[slideshare id=5558940&doc=wvc607financialmanagementeye-openersforthe2010practice-101025154404-phpapp01]

Presentation Outline:

“Employ threat assessments and methods to protect your veterinary practice from yourself and others so it can grow and prosper financially”

Key Points:

  • Who to Blame
  • Old Ways
  • Basic Ways
  • Key Performance Indicators
  • Practice Dashboards
  • Balanced Scorecards
  • Financial Strength Index

Healthcare Industry: Problems with using financial data to determine current & future operational and financial performances

  1. About Successful Data Analysis for Your Business- “Knowing how to read financial statements and understand the information within them is often the difference between prosperity and just getting by. “
  2. Failure to understand and properly read data outcomes results similarly in healthcare and veterinary practices

Point: financial statements are key diagnostic tools for managing vet practice in major & central ways

Basics of monitoring your financial health

  • Applying Basics of Accounting to your financial health
  • Income Statements- P&L
  • 2 Cost Structures: Fixed and Variable

Tools for Best Veterinary Financial Practices:

  • QuickBooks- modify to incorporate AAHA chart of accounts format
  • AAHA Chart of Accounts Balance Sheet
  • AAHA Chart of Accounts Income Statement
  • Benchmarking – 7 key factors

“Franchisors have utilized benchmarks to highlight financial strengths and weaknesses in store-to-store and intra-store measurements.”

  • Identifying your Competition through use of benchmarking data

Key Performance Indicators– “Quantifiable measurements that reflect the critical success factors of an organization; reveal a high level snapshot of a practice’s financial and operational status”

  • identifying KPI’s for Veterinary practices and effect on financial business prosperity

Data Visualization– Methods and Uses

  • Financial Metrics– Old vs New Measurement Strategies
  • Dashboards
  • Balanced Scorecards

Conclusion: “KPIs, Balanced Scorecards & Dashboards measure and evaluate performance and pinpoint veterinary practice successes or problems.”

Financial Strength Index

  • 4 key drivers
  • factors
  • use
  • formula

Closing Points:

  • Seek help from CPA or veterinary consultant
    Decide -number crunching or “big” picture ?
    Set short- and long-term goals for success.
    Well-developed financial plans merge strategy and financial capability.
    Management mantra-“anticipation, attention, analysis, and action.”
    Financial performance-currency of an effective competitor.