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.