Round and round it goes! Managing the financial aspects of a veterinary hospital can be very confusing and somewhat daunting. What does all the accounting jargon mean? Which end is up in a Profit and Loss statement? Cash accounting? Accrual account? What in the world?
What about money owed to the practice and collection protocols? And then there is the money owed out to vendors and other service providers. Delayed billing - is that really a good idea?
Going in circles? Is this stuff really that important?
As the name of the course implies, the process of taking in and spending practice dollars can sometimes make you feel like you are going in a circle, without much progress. Yet it is very important to have a finger on the financial pulse of the practice. Without understanding the basic terminology and factors of accounting, as well as being able to review and comprehend the data returned in reports, it will be much harder to maintain a healthy practice.
The goal of this 3-week course is not to turn participants into mini-accountants, but instead to help practices better understand how to evaluate and control financial health. The financial health of the practice directly impacts the quality of medicine the practice can provide and the level of fair compensation available for the practice team members.
We can agree that dealing with bookkeeping and reading statements does not usually rank high compared with other components of practice life. But with basic training, these areas will not be so overwhelming and will in turn become less of a chore and more of a "hmmm - what was I so afraid of?"
Let VetMedTeam break down this topic into bite sized chunks so that the material is easier to swallow. Not only will this course cover topics such as how to analyze a profit and loss statement and discuss numerous accounting, payroll, collections and billing topics, but through assignments, it will also help the student to synthesize practical solutions for many of your practices trouble areas.
If you are new to management or have little financial training The Money Circle: Keeping Track of Your Dollars is a “must take” course!