Q&A: Open up to open-book management

Q&A: Open up to open-book management

How can open-book management help my succession planning strategy?
source-image
Oct 01, 2010
By dvm360.com staff

Open-book management—the act of sharing important financial information and other metrics about the practice with team members—results in better care for pets, clients, team members, and, ultimately, the investor or owner veterinarian, says Veterinary Economics Practice Management Editor Dr. Ross Clark. "For me, there's no other way nowadays to practice."

It doesn't take too much effort, either, Dr. Clark says. Appoint each team member to track a piece of management data, like the number of euthanasias and the number of pets who passed away each week. In addition to keeping your team informed about how the practice is performing and how many clients and patients you've lost to attrition, it will help them avoid the faux pas of asking a client about a pet that has recently died.

In addition, open-book management can help you run a more profitable practice by identifying your weak spots, Dr. Clark says. It's easy for one person to overlook a revenue deficiency, but multiple sets of eyes are more likely to spot your practice's shortcomings. This will help you and your team provide better care for your patients, and it will set you up for short-term and long-term financial success. And if you can do that, your practice will be more attractive to buyers. "Open-book management is the answer," Dr. Clark says. "I highly recommend it to everyone."

Hot topics on dvm360

Dog of Dallas Ebola patient will not be euthanized, authorities say

Health officials have quarantined and will monitor dog and amid concerns surrounding deadly virus.

Video: How to perform a belt-loop gastropexy

Prevent GDV in your at-risk patients with this simple technique.

Stretch your skills to earn more in veterinary practice

Finding new tasks could be the key to generating more income for your practice—and boosting your pay.

Veterinary community stunned by Sophia Yin's unexpected death

Prominent veterinary behaviorist died of suicide Sept. 28.

Study shows sustained salary slump for veterinary support staff

Since 2009, technicians paid by the hour have experienced a bump in pay, but pay for other team members has stayed stagnant, according to data from the 2014 Firstline Career Path Study. Here’s a look at changes in team pay from 2009 to 2013.