Veterinary benchmarks. Hassle free and ready to go!
Veterinary benchmarks, staff performance and KPI dashboards.
Service professionals running their own practices have some challenging problems and frustrations:
- Are you overwhelmed by what you should be monitoring, you don’t know where to start? Do you have information overload?
- Do you have a feeling that you may be missing some key issue?
- Do you feel uncertain of where to focus your business?
- Are you worried about how your staff are performing? Are some staff are losing you money but you don’t know which ones?
- Are you working your butt off and making no money and you don’t know why?
- Do you have a fear of failure, fear of losing money, fear of losing control?
How it started
An accounting firm in Brisbane, Australia decided that they wanted to specialise and work only with service professionals like veterinary surgeons and dentists. This firm realised that business owners needed more than just their tax completed. They needed accurate business performance reports, benchmarks and KPIs.
In the veterinary industry, accurate veterinary benchmarks were very hard to get because all the information was hidden away in their practice management systems. Furthermore, their accounting information could be held in one of many different accounting systems. This problem was also true for the dental industry.
In both professions, business owners were running around like headless chickens, trying to look after patients during the day and were left with very little time to monitor their business and their staff. Chelating spreadsheets and spending hours every week to calculate profitability and staff performance was just not an option, they needed something quick and easy.
To solve this problem, the accounting firm joined forces with a very clever software company and created Profitdiagnostix – a system that would automatically collect all the data from practice management systems and accounting software every day. It would then automatically build all the reports and dashboards that were required.
With Profitdiagnostix it is now possible to measure the following parameters with with accuracy:
- Dental and veterinary benchmarks for practices. Benchmark yourself against national averages for the volume of patients you see, average invoice value and types of procedures you perform. In fact you can be benchmarked against anything that you invoice.
- Dental and veterinary staff performance and productivity. Dental and veterinary benchmarks don’t need to be restricted to the entire business! You can measure most parameters for each staff member also.
- Clear financial reports and projections. This uses the data that is hidden away in your accounting software and tidies it up so that it is easy to read and understand. Dental and veterinary benchmarks can therefore be extended to your financial reporting. You can calculate and compare how your cost of goods sold, wages, laboratory expenses and most other expenses stack up against national averages for your industry.
I’m seeing that the reports are coming through on an automated basis, you get to look at them and access them be it at home or work. The reports come through and I think that is to me a big fundamental one, it gives some very unique insight to the business and it’s very up to date.
It’s a great tool to pass onto the other staff members. To be able to give them a printout that explains their performance and it’s not just my judgement or biased opinion. If they get a print out where the numbers don’t lie, it just allows them that very regular little adjustment. They just get a little quiet email in their inbox every week and they might raise something with me and ask how they can get it back up. It’s opened up a whole new way of coaching, and certainly allows the leaders in the practice to move forward independent of me.
It’s really easy. It’s taking a lot of the work out of me. We’re shifting our monthly management meetings to suit the Profit Diagnostix so we’ve got the fresh data. I can get it to our two managers and we can come up with some plans on what we need to change from the diagnostics. It’s made my job a little bit too easy, I probably need to refocus a little bit!
It’s very easy to see because it’s blue, green, up and down. So even for somebody like me who is not interested in figures, I can see where I am and where I have to work on. It’s probably a really good tool for people like me that don’t do figures.
It takes a lot of time out of my week. It was taking me a lot of time to get my KPI’s for reporting to my team, but since I’ve been using the software it’s been a lot easier. If you’re struggling with finances, understanding hem and working with KPI’s then I would really recommend that you use this team to help you out.
I wanted to share with you how great I am finding the Profitdiagnostix, it is such a fantastic business tool. Up to the minute reports that show me exactly how my business is performing in all areas, where we are performing well and where we can improve, enable me to target these areas in real time and see the results immediately. I have never come across any reporting toll as great as detailed as this. Previously I would generate KPI’s on a monthly basis, this was extremely time consuming and involved producing many reports from both my veterinary software as well as my accounting software to calculate – with Profitdiagnostix all the hard work is done for me. This is a tool every vet clinic must have!