Practice profit

A practice financial analysis will review the last 12 months financials as well as vet performance regards pricing, implementation of pricing and invoicing. We will deliver to your staff a workshop on your practice performance and advise you on practice development opportunities, cost savings, increased efficiency, improved profitability and enhanced working conditions for the vets and staff.

This will provide you with a clear understanding of the practice health and areas to increase profitability and other strategic planning ideas. You would have a very clear plan and options for practice development that can be implemented at your discretion.

1. Comprehensive financial practice analysis for your practice.
As a comprehensive assessment of the practice we would need to analyse your practice finances from five perspectives;
• Cost Control
• Pricing
• Debt Management
• Implementation and consistency of charging
• Missed opportunities for professional services

For this we would require:
•Your last 3 years audited accounts, to assess current goodwill value, current financial performance indicators and financial health of the practice
•The last 12 months management accounts to set up a quarterly financial monitor and reporting system (Sage, Quickbooks or similar)
•Any Fort Dodge Index or MAI figures if available
•Some computer data reports to assess performance indicators for the business and vet performance
•A completed systems analysis questionnaire; this will assess Financial, Management, Clinical and Marketing systems and processes from the owner or partnersÕ perspectives

2. Invoice Workshop
• The purpose is to align and optimise your invoicing process so that:
• All vets invoice consistently and confidently for the same services
• There is a coherence and understanding in the practiceÕs price structure
• The vets invoice correctly for the work done
• The vets generate additional work from current caseload by practicing better medicine
• Client satisfaction is guaranteed through sufficient communication and clear invoices
• The practice optimises its profit