National Commission on Veterinary Economic Issues - News Feeds

Financial benchmarks

• Recession: Same ol' song and dance for veterinary practices
  Here's a look at how the economy has affected your veterinary practice, your clients, and your patients.
  
• Use this advice from CVC in Baltimore to avoid the wrong hire
  In this video segment, dvm360 Content Director Marnette Falley shares hiring strategies from consultant Denise Tumblin, CPA, from her Progress in Practice sessions in Baltimore.
  
• What's fair compensation?
  Keep employees happy and engaged with competitive compensation and benefits.
  
• A budgeting strategic plan that boomed
  A strategic plan success story.
  
• Benchmarks 2009 revenue chart
  Are you on target with revenue? Use this comparison sheet to see how you stack up against Well-Managed Practices.
  
• Find your way: Develop a strategic plan for 2010
  Plot your route for 2010 by developing a strategic plan for your practice.
  
• Fee, fi, fo, fum: Smart pricing doesn't have to be a fairy tale
  Bring your veterinary practice's fee structure to the next level by using a value-based strategy.
  
• Price services based on value
  See what Well-Managed Practices are charging for value-based fees.
  
• NCVEI releases benchmarking tools for specialty and emergency practices
  Submit your practice data now to help populate the tools and compile valuable statistics.
  
• Plan for your practice's future today
  Whether you're looking to sell your practice or reposition it for the long haul, you'll find the advice you need at Veterinary Economics' Progress in Practice seminars Nov. 4-5 at CVC San Diego.
  
• Growing a veterinary practice in a bad economy
  This overview of Benchmarks 2009: A Study of Well-Managed Practices shows how practices are re-examining their core services and strengths and focusing on being more efficient, effective, and productive.
  
• Comparing your value-based fees
  Use this form to help you compare your value-based fees to Well-Managed Practices'.
  
• Financial planning for the successful veterinarian (Proceedings)
  In establishing your cash flow plan, it will assist you in setting financial goals.
  
• What's your financial outcome?
  The recession's ripple effect caused gray days. But the sun's still peeking through.
  
• Concern for clients outweighs personal worries
  Team members seem more worried about pet owners than themselves during recession.
  
• Understanding profitability in veterinary medicine (Proceedings)
  Understanding profitability in a veterinary hospital can be like understanding a Chinese puzzle.
  
• Funds and games
  Make a good time out of teaching employees about the bottom line with these four team-building contests.
  
• Preserving practice value through economic turmoil (Proceedings)
  The valuation of a veterinary practice reveals a telling story about the practice and its owners and staff.
  
• Seven strategies to protect your practice (Proceedings)
  Making your practice more profitable isn't about luck.
  
• Treating a low-value diagnosis
  If your practice is struggling financially, take a look at this real-world example for inspiration.
  
• Tips for tracking compliance with software
  Leverage your software to help you track compliance. Here's how.
  
• Benchmarks 2008: A Study of Well-Managed Practices
  Learn more about this valuable practice resource.
  
• Get a clue: Associate compensation
  Owners and associates want to know the truth, but often each side is mired in mystery.
  
• A financial physical for your practice (Proceedings)
  Just like a yearly pet's physical, your practice should have a look under the hood at least yearly.
  
• Reinvent and renew your practice
  The story of a practice makeover that's been years in the making. It's inspirational and humorous because of the owner's positive outlook, along with his love and respect for his profession, his team, his patients, and his clients.
  
• Don't believe everything you hear about fees
  It's time to reconsider these myths and misconceptions about pricing.
  
• Benchmarks 2007: A study of Well-Managed Practices
  Click on the link to learn more about this invaluable practice resource.
  
• Comparing your fees to Well-Managed Practices'
  Compare your value-based fees with Well-Managed Practices'.
  
• Conducting a community survey
  Use this tool from Benchmarks 2007 to gather information about other practices in your area.
  
• The healing environment
  See how Well-Managed Practices turn their core values into financial success.
  
• Connect to practice benchmarks and data on financial trends in veterinary practice
  A close look at such financial issues facing veterinary practices, including clients' perceptions about fees, changing expenses, and competition from online pharmacies.
  
• Client care coordinator vs. receptionist
  What's the difference between a client care coordinator and a receptionist? Is there a pay difference between the two?
  
• Managing accounts receivable
  How do the levels of accounts receivable compare in a companion animal practice to an equine practice? What's a reasonable level of accounts receivable for both?
  
• If you pay peanuts, you get monkeys
  You get what you pay for, so it should be no surprise that paying peanuts yields less-qualified, more-likely-to-be-unhappy employees—and high turnover.
  
• Receptionist training guidelines
  Written training guidelines define the path your employees will take. Use these guidelines to develop yours.
  
• Associate pay: adjusting for experience
  Reward associates for their knowledge, education, time, and experience level.
  
• Receptionist position description
  Position descriptions help you maintain your focus during the search for employees, communicate the responsibilities of the position to potential candidates, structure the orientation and training process, and assist in employee evaluations.
  
• Team building
  15 tools and tips to take your team from good to great.
  
• Practice manager position description
  Use this position description to determine the responsibilities of a practice manager.
  
• "I save the owner 25 hours a week—and then some."
  Practice managers lower turnover, free up the doctors' time so they can focus more on patients and clients, and improve the owners' sanity. Could you use one of these gems in your practice?
  
• Loving Hands reaches $1.7 million
  This practice improved scheduling and compliance, established a solid staff management team, developed written standards of care, and more. Not only is Loving Hands Animal Clinic stronger— and ready to move into a new facility—but it made money along the way.
  
• Blood pressure fees
  Should we charge separately for blood pressure evaluations or incorporate these fees into our annual exam fees for pets 5 and older and ill pets?
  
• Compensation for after-hours work
  In "Feeling Squeezed by Expenses?" (December 2005), the author discusses categories for expenses. What category does after-hours emergency work fit into, and what is the current pay recommendation for those services?
  
• Client visitation and retention
  How can I calculate client visitation and retention?
  
• Feeling cramped?
  If your burgeoning practice is making you claustrophobic, try these strategies to accommodate growth.
  
• Feeling squeezed by expenses?
  Are you feeling the pinch of not enough revenue and too much expense? Don't wait until you hear crunching bones to make a move. There's no better time than now to start charming your practice to better financial health.
  
• Compare your expenses to these benchmarks
  Use these benchmarks set by Well Managed Practices to see how your expenses measure up.