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Wouldn't it be wonderful if every veterinary hospital had its very own money tree? While that would be nice, it unfortunately 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 and 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 machine to improve the quality of radiographs? Additional continuing education? More options for patient care? Growing Your Money From the Ground Up provides fertile soil and important gardening tools that will help your practice to grow its own version of the money tree.
Note: This course combines the Revenues and Expenses course and the Performance Measures and Benchmarks course and contains updated assignments, including a case study. |
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
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This entry level 3 week course 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. |
...The fact that it wasn't simply a webinar, that it required me to think and write was the most beneficial to me.
...The most beneficial part was for me to sit down & review our numbers with new insight. As a CVPM I should be evaluating our KPI's more than I do, I often work as a tech and scramble to get day-to-day duties done. This course helped me refocus on the importance and the difference that can be made when focused on the bigger picture.
...I like the examples and recommendations.
...The instructor provided valuable feedback on the assignments.
...The most beneficial aspect was reevaluating our financial and credit policies.
...the assigned reading material is very easy to read, practical, and applicable
the assignments were practical and relevant
it was important to have vetmedteam make reading each part of the start up course material before being able to move on to actually doing the assignments.
...To be honest, I really enjoyed everything! A lot of times, there is content that isn't challenging, or it doesn't do much for me, but this course stretched me, it opened my eyes for a few things. Loved it!
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VetMedTeam courses are asynchronous - they do not contain real time components. Students log in at times convenient to personal schedules. |
Participants are required to submit numerous graded assignments and to complete the course examinations. Assignments are practical in nature and require current or past employment in a practice.
In addition the course contains a case study assignment designed to help participants begin to utilize the information and skills obtained through the course content and the module assignments.
Participants are expected to spend a minimum of 2 to 4 hours per week working towards course completion – reading the content, submitting assignments, and submitting the examination.
Upon fulfillment of the course requirements, the student will receive a VetMedTeam certificate of completion that will document the VHMA credits earned. |
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. |
This course is applicable for 10.00 CE credits toward the continuing education requirement for the Certified Veterinary Practice Manager program offered by the Veterinary Hospital Managers Association (VHMA). |
Participants may enroll in this course after it has begun, up to the enrollment deadline date. Participants who enroll after the start date do not miss out on any components of the course.
There are no real time sessions.
The design of this course allows each participant to proceed based on individual schedule, as long as all assignments are submitted by the assignment submission deadline |
Fritz Wood, a Certified Public Accountant and Certified Financial Planner with contributions by Shelby Wolfe, M.Ag., CVPM |
 Erin 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 since 1999, her first position as 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 in 2009.
Erin is a member of both the Florida Veterinary Technician Association and the National Association of Veterinary Technicians in America. Erin 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. |
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