Practice Benchmark Survey
Economic Tools to Help Your Bottom Line!
The New Jersey Veterinary Medical Association, in partnership with the Veterinary Hospital Managers Association, is proud to offer an outstanding member benefit that will be a valuable tool for any practice owner. The Ontario Veterinary Medical Association’s pioneering studies in veterinary practice management have produced a patented practice management program designed to identify the strengths and weaknesses of your practice and offer practical recommendations on how to improve your financial picture.
This program offers significant features that set them apart from other management programs:
- They distinguish between practice types and provide benchmarks that are specific to your practice – not a “one-size-fits-all” study
- They are conducted with the highest possible degree of confidentiality. The information you provide is completely safeguarded
- The cost is minimal, especially compared with the thousands of dollars comparable consultant studies cost
- They come with a toll-free support/help line where a researcher will assist you in preparing your information and interpreting the results of the analysis
PRACTICE DIAGNOSTIC REPORT
A personalized comparative Practice Diagnostic Report provides you with useful and unique management statistics about your business. Your personal report will show what areas of management in your hospital are successful and what areas need attention. Your report will also provide comparisons to the average and top-performing practices in the nation. The Practice Diagnostic Report examines five (5) key areas of practice management: scheduling, clients' statistics, human resources, expenses, and fees.
Your personalized Practice Diagnostic Report includes specific recommendations relating to improvements in the practice’s bottom line that can be attained by achieving appropriate fixed and variable expense targets and charging appropriate fees. This analysis has enabled practices (which have used this diagnostic tool) to increase their net profit by tens and sometimes hundreds of thousands of dollars.
The information in the report can be used to:
- set targets to improve scheduling and client flow;
- better manage clients to ensure the right mix of clients for the facility and staff;
- set appropriate staffing levels;
- help control costs and set budget targets;
- decrease expenses; and
- set appropriate fees
A feature of the Practice Diagnostic Report is the inclusion of a Practice Value Estimate that will show how much the practice is worth. The Practice Value Estimate is based on information provided in the practice diagnostic survey and the practice financial statement.
An important part of the personalized Practice Diagnostic Report is the inclusion of specific recommendations relating to improvements in the practice’s bottom line that can be attained by setting and achieving appropriate fixed and variable expense targets and charging appropriate fees. Practices using this diagnostic tool have increased their net profit by tens, and sometimes hundreds of thousands of dollars.
Surveys are available for small animal, large animal and specialty/emergency/referral practices.
Click here to view a sample Practice Diagnostic Report for Small and Large Animal
Click here to view a sample Practice Diagnostic Report for Specialty/Emergency/Referral Clinics
FEE GUIDE (not available for emergency/referral)
The Fee Guide is the culmination of two decades of research into veterinary fees, incomes, and client surveys. The research from all three areas has been blended into a very simple tool allowing you to quickly and easily develop a Fee Guide specific to your practice.
The economic statuses of your clients or rates charged by your neighboring practices are not considered. Research shows that (within the parameters that have been studied) there is no relationship between fees and incomes. That research also shows no economic relationship between the fees in different clinics.
Based on your list of fees provided, a complete Fee Guide is created on the assumption that each fee from a specific area of the practice (the anchor fee) is representative of all the fees in that area. For example: your examination fee is the anchor for examination fees; and it sets the tone for all the fees in the examination section. The dental prophy fee is used to set all your dental fees; and the non-elective surgery fees are the anchor for all your surgical procedures. Your detailed Fee Guide comes with a projection of how it can improve your professional income and stimulate the demand for veterinary medicine. It is simple, fast, and comes with all the support you need to start making real changes to your revenues.
Click here to view a sample Fee Guide
HOW TO ORDER
Complete the order form and mail it with your payment to NJVMA Headquarters. Once your order is processed, the NJVMA will mail you a survey along with a return envelope addressed to the Buffalo, NY location where it will be analyzed by economists/researchers. Please allow up to 90 days to receive your custom Practice Diagnostic Report.
Click here to download the complete brochure
Click here to download the order form