Wouldn't it be wonderful if every veterinary hospital had its very own money tree? While that would be nice, unfortunately, it won't happen. However, veterinary practices can still be very successful financially and produce many fruits for the effort that is put into the practice. This, in turn, allows the practice to provide good quality patient care, and allows the practice team to be fairly compensated for their time, knowledge and dedication to patients and clients.
Proactive financial management of the money coming in and the money going out is critical for financial success, especially in uncertain economic times. Managers and practice owners must know the specific components of generating revenue along with ways to minimize expenses, otherwise, profitability will likely suffer. In addition, it is important to know how the practice compares to others on a national level based on industry standards. Successful management of KPIs, or Key Performance Indicators, helps to point you and your practice in the right direction for success.
Just think of what the practice would be able to accomplish with increased income - perhaps that digital radiography system to improve the quality of radiographs? Additional continuing education? More options for patient care?
Growing Your Money From the Ground Up is a 3-week course that helps provide fertile soil and important gardening tools which will help your practice to grow its own version of the money tree.