Home Our Philosophy Our Services Our Staff Management Tools The WellMP Study Management Groups News and Articles Travel Calendar Contact Us OUR SERVICES WHY WE DO THE WELL-MANAGED PRACTICE STUDY As we interacted with veterinary practices across the country, it became obvious that the key to a successful practice was good management. So, in 1986 we started the annual Well-Managed Practice Study to pinpoint similarities in Well-Managed Practices' financial, management, and operational decision-making. In 1997, in partnership with Veterinary Economics magazine, we expanded it to include equine practices. And what are the Study objectives? First, to identify and inform the profession about the successes (and challenges) in Well-Managed Practices from the practitioner's viewpoint. Second, to use the Study to help identify and bring new challenges to the forefront. We've learned that Study participants often spot problems or new challenges before they hit the national news. Third, to provide information that will help doctors practice better medicine, have a better working relationship with their clients and staff, and improve their personal living standards and lifestyle - all the things that really matter in a successful veterinary practice. Here's what we found. Well-Managed Practices all have five things in common: 1. Patients always come first — Well-Managed Practices never lose sight of why they are in practice: to promote their patients' health and well-being. 2. The practice runs efficiently — it's really efficiency, not size, that defines a Well-Managed Practice. Typically, 36% to 46% of their total practice revenue in companion animal and equine practices is available to pay all doctors and reinvest in new equipment. 3. Doctors enjoy their work — relationships with staff, clients and patients reflect how all veterinarians, but particularly practice owners, feel about themselves, their work, and their practices. In other words, "if the boss ain't happy, nobody's happy," consequently client retention and patient care start to decline. 4. An environment of respect — in Well-Managed Practices, doctors and staff are valued for who they are not just for the jobs they do. 5. Leadership — In Well-Managed Practices, the qualities of leadership such as honor, respect, integrity, and focus are visible at all levels of management. Owners have what we characterize as an eagerness to do better. They constantly ask themselves and their staff members how they can improve. What Is a Well-Managed Practice and What Could It Mean for You? How to Become a Well-Managed Practice Making It Happen On-Site Services Distance Management Practice Valuation Ownership Transitions Why We Do The Well-Managed Practice Study © 2009 Wutchiett Tumblin and Associates Well-Managed Practice, WellMP, WMP, and Better Management is Better Medicine are servicemarks of Wutchiett Tumblin and Associates Terms & Conditions