THE MONEY CIRCLE: KEEPING TRACK OF YOUR DOLLARS
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!
|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.
The Money Circle: Keeping Track of Your Dollars is an entry level 3-week course that discusses the basic elements and components of financial practice management. It provides a multitude of practice tips and financial situations apply directly to veterinary practices. This course covers the basic elements of bookkeeping and accounting.
In addition, the student will gain practical knowledge to maximize revenue through better financial management, increased revenue collection and improved efficiency. Another benefit is the student will gain practical knowledge to help understand the Profit and Loss Statement, the Balance sheet and the basics of Key Performance Indicators.
|Course Focus and Learning Objectives
The Money Circle: Keeping Track of Your Dollars is an entry level course designed for practice team members who are inexperienced with financial management in the veterinary practice. This course is appropriate for new managers and those seeking to enter practice management.
Practice owners and associate veterinarians could also benefit from this course to understand cash flow within the practice and what aspects affect the bottom line.
Upon completion of the course, the student will be able to:
- Perform basic bookkeeping tasks
- Compare in-house payroll processing to outsourcing payroll
- Discuss the purposes and uses of the Profit & Loss statement
- Analyze a Profit & Loss statement
- Explain the difference between cash and accrual methods of accounting
- Identify and apply common accounts receivable policies and procedures
- Create a plan to maximize collection efforts and minimize bad debts
- Create and utilize a basic accounts payable filing system
- Construct an efficient plan to pay accounts payable timely
- Evaluate whether or not to take advantage of early payment discounts and delayed billing
...All of it was beneficial to me - I am a brand new practice manager. I especially liked the case study for delayed billing.
...It made me look at material that I normally leave to the office manager.
...All of the course helped me search for answers since I am not the manager yet.
...The most beneficial part was learning more about delayed billing and Reading the P&L.
...I found the assignments to be very simple, but relevant, so they didn\'t take long to finish, which helped with my schedule.
...The notes were very detailed are relevant too everyday practice.
...I like the course material and it applicability to what I do. It hit on the topics I use most in my daily management life.
...This was a great course for explaining the basics.We have a bookkeeper for our practice, so I needed the basic bones, and this course provided that. It was very beneficial for me.
...The exercise related to our Accounts Receivable made me take a hard look at our A/R and clean it up...
|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
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 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.