Findings highlight areas for improvement in practice management
MADISON, N.J., Oct. 27, 2015 – The second phase of the National Equine Veterinary Economic Study gives equine practitioners practical information to help them identify the most impactful areas to focus on for improving the profitability and value of their practice. The objective of the study was to gather quality equine veterinary economic data to help identify challenges and develop solutions for improving practice operations. The study was sponsored by Merck Animal Health (known as MSD Animal Health outside the United States and Canada) and Henry Schein Animal Health, in partnership with the American Association of Equine Practitioners (AAEP).
“Among other key findings, we were surprised to learn that only half of respondents routinely track payroll expenses as a measure of financial health,” says Edward L. Blach, D.V.M., M.S., M.B.A., equine veterinary market research specialist and practice management consultant. “Yet, payroll is the largest expense category for almost all veterinary practices.”
Research results indicate that only a third of practices utilize inventory management, which is the second highest expense in most practices. Fewer than 45 percent of practices surveyed track the number of transactions, a key measure of client activity. On the communication front, researchers found that only 60 percent of practices have a website and/or use email to communicate with clients.
“Identifying these opportunities is half the battle and most can be remedied with minimal investment of time and resources,” says Dr. Blach. “With just a few small tweaks, equine practitioners can empower themselves with new management practices and business technologies that will greatly enhance the efficiency and profitability of their practice.”
Brett Whitehead, Director of Equine, Merck Animal Health, agrees wholeheartedly. “This study has shed more light on business practices that have been overlooked by some veterinary practitioners. In some instances, making immediate changes will equate to quick wins for the clinic and its customers.”
About the National Equine Veterinary Economic Study
Dr. Blach was assisted by Andrew R. Clark, D.V.M., M.B.A., a leading equine practice management consultant. Data were collected from nearly 500 AAEP-member veterinarian survey respondents, including practice owners, veterinary associates, academic veterinarians, industry veterinarians, students and retired veterinarians.
Study results are available by registering at IsMyPracticeHealthy.com. The site features searchable business education for veterinarians, a “dashboard” where veterinarians can enter data to track the highest impact indicators for their practice, as well as a “submit a question” feature.
About Merck Animal Health
Today’s Merck is a global healthcare leader working to help the world be well. Merck Animal Health, known as MSD Animal Health outside the United States and Canada, is the global animal health business unit of Merck. Through its commitment to the Science of Healthier Animals™, Merck Animal Health offers veterinarians, farmers, pet owners and governments one of the widest range of veterinary pharmaceuticals, vaccines and health management solutions and services. Merck Animal Health is dedicated to preserving and improving the health, well-being and performance of animals. It invests extensively in dynamic and comprehensive R&D resources and a modern, global supply chain. Merck Animal Health is present in more than 50 countries, while its products are available in some 150 markets. For more information, visit www.merck-animal-health.com or connect with us on LinkedIn and Twitter.
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