Today's Veterinary Business

AUG 2018

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

Issue link:

Contents of this Issue


Page 73 of 75

64 Today's Veterinary Business VetPartners Corner • Debt service and compensation. • Team compensation — "If you pay peanuts, you'll get monkeys." But just as we must convey the value of what we recommend for a client's pet, we must understand the value of monitoring the finan- cial health of our practices. Only by doing this can we build a legacy we can be proud of and become the practice stewards we want to be. Still not sure it's worth it? Con- sider a report from the Bayer Veteri- nary Care Usage Study. It found that 62 percent of hospitals do not use financial concepts such as those mentioned above to manage their hospitals. Those that do earn two- thirds more than those that don't. I understand that some veter- inarians worry about taking time out of the exam room or surgery suite to work on the business, but if we calculate the hourly value of that time, roughly $178 an hour, and compare it to knowing that our hospital could make two- thirds more if we work on the business and in the business, it becomes a no-brainer. A Budget Driving practice success using KPIs incorporates a budget to comple- ment the strategic plan. I've seen too many practice owners and managers buy a shiny new digital dental X-ray machine just because they wanted it. But they didn't take the time to decide whether they could afford the machine. If you're not already lever- aging a budget, I recommend pulling a monthly P&L report from QuickBooks or similar ac- counting software and adjusting for the upcoming year based on known costs, price increases and any major changes in revenue or expense. For example, a client's hospital added health insurance and had to take the expense into account. Another hospital built a robust client rewards program that we anticipate will have a positive impact on revenue. As with any financial tool, a bud- get is useful only if we know how to use it and regularly incorporate it into our management decisions. In my next article, I'll dive into profit and loss statements, balance sheet and KPIs. VetPartners member Stith Keiser is CEO of Blue Heron Consulting. Founded in 2001, VetPartners is a nonprofit association dedicated to helping the veterinary profession improve practice management standards and elevate the levels of service, expertise, responsibility and professionalism provided by veteri- nary consultants, advisers and specialists. Learn more at VetPartners Corner Featured VetPartners Members The VetPartners mission is to provide a community of networking, collaboration and integrity to serve our members, for the good of the veterinary profession. Allyson Archambault, Senior Account Executive 407-748-9810 To learn about advertising opportunities, contact: Relationships Matter A new approach in web design and marketing that is changing everything. (858) 405-4916 Educate, Communicate, and Optimize with LifeLearn. Explore our ECOsystem, which includes the WebDVM website platform and ClientEd library, our veterinary decision support tool – Sofie, and ALLYDVM's communications, retention, and reminder system. 1-800-375-7994 Want a successful website? Cheshire specializes in successful veterinary websites, marketing campaigns, social media, multimedia, logo design/ branding and community marketing. Call us for a free analysis. Free shipping with all websites. (Got your attention!) 773-478-0631 C heshire Partners Digital Marketing & Website Design The Animal Health and Veterinary Search and Recruitment Firm The VET Recruiter ® is an executive search and recruitment firm specializing in recruiting in the Animal Health, Animal Science and Veterinary Industries. Our mission is to help Animal Health companies and Veterinary businesses hire top talent to help their business growth and become more profitable, while also helping Animal Health and Veterinary professionals attain career-enhancing opportunities that allow them to achieve the quality of life they seek. Whether you need to hire one person or a team of people, or you're looking to make your next career move, no one can help you achieve your goals more quickly than The VET Recruiter ® . (918) 298-7025 We understand your focus is on keeping pets healthy! That's why we request medical records in less than 10% of claims and require no veterinary involvement in claims submission. Visit our Vet pages for more info. Get results. Tails through the door for over 20 years. Find out how you can increase your bottom line. Melissa Neff, Marketing and Sales Manager (877) 326-3236

Articles in this issue

Links on this page

Archives of this issue

view archives of Today's Veterinary Business - AUG 2018