Veterinary practice benchmarks:
Does your hospital measure up?
Not long after WTA began interacting with veterinary practices across the U.S., it became obvious that the key to a successful practice started with good management. The annual Well-Managed Practice® Study began in 1986 as a way to pinpoint the similarities in Well-Managed Practices’ financial, management, and operational decision making.
What is a Well-Managed Practice?
Well-Managed Practices put patients first. Their practices run efficiently, with an average profit-to-gross revenue ratio of 34 to 42 percent. The practice owners’ love of the profession shines through in their attitudes toward team members and clients. The owners strive to help team members achieve their potential. Honor, respect, integrity, focus, and other leadership qualities are visible at all levels of management.
Well-Managed Practices are top-notch performers. By exploring how they set fees, bring in revenue, manage expenses, and generate profits, you’ll be able to emulate their success.
What is the Benchmark Study?
The Benchmark Study is an annual compilation of the veterinary practice benchmarks and trends from 100 of the top Well-Managed Practices across the country. Each practice’s financial data and strategies in the areas of fees, earnings, expenses, and technology are scrutinized. The results of the Study include management recommendations and tools you can put to immediate use in your veterinary practice. The goals of the Benchmark Study include:
- To identify and inform the veterinary profession about the successes and challenges in Well-Managed Practices from the practitioner’s viewpoint
- To identify and bring new challenges to the forefront
- To provide information that will help veterinarians practice better medicine, have better working relationships with their clients, and improve their work-life balance
Is your veterinary practice meeting the benchmarks?
Call our office to purchase your copy of Benchmarks 2016: A Study of Well-Managed Practices® to help your practice thrive.