Veterinary Technician Banfield Pet Hospital Phoenix, AZ, United States
As thousands of DVM practice owners prepare for retirement and practice valuation / sale, or are just looking to scratch the itch of running a super-efficient / profitable practice the need for a "tune up" often arises. The question is where do you start? Attend this seminar and discover the link between practice efficiency, your Profit & Loss statement and practice values, and the key metrics to focus on improving performance, and some "low hanging" fruit action items to get started on right now. Anyone looking to sell their practice, looking to buy or recently new in ownership, or simply interested in improving both their time and money profit should attend.
To gain an understanding of what buyers are looking for in a practice and willing to pay top dollar for.
A simple approach on how to use your Profit & Loss Statement as a major metric of efficiency and a tool to valuate a practice's value.
To gain an understanding of the major Power Practice Metrics (PPMs - basic health indicators) to track and what ranges they should be in to create a "Power Practice" that commands a high valuation.
To learn how to compare your practice metrics to the Power Practice Metrics as a starting point in tuning up your practice.
To gain an understanding of how your practice metrics can be used to monitor your progress in tuning up your practice, much in a similar manner to how a DVM tracks clinical pathology metrics to manage a patient's progress.
To gain an understanding of how practice fees are commonly lower than your practice community's financial ability can support and are the "low hanging fruit" needed to adjust to increase your profitability (and pay your staff more!). A model of adjusting your fees to the "Goldilocks Zone" (not too hot, not too cold, just right) will be discussed.