Category: Benchmarking Best Practices

The cost of healthcare continues to outpace inflation. The Centers for Medicare & Medicaid Services (CMS) predicts that U.S. healthcare spending will reach nearly $6 trillion by 2027, accounting for 19.4% of GDP. All stakeholders in the healthcare ecosystem—including health insurance companies--are facing increased pressure to reduce health care costs. Benchmarking is one tool that health insurance companies can use to measure their operational efficiency and identify areas to lower costs. What is Health Insurance Benchmarking? The health insurance industry is highly regulated. For example, the Affordable Care Act (ACA)…

For many banks, commercial lending is the backbone of their lending portfolios. But since commercial loans can be complex and for large dollar amounts, these loans require specialized underwriting and a high degree of monitoring to make sure they are not at risk of default. Commercial loan key performance indicators alert the bank to any potential issues that can make these loans more risky and less profitable. What are Commercial Loans? While consumer loans are for personal items such as a home, car, or boat, commercial loans are loans made…

If you’ve read our first two Benchmarking 101 articles, then you 1) know what competitive benchmarking is, and 2) you know a few competitive benchmarking best practices to follow.

In this article, we’re going to give you a handy step-by-step guide for performing a competitive benchmarking analysis on your business (or any business). Let's get started!

In our last article, we defined what competitive benchmarking in business is and even provided you with a few examples of benchmarking analysis to boot. this article, however, will look into what competitive benchmarking projects actually do, and a few examples of benchmarking best practices to help you get started on your own benchmarking analysis. Just as we’d posted an article showing that KPIs aren’t a magic bullet, neither is benchmarking. It’s a tool in your kit. Use it properly, and it can yield great results.