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Profitability Assessment and Improvement
- Do you have enough money to buy the anesthesia monitor you have had your eye on?
- Can you afford to give raises?
- Are your associate doctors paying for themselves?
If you have asked yourself any or all of these questions, it’s time for an outside look at practice profitability. Summit’s Profitability Assessment includes a review of revenue sources, key expenses such as drug and supply costs, staff salaries, and rent, plus an evaluation of each doctor’s production compared to their compensation. Why do we look at production by doctor? Because revenue generation per veterinarian is a significant predictor of practice profitability, meaning practices with higher revenue per veterinarian are generally more profitable.
While doctor production is important, it isn’t the only key to profitability. We take a comprehensive look at all the numbers to identify your strong points, where you can make quick adjustments and those areas that will improve over time with the proper attention.
Improving the profitability of your practice is one of the surest ways to increase the value when you are ready to sell all or part of the business. Whether your practice is very profitable, not profitable at all or somewhere in between, we’ll give you specific recommendations for improvement. We don’t take a cookie cutter approach with our clients. Our recommendations are based on practical experience and are tailored to suit your practice.
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