Compare and contrast levels of financial benchmarking

This is a paper that is focusing on the student to compare and contrast levels of financial benchmarking. The paper also provides additional information to use in the writing of the assignment paper. Below is the assessment description to follow:

Compare and contrast levels 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. It includes management strategies that will help ensure their success. The physicians have stipulated that the plan must promote medical excellence. Additionally, 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 a significant impact on their practice. Therefore they 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 4–6 page paper in which you:
Compare and contrast the two main levels (i.e., internal comparison and external comparison) of financial benchmarking. 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.
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 main benefits of having this type of system for the practice.

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Compare and contrast levels of financial benchmarking

According to the text (p. 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 specific hazard associated with one of these risk categories. Propose a strategy to mitigate the impact this risk could have on the practice. Support your analysis with a real-life example.
Determine the main functions of the practice that will need to remain operational before, during, and after a natural disaster or public health emergency. Next, suggest a strategy that the practice should take to maintain communication with employees and patients, secure patient and financial records. Also, ensure that resources will available to care for patients during a disaster or emergency. Provide a rationale for your response.

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