Making Data Work for You: Increasing Veterinary Hospital Revenue by Tracking Key Metrics
About the session
In an era where veterinary practices face the dual challenge of rising costs and declining visits, many hospitals nationwide are experiencing flat or even negative revenue growth. The vast amounts of data your hospital generates daily can offer valuable insights into revenue drivers and bottlenecks hindering success. By leveraging technology to analyze this data, you can transform your practice into a more organized, efficient, and ultimately profitable business.
This session will cover how to leverage data to drive your veterinary practice’s performance. We will discuss the importance of understanding different types of numbers, including client and patient data, such as compliance rates and average transaction value; business data, including financial records and practice profitability; as well as operational data related to inventory management and scheduling efficiency.
We will delve into key performance indicators (KPIs) that are essential for tracking the health of your veterinary practice and explore basic data analysis techniques to interpret trends and patterns. We’ll discuss using dashboards and reporting tools to visualize this data effectively, and ways to leverage your practice management software to gain deeper insights into your business performance.
Finally, the session will focus on using data to drive operational improvements and integrate data-driven decision-making into daily operations. By analyzing practice and financial reports, participants will learn to set measurable goals and track progress, ultimately boosting their hospital’s performance.
This course is RACE approved for 1 hour of continuing education credit for veterinarians and veterinary technicians in jurisdictions that recognize RACE approval (RACE 20-1235492). This course is approved by the Veterinary Hospital Managers Association (VHMA) for 1 hour of CVPM CE credit (24-49).
What you’ll learn
Understanding data types
Identify client, patient, business, and operational data generated in your practice.
Analyzing key performance indicators
Develop skills to interpret trends and patterns using KPIs in practice and financial reports.
Utilizing practice management software
Learn to visualize and interpret data using PIMS and dashboards.
Make business decisions
Critically evaluate workflows, scheduling, and pricing using data-driven insights to enhance efficiency.
Implement strategic planning
Formulate a step-by-step plan to integrate data-driven decision-making into daily operations.
Set measurable goals
Establish and track measurable goals for continuous improvement in your practice.
Our Hosts
Monica Dixon Perry, BS, CVPM
Monica has been involved in the field of veterinary medicine for more than 38 years. She earned her bachelor’s degree in biology from the University of North Carolina at Chapel Hill. Monica has been a Certified Veterinary Practice Manager (CVPM) for more than 20 years and remains a strong advocate for other veterinary practice managers to pursue this designation.
For over a decade, Monica managed a successful full-service, small animal eastern and western medicine veterinary practice in Raleigh, NC. As hospital administrator with Bowman Animal Hospital & Cat Clinic, Inc., she managed every aspect of the seven-day-a-week, nine-doctor hospital’s operations. For 15 years, Monica was a consultant/partner with VMC, Inc. where she presented a seminar called Principles of Veterinary Practice Management throughout the United States and Canada. She has lectured at numerous national veterinary conferences and veterinary schools in the United States as well as presented at international conferences.
As a consultant, Monica enjoyed lecturing and working with practices that participated in VMC’s on-site consultation services. Monica was also a part-time university lecturer at North Carolina State University in the Department of Agricultural and Resource Economics where she taught Veterinary Practice Management on the undergraduate level. Monica joined Mission Veterinary Partners at the beginning of the global COVID-19 pandemic as VP of Strategic Partnerships and later held the position of Director of Practice Management.
In her current position, she is Director of Veterinary Consulting Services at Burzenski & Co., PC and thrilled to return to her passion of working with premier practices throughout the US. Monica is the 2024 President Elect of VetPartners, an active member of the Veterinary Hospital Managers Association (VHMA), Youth Director at her church and sits on the board of Casa Esperanza Montessori Charter School in Raleigh, NC. Monica will let you know that her two primary purposes in life are working with veterinary practices and their teams and being the best possible wife and mom. She shares her Raleigh, NC, home with her supportive and loving husband and their teenage daughter. Monica is the 2022 Practice Management Speaker of the Year at the VMX Veterinary Meeting and Expo.
Course Reviews
Reviews
Raducu Mihai Sauciuc
DVM
Ashley Watts
Business Management CE