Benchmarking and Practice Profitability

Does your veterinary practice stand out?

As part of your year end accounts, this service aims to optimise your profitability. We analyse your practice, identify its strengths and weaknesses, and show where performance can be improved. We discuss the data with you, consider the implications, and help you to prepare an action plan and work through it.

Our approach is adaptive and realistic. It is adjusted to your practice’s specialty, number of owners, location, and staffing. Our benchmarking reports are equally flexible and cover all these areas:

Practice turnover
Turnover per vet
Gross profit performance
Salaries
Overheads
Profitability
Fees

Benchmarking helps to identify hidden human potential. We can work with you to identify colleagues in need of coaching or mentoring, structure remedial measures, and identify the key performance indicators that you need to monitor in future.

Pricing structures may also need attention. Our analysis shows how your practice fees compare with the market, and indicates where changes can be made to improve profitability.

Please do get in touch with the team should you have any further queries.

Case study

Key Performance Indicators (KPIs)

Background: A client approached us to assist in helping them put into place some KPIs for them to monitor and improve practice performance.

How we helped: We worked with our client to identify the 5 most worthwhile KPIs to track for them and their practice. We used this information to provide a quarterly report as a visual aid which demonstrated trends and where further improvements were needed. We suggested the practice owners work with their team, through better communication of the practice goals and mentoring, to ensure the team were aware of the KPIs and improvements required.

The outcome: The practice is more profitable and the team are feeling happier as they are more aligned with the goals of the practice.