Compare and contrast the two (2) main levels (i.e., internal comparison and external comparison) of financial benchmarking.

Imagine that a group of physicians who are planning to open a single-specialty group practice has hired you as a consultant. Your job is to advise the physicians in creating a business plan that includes management strategies that will help ensure their success. The physicians have stipulated that the plan must promote medical excellence and limit their exposure to risks associated with the practice of medicine and the operational functions of the practice. In addition, they are aware that a public health emergency or natural disaster could have had a significant impact on their practice, and want to include a strategy for emergency preparedness as part of their plan so that they will be able to manage their patients and help serve the community as needed.

Write a 5-7 pages

  1. Compare and contrast the two (2) main levels (i.e., internal comparison and external comparison) of financial benchmarking.
  2. Next, analyze the strategic purpose of each level of benchmarking and specify the overall importance of benchmarking as a financial planning tool for a medical practice.
  3. Recommend a Health Information Technology (HIT) system that includes an Electronic Health Record (EHR) for the new practice to implement. Support your recommendation by determining three (3) main benefits of having this type of system for the practice.
  4. According to the text (page 368), some of the main areas of risk exposure for a group practice include: property (general liability and safety), technology, and financial practices. Determine one (1) specific hazard associated with one (1) of these risk categories and propose a strategy to mitigate the impact this risk could have on the practice. Support your analysis with a real-life example.
  5. Determine the main functions of the practice that will need to remain operational before, during, and / or after a natural disaster or public health emergency.
  6. Next, suggest a strategy that the practice should take to maintain communication with employees and patients, secure patient and financial records, and ensure that resources will available to care for patients during a disaster or emergency. Provide a rationale for your response.
  7. Use at least three (5) quality references
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