Beyond the Numbers Blog Thoughts & Advice on Veterinary Practice Management
It had been a tough year for this practice. It began with some shake-ups on the team. This resulted in a wave of hiring and training—a time-consuming albeit important task. The changes were all positive and the practice started out the year in high spirits and enthusiasm, ready to tackle their growth planning…
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When I ask someone how their practice is performing and which metrics they look at regularly to assess their performance, I typically hear the same set of KPIs. Revenue, new clients, ACT, active clients, percentage of revenue toward cost of goods, and percentage of revenue toward labor, to name just a few. I…
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My first swim into the deep end of the management pool was as an inventory manager. Over the years I keep coming back to the principles of effective inventory management again and again. As the second highest expense in a veterinary practice, having a solid knowledge of how to manage inventory is critical…
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One of the most important KPIs you should be tracking in your practice is the “net change in active patients” metric. It is a performance measurement that is not readily available in your practice management software, yet it is arguably one of the most insightful. It’s not the easiest number to calculate, but…
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Measuring your practice’s success in terms of revenue, compliance and return on investment are just a few areas that indicate how your practice is performing. In order to move forward, you not only need to know where you want to go, but where you are now. This enables you to create a plan…
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We hear a lot about the importance of practicing “best medicine.” Conceptually, many of us would agree that practicing best medicine is, in fact, best. Even so, the question lingers, how do we do it in the real world and how do we measure it? To help our practice teams reach their full…
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There are no two ways about it. Working with data isn’t easy. Within the veterinary industry, there’s a lot of talk about practice data and a number of misconceptions as well. I’d like to share some thoughts on the complexity of managing and understanding data in our industry. Comparing data with other practices…
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When it comes to understanding how well your veterinary practice is doing, the more data you can feast your eyes on, the better. That said, it’s important that you not only look at the numbers in your reports, but also the specifics of what exactly they are measuring. At VetSuccess, we’ve witnessed a…
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Bless the University of North Carolina Charlotte. They have an entire department called The Charlotte Visualization Center in their college of computing and informatics that offers a doctoral program in computer science visualizations. Data visualizations: they’re a thing, and they can be complicated Do you know the difference between a Venn diagram and…
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Big data — it’s a buzzword in the corporate world these days, veterinary medicine included. Especially with the increasing corporatization of the veterinary profession, it is imperative that practices learn about data management, data review, and data response. Your practice management software and your accounting software are your data sources. It is up…
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