LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent free downloadable resource on everything you need to know about benchmarking in healthcare. This resource provides detailed insights into the benefits of benchmarking in healthcare and some of the key types of benchmarking that healthcare providers must consider.
Benchmarking establishes a standard of excellence for comparing a product, business function, or an enterprise as a whole so that gaps can be identified, and measures can be taken to rectify these deviations. Healthcare companies that have adopted this have found a way to identify their strengths and weakness and formulate a plan of action for improvement. It helps healthcare providers improve efficiency, quality of care, patient safety, and patient satisfaction.
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4 types of benchmarking in healthcare
Internal benchmarking
Internal benchmarking takes place between departments, divisions, or offices within a healthcare organization. This is particularly important because many healthcare organizations are located across various geographies, in this case it is necessary to examine processes and implement a particular set of measures across those locations. Monitoring this measure across all branches of the organization may shed light on issues that need to be addressed and help specific branches improve their processes or practices.
Competitive benchmarking
Comparing a healthcare organization's metrics with that of their direct competitors or other counterparts in the industry is known as competitive benchmarking. This involves comparing the company’s metrics against hospital or clinics serving in the same geographic location. Healthcare providers can also look at the processes of organizations operating in a different market in order to draw inspiration on how their own operations can be improved.
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Functional benchmarking
Functional benchmarking is used to compare healthcare organization to those in a different industry that may have a similar metric or process that they could learn from. Functional comparisons are great for when they are backed by operational data to improve processes
Generic benchmarking
Generic benchmarking is used to look beyond a data set and focus more on general processes. The idea behind generic benchmarks is to introduce new thinking in healthcare. In this case, healthcare providers may not chart themselves against the benchmark for an actual comparison, rather they might use the new dataset to drive change into the organization.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
