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Benchmark – how does your practice compare?
- How much profit are you really making after all your costs are taken into account?
- How do your three key cost headings compare with those of similar practices?
- How does your practice Transaction Volume Index (TVI – volume of client transactions at the ATV (ACT) per veterinarian FTE per day) compare with other practices?
- How does your practice performance compare with other practices in your country and with similar practices around the world?
- What lessons can you learn from other similar practices to improve your business performance?
You can use the Worldwide Benchmark service from Veterinary Business to compare your practice with the median and with the lower and upper quartiles of all the participating practices like
Your data will be guaranteed as secure, your practice will be allocated a unique identification code and you will receive an e.mail report which will compare your practice performance with the median, lower and upper quartiles of all the participating practices.
Be sure to read the notes before you enter your data, refer to your latest available practice annual accounts to complete the form and then click the submit button.
Your practice details – will remain confidential at all times and the data you provide will be used only for the purposes of the Veterinary Business Benchmark service.
Practice description – from the dropdown menu, select the description which most closely fits your practice.
Legal format – from the dropdown menu, select the description which most closely fits your practice legal format.
Practice code – if you are updating a previous entry, please note the practice code already allocated. If you have not entered benchmark data before, enter NONE
Capital value of the practice properties. – One of the major establishment costs in running your practice relates to a rental for the property. If the property is leased your accounts will already include a cost of rent and no entry is required. If however the owner(s) of the practice also own the practice property and the accounts do not include a cost representing a commercial rent, you should enter an estimated capital value for the professional part of the practice property(ies) in this box. Benchmark will calculate a typical rental and add this sum to the practice establishment costs.
Note: if your practice accounts include a cost representing interest on a mortgage or loan used to purchase the property, you should add this sum to the ‘net profit from accounts’ box. It will be replaced by a calculated rental based on the estimated capital value you have entered above.
Number of owner clinicians FTE – if your practice operates as a sole trader or partnership, the number of owners (full time equivalents) employed as clinicians in the practice, will be allocated a ‘salary’ equivalent to the average paid to the employee veterinarians in the practice. If your practice operates under a corporate structure it will be assumed that the accounts will already include the costs of the owners/directors as company employees but not as clinicians
Revenue – the total practice income (net of Value Added Tax and/or other sales tax) for the financial year in question
Cost of drugs and supplies – please include here the cost of medical and surgical supplies, animal foods and other veterinary products.
Average transaction value (ATV or ACT) – please estimate this figure by dividing the turnover during a typical week, month or year by the number of invoices greater than zero, which are generated during the period.
I trust everything is clear but if not please click here to send me an e.mail