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.
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.
- “closed” system vs “open” system
10 Steps/Tips to Follow To Have a More Profitable Vet Practice in 2011:
- Patient Profiling
- Capture All Business
- Focus on Referrals
- Craft Your Message
- Maximize Your Reach
- Develop Loyalty
- Reassess Practice Model
- Demonstrate Leadership
- Expand Emotional Spectrum