The 2019 Well-Managed Practice® Benchmarks Study (WMPB®) Are you confident your practice is up to speed and maximizing its results? WTA Veterinary Consultants and VetSupport bring the veterinary community the latest insights, trends and benchmarks of the top practices in the country, so practices can learn from their success.
We are animal lovers and are passionate about publishing this information to help veterinary practices improve and thrive. We truly believe that “Better Management is Better Medicine®”, because if your practice is doing well, it can do so much more for its patients, staff and community.
This Year’s Benchmarks Study Focus
- Practice profile – Learn more about the average total compensation for owners, total practice revenue, total revenue per doctor, staff to doctor ratios and data about patients and clients. In 2018, the average owner income was $381,771 (includes veterinary salary, management fee, return on investment, and benefits).
- Fee benchmarks for pricing your products and services – The WMPB covers over 200 fees including services, medication, dispensing fees, surgery, laboratory and hospitalization. This year there is also a dentistry case study to better understand how practices bundle their periodontal procedures.
- Expense benchmarks to help manage your variable, fixed, staff, facility and doctor expenses – Ideally variable expenses represent 23% to 25% of total revenue. This section also includes benchmark information on signing bonuses, continuing education, healthcare and retirement as well as top reasons why employees leave and are terminated.
- Revenue benchmarks to identify areas for improvement – WMPB 2019 includes benchmarks for medical services, medical products, diets, boarding, grooming and online pharmacy. The benchmark revenue for a full-time equivalent DVM was about $734,000. Owners tell us their biggest concerns/challenges and the one change that would have the most significant positive impact on their practice.
- Employee satisfaction – The section has the results from surveying over 500 practice team members to learn what is most important to them. One change that would have the most significant positive impact on the practice was to remove toxic employees to have a better culture and morale.
What’s new for WMPB 2019
The study also provides insights from top performing practices, articles from industry leaders and management tools to overcome current veterinary challenges and succeed. The 2019 WMPB has so much to offer and is a resource to keep your practice on track.Order Your Copy Here!