Check the Vitals of Your Practice Financials: Tools to Measure Metrics
Becoming and staying profitable is harder than it used to be, so, now more than ever, a business needs to understand and regularly measure the metrics that define financial success. And yet many practices don’t do this—due to either lack of time or not understanding how or where to start or why it’s important to do this analysis.
To help get you started, we gathered some of our favorite tools for measuring financial success, including the AAHA/VMG Chart of Accounts, which will allow you to standardize your practice management and accounting systems and compare to benchmarks. Not sure where to start? Learn how to input and assess the AAHA/VMG Chart of Accounts using the helpful guide, Financial Standardization in Veterinary Practices: Why It Matters and How to Do It. Finally, set your practice up for success with the profitability calculator from the bestselling Financial and Productivity Pulsepoints.
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Small changes can make a big difference. What minor tweaks can you make to improve your bottom line? Use this tool from the bestselling Financial and Productivity Pulsepoints, Tenth Edition to simulate the effect of changes you could make—such as increasing your average transaction charge by one dollar—and see, in real time, their larger impacts.