Internal benchmarking helps organizations identify best practices within their own operations, allowing them to streamline processes and improve efficiency based on proven successes. By comparing performance across timeframes, products, or services, businesses can drive continuous improvement and foster a culture of accountability.
External benchmarking provides valuable insights by comparing an organization’s performance to industry peers, identifying gaps, and setting competitive targets. It enables businesses to adopt best practices from top performers, enhancing overall effectiveness and innovation.
The Centers for Medicare & Medicaid Services (CMS) website offers a wealth of healthcare-related databases, providing organizations with reliable data for benchmarking. These resources help healthcare providers assess their performance, improve patient outcomes, and stay informed about industry trends.