iVET360, a national veterinary management services company focused on helping independently-owned, primary-care veterinary hospitals with management, marketing, and analytics services, is offering some helpful tips for private practices to start the year.
Last year, iVET360 clients experienced significant revenue growth and increased operational efficiency. Experts from iVET360 recommend for all veterinary hospitals to utilize proven tips like these to improve their practice operations:
1. Refine Valuation and Budgeting: Veterinary practices should develop a financial plan based on their own unique practice figures. This allows you to drive your own practice valuation and focus on the vital signs of the business. This ensures you are taking a long term approach to the financial management of the business.
2. Timely Reporting: Influencing your operation metrics, which drive financial health, is dependent on how quickly you can make adjustments. Logging, analyzing and understanding key metrics allows you to make more effective operational improvements.
3. Develop Consistent Care: Ensuring that a consistent level of clinical care is being communicated to all clients in the hospital is vital. It’s important to develop a compliance report that demonstrates how all providers in the practice are performing across different revenue centers. Looking at this from a percentage perspective aligns all providers, regardless of hours and days worked. Determining why one provider has a higher compliance in one revenue portion helps to develop a best practice protocol, ultimately driving provider and practice average transaction cost.
4. Managing Lost Clients: While it’s important to bring in new clients, too often our current clients aren’t being tended to effectively. Consistent follow-up with clients who are on the verge of not coming back to your practice is key to retaining customers and understanding your net client growth.
5. Track It All: Whether it is a large or small marketing promotion, it’s important to track effectiveness. Tracking the effectiveness of new promotion codes with your practice management software is easy, allows you to analyze codes individually and calculates your return on investment.
One mission the Portland-based company hopes to achieve by offering this free advice is to help private practice owners stay competitive in their rapidly changing local veterinary business climate.
“It’s no surprise that the larger corporations are able to afford tools that most private practices can’t by themselves based on their scale and size,” said Matt Murray, CEO of iVET360. “Our goal is to help private practices, those that put excellence of clinical care first, to grow and continue doing great things in their community by letting them focus on clinical care and leaving the operational aspect to us.”
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Originally published at iVET360.