I mash in a bag in my kettle on my stovetop with no insulation. I keep one quart of water boiling on a side burner at the beginning of the mash in case my mash temperature falls too cold. Usually it's right where I want it so this is rarely needed. I allow loss of about 6 degrees F over the course of the mash so I purposely aim for 3 F high on my mash temperature so that it's in a good temperature range for the vast majority of the mash time (e.g., so if I want the mash temp at 150 F, I shoot for 153 F at the beginning, and if it falls to 147 F by the end, I don't care, as it really, really just doesn't matter!). I usually only mash for 40-45 minutes anyway. If too warm then I add small amounts of cold water a cup at a time to bring the temperature down. Once it hits proper range, the burners are off of course but I just leave the mash sit on the warm stove and it doesn't lose as much heat that way.
While mashing I set up a bucket, large colander, and second set of one or two smaller pots on the side for sparging. I heat water in the kettles to almost a boil (190-195 F) for sparging by the end of the mash. Once the mash is done, I dump the hot water from the smaller pots into the bucket, then pull the grain bag from the mash and dunk it in the "sparge" water in the bucket. This improves efficiency significantly and requires no squeezing of the bag. Then after just a minute or two, pull the bag out again and set up top of the colander to drain. I move the colander and bag over to one of the smaller pots to continue to drain the rest while combining the bucket "sparge" liquid and the main mash, then immediately bring that to the boil and brew as normal. After a good 10-15 minutes, I dump the additional drainings from the colander into the boiling wort so nothing goes to waste. If I forget then later I might freeze this wort to use as yeast starter wort later on. Nothing is wasted. This really improves efficiency.
With a really good crush and refusal to waste any wort, I have seen my average efficiency climb past >90% without trouble. However these days I purposely don't crush as hard and my average efficiency is now 81-82% for every batch. I have a theory (which I won't get into much here) that super-high efficiency weakens malt flavor, in the opposite manner that no-sparge / low-efficiency brewing improves malt flavor. I am currently, finally, conducting an experiment that should support or refute this theory. I just did two BIAB batches of Marzen, same recipe, but one sparged as normal and the other no-sparge, with efficiencies of 81% and 64%, on purpose. Both are almost ready to lager with gelatin and then soon to bottle. Now maybe I'll have some proof of my theory... or maybe not! But I digress. What's truly important is consistency. If you can get your efficiency consistently to 65%, great. 75%, wonderful. 81%, heck, that's great too, I like it. Do what you need to do to get consistent, so that you can actually brew what you want to brew. That's the key. But anyway.