New Ways To Manage Your Vet Practice With Financials
1. New Ways to Manage Your Veterinary Practice with Financials Mark J. McGaunn, CPA/PFS, CFP® President MJM Financial Advisors, LLC 114 Turnpike Road, Suite 107 Westborough, MA 01581-2861 phone: (978) 405-3133 e-fax: (978) 776-2609 e-mail: [email_address] web: www.mjmfa.com
31. Other Industries Global management consultant McKinsey & Company reports since 1997 30 largest worldwide companies (market cap) have seen their profits per employee rise dramatically. 5 year reward system trend in leading US financial planning firms now centered on fixed-based structures, leading away from variable-based because return on labor statistics were a wild card (IA Mag.)
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33. Do Homework Before Move? 89% 68% 49% ROL Client moved to new practice building in 2005-staffed up for expected demand
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35. Boring But Effective 2 2 6 Complaints 8 22 21 New Patients $9,887 $18,225 $6,122 Checking Balance $10,222 $11,212 $10,492 Payroll 11 16 21 Surgeries 185 211 225 Pt. Visits April 17-24 April 9-16 April 1-8
53. Blank Strategy Map Balanced Scorecard Strategic Theme: Process Improvement Customer Satisfaction Financial Performance Employee Satisfaction Objectives Measurement Target Initiative Statement of what strategy to achieve and what’s critical to its success. How success in achieving strategy will be measured and tracked. Level of performance needed. Key action programs required to achieve objectives.
54. Customer Perspective - Implement PetCare TV ® & dental education in waiting areas -Document!!! -Develop staff communication plan (DVM, tech, kennel, recept., other) & training 100% DVM recommended follow through (PMR review) Compliance Year 1-45% Year 2-60% Year 3-75% Percentage of patients compliant with semi-annual screenings and recommendations Encourage patient owner compliance with AAHA dental screening recommendations over current 30% standard Initiatives Target Key Performance Measure Objective
55. Internal Processes Perspective -Functional areas responsible for part of each protocol -Training!!! -Develop staff communication plan (DVM, tech, kennel, recept., other) & training 80% of all practice visits covered by formal written protocol Target Coverage Month 1= 20% Month 2-9=60% Month 10-12=80% # of Protocols Written # of Missed Charges Found on Random Charge Audits Develop diagnostic and therapy protocols for practice to ensure consistent medical treatment and care Initiatives Target Key Performance Measures Objective
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Editor's Notes
Seagulls in “Finding Nemo”-we think we are all unique in our own industry, but change the name (doctor, layer, CPA, and we have the same exact problems
![New Ways to Manage Your Veterinary Practice with Financials Mark J. McGaunn, CPA/PFS, CFP® President MJM Financial Advisors, LLC 114 Turnpike Road, Suite 107 Westborough, MA 01581-2861 phone: (978) 405-3133 e-fax: (978) 776-2609 e-mail: [email_address] web: www.mjmfa.com](https://image.slidesharecdn.com/newwaystomanageyourvetpracticewithfinancials-124423454534-phpapp01/85/New-Ways-To-Manage-Your-Vet-Practice-With-Financials-1-320.jpg)
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