Boosting Your Bottom Line

How do you judge your practice’s economic success? By profitability, of course. But is relying on just your own bottom line enough information to judge exactly how profitable you are? Having data at your fingertips that shows how you rank among similar practices gives you additional information that can be valuable in terms of practice efficiency and profitability.

That’s where the National Commission on Veterinary Economic Issues (NCVEI) can help. The NCVEI Profitability Estimator is designed to help practice owners and managers easily calculate this critical performance indicator. The data contained in this NCVEI benchmarking tool is gathered from about 18,000 practices that have provided their economic information to NCVEI through a protected Internet site.

The NCVEI’s goal is to provide veterinarians and veterinary students with the information, tools and resources necessary to improve their non-technical professional skills and their financial prowess. The NCVEI, which is funded by the AVMA, the American Animal Hospital Association, the Association of American Veterinary Medical Colleges and members of the NCVEI’s Sponsor Council, was built on the premise that quality patient care requires a sound economic foundation and offers a large range of benchmarking and practice management resources for those in private practice.

Are you using these resources and providing your data to NCVEI? If not, this is a perfect opportunity to help boost your own business success, while also helping others in the profession. It makes solid business sense. So visit NCVEI today.

2 thoughts on “Boosting Your Bottom Line

  1. so there are numerous publications listing a “profitability calculator” available for AVMA members, see above where it is also discussed. Unfortunately there does not appear to be any such thing available at this website. Is this an existing or non existing item? Seems inappropriate to direct membership here if it does not exist. Thank you/

    • Hi Nancy,

      Thanks for writing. The profitability calculator and other tools once housed on the NCVEI website have been discontinued. The AVMA’s Veterinary Economics Strategy Committee is exploring whether new benchmarking tools should be developed as part of the AVMA’s overarching veterinary economics strategy. Sorry for any confusion. Please check back at the AVMA@Work blog for any new developments.