GROWING YOUR MONEY FROM THE GROUND UP

 

 

Course Overview

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.

 

Continuing Education Credits

This course is applicable for 10 CE credits toward the continuing education requirement for the Certified Veterinary Practice Manager program offered by the Veterinary Hospital Managers Association (VHMA).

 

Participation Access Parameters

This course runs continuously. Participants may enroll at any time. There are no real time sessions.

The design of this course allows each student to proceed based on individual schedule, as long as all assignments are submitted by the assignment submission deadline.

Each student's personal 3-week session will begin upon enrollment.

 

Course Content

Growing Your Money From the Ground Up is a 3-week course that discusses the basic elements and components of the financial aspects of a veterinary hospital. This includes hospital revenues, fees that generate revenue, expenses, measuring performance and monitoring benchmarks.

This course provides many financial examples that are relative to any veterinary practice. It provides practice tips and financial situations so the student can relate the material to everyday practice.

 

Course Focus and Learning Objectives

Growing Your Money From the Ground Up is an entry level course designed for practice team members who have little to no financial background or experience. This course is appropriate for new managers or team members seeking to enter practice management.

Associate veterinarians could also benefit from this course as it will provide insight into the business aspects of veterinary medicine, including factors involved in associate compensation. The components of this course are critical to practice owners and it will provide a strong foundation in the financial aspects of the practice.

Upon completion of the course, the student will be able to:

  • Discuss standard veterinary performance measures, explain how often the information should be collected, and indicate data collection locations
  • Identify basic veterinary industry norms, or benchmarks
  • Explain some of the more sophisticated KPIs in small animal practice
  • Explain the difference between active income and passive income
  • Compare examples of veterinary products and services that generate active and passive income
  • Relate the important role members of the veterinary health care team play in generating passive income
  • Examine cost behavior in small animal veterinary practice
  • List common variable and fixed expenses in a small animal practice
  • Establish a good financial policy

 

Participant Feedback

...using actual practice data and information for the assignments was helpful.

... Course content was excellent.

...I love finances so I was engaged

... I enjoyed being able to learn more about benchmarking, as well as KPIs. The passive income assignment helped, as now we have technicians anesthetizing as opposed to the doctor.

...I liked The summary of industry benchmarks

... I liked The aspects of what is involved in creating fees as well what contributes to total income of a veterinary hospital i.e. active and passive income

...It was very informative. I really learned a lot from the reading.

...This course was one of the best I have taken and has given me the knowledge to be a better leader and make informed decisions for our practice. Aspects of the course that were very helpful were understanding active vs. passive income and why delegation is so important, fee structure, and knowing more about what KPI's should be monitored and when.

 

Course Completion Requirements

Completed students are awarded a certificate of completion. Completion requirements include:

  • Instructor Graded Interactive Module Assignments: Designed to help the participant reinforce newly learned material

  • Instructor Graded Interactive Case Study Assignments: Designed to help the participant apply the newly learned skills and knowledge though patient and practice based scenarios

  • Examinations: All examinations must be submitted with a score of 80% or better

  • Course survey

 

Course Instructor

Erin Macdonald, CVT, CVPMErin Macdonald, CVT, CVPM

Erin Macdonald is currently employed at Haines Road Animal Hospital in St. Petersburg, Florida and holds the position of Hospital Administrator. She has worked in the veterinary field for many years, and her first position was a receptionist.

In 2006, she received an Associate in Arts Degree in General Studies and an Associate’s in Science Degree in Veterinary Technology from St. Petersburg College. That year, she became a Certified Veterinary Technician. After receiving a Certificate in Hospital Management and a Bachelor’s Degree in Veterinary Technology Management, she achieved the designation of Certified Veterinary Practice Manager.

Erin is a member of both the Florida Veterinary Technician Association and the National Association of Veterinary Technicians in America.

She lives in Pinellas Park, Florida with her three dogs, Dolly, Slick and Plato, two cats, Gia and Roxanne, and her duck, Donnie. She spends her free time gardening, reading and playing the drums.

 

Pricing

Price: $119.00

 

 

VetMedTeam 2014