2020 Well-Managed Practice® Revenue Benchmarks Study (WMPB®) includes revenue benchmarks to identify areas for improvement. There are benchmarks for medical services, medical products, diets, boarding, grooming and online pharmacy. In this issue there is information about how to compare your revenue to the previous year and revenue benchmarks per staff member. Did you know for 2020, the benchmark for average total gross revenue was $2,604,291? Also, owners tell us their biggest concerns/challenges in the next 2 years and their top two changes to increase feline patients and visits.
The revenue edition of WMPB also has some great articles on key performance indicators, marketing to cats, growing revenue with geriatric and hospice care, using technology to enhance productivity and provider personalized point of care.
Eric D. Garcia, Simply Done Tech Solutions, provides 12 recommendations for improving the veterinary experience for cat owners both in-person and online and says “Don’t neglect cats in your marketing efforts, during visits or anywhere else for that matter, and your veterinary practice will find itself with a more inclusive culture, more business and healthier, purring feline friends coming in routinely.”
Dawn McCluskey, DVM, Veterinary Officer, Pharmacy, Plumb’s Veterinary Drugs, talks about how to use technology to enhance productivity and accuracy and says “The key to streamlining practice workflows is to leverage technology that you can trust—that helps reduce inefficiencies without sacrificing medical accuracy and client experience. Often, you’ll find the most success with technology that was created by veterinarians to solve a problem we all share.”
So, are you confident your practice is up to speed and maximizing its results? Throughout this year WTA Veterinary Consultants and VetSupport have been working hard to 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.
What constitutes a Well-Managed Practice?
The companion animal practices who participate must meet the following criteria:
Patients come first.
WellMP never lose sight of the fact that they went into practice to promote veterinary patients’ health and well-being.
WellMP foster a culture of respect.
Team members are people first and foremost, and WellMP owners know they must appreciate the doctors and staff for who they are and strive to help them achieve their potential.
WellMP owners enjoy practicing veterinary medicine.
A love of the profession comes through in practice owners’ attitudes toward their clients. WellMP attract and retain clients by creating positive first impressions and going the extra mile to deliver a sensational experience from start to finish for patients and clients.
WellMP operate efficiently.
They earn enough profit to have a healthy amount of revenue left after covering their variable and fixed costs, nondoctor staff compensation, and facility expenses. A WellMP averages a profit-to-gross-revenue ratio of 33% to 42%. Example: a practice earning $3 million in revenue would have at least $990,000 left to pay owners and associates and reinvest in the practice.