.e., internal comparison and external comparison), and explain the strategic purpose and importance of benchmarking as a financial tool for a medical practice.
Explain the role telehealth and telemedicine services have in medical group practices and how they affect patient care safety and quality. Support your response.
Recommend a health information technology (HIT) system that includes an electronic health record (EHR) for the new practice to implement, and include three main benefits of having the HIT system.
Propose a strategy to mitigate the impact of a specific hazardous risk associated with one of the risk categories; property (general liability and safety), technology, or financial practices could have on the practice. Support your proposal with a real-life example.
Note: Include a cover page and reference page as required in the SWS Writing Standards.

Learning outcome 1: Examine the accounting, finance, and budgeting roles in the management of a physician's group practice.
Create an operations plan for a physician group practice that promotes medical excellence, and includes organizational forms, organizational goals, HRM, marketing, health information technology, accounting and finance, disaster preparedness, laws, regulations, and compliance.

Reference no: EM133758139

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