This presentation focuses on how to best manage a Veterinary Practice to maximize profitability in 2011.  It specifically covers best financial and management strategies, as well as ten tips to follow for a successful vet practice.

[slideshare id=5557195&doc=10stepsforthe2011veterinarypractice-101025122415-phpapp01]

Presentation Outline:

Financial Strength Index (FSI)

  • Practices with high profit margins, lots of cash, little debt, and new facilities are in better financial condition and have higher FSI.
  • On the other hand, practices with losses, little cash, lots of debt, and old practice facilities have lower ratios.

Profitability is the strongest relationship to financial strength.

  • High-FSI hospitals had greater mix of surgical patients.
  • Pricing far more important than cost control as a driver of financial strength.
  • High-FSI hospital fees on avg. 13% higher but costs that were only 2 % lower than those of low-FSI hospitals.

Generating Revenue

  • “closed” system vs “open” system

10 Steps/Tips to Follow To Have a More Profitable Vet Practice in 2011:

  1. Communicate
  2. Patient Profiling
  3. Capture All Business
  4. Focus on Referrals
  5. Craft Your Message
  6. Maximize Your Reach
  7. Develop Loyalty
  8. Reassess Practice Model
  9. Demonstrate Leadership
  10. Expand Emotional Spectrum