Emergency and specialty practices have long been frustrated with the lack of comparative data relevant to these types of clinics. But these practices are finally getting some needed attention, thanks to the National Commission on Veterinary Economic Issues (NCVEI) and VetPartners.
The two groups are announcing the release of financial and operational metric benchmarking tools designed specifically for referral practices. Two sets of tools will be available: One set for referral practices and one set for board-certified specialists and emergency doctors. The practice tools include data such as revenue per doctor, compensation, benefits, management techniques, and number of referring veterinarians. Tools for specialty veterinarians include information on production, compensation, and benefits categorized by specialty.
“These tools encompass significant financial and operational metrics that referral practices need to be reviewing in order to manage their businesses more effectively and more profitably,” says Dr. Karen Felsted, CPA, MS, CVPM, CEO of NCVEI. “Our goal is to provide referral practices with the same level of data and benchmarks as general practice, but tailored just for them.”
The NCVEI and VetPartners also plan to add a profitability estimator and fee comparisons. And that’s where you come in. Click here to submit quantitative and qualitative information about your referral practice and to help populate these tools. Comparative results will be available at the NCVEI Web site as soon as information from a minimum number of practices has been gathered.
Click here to access the current tools, and to learn more about the project.