VetPartners in conjunction with Partners for Healthy Pets has just completed development of “Veterinary Practice Management Essentials.” This document outlines standards for successful management of a veterinary practice and includes a list of good quality resources that provide more information regarding the various topics. The VPME is intended to be used as a checklist by both consultants and practices to help determine where they are doing well from a management perspective and which areas they should focus on improving. No other such document exists; not only should the VPME be of use to VetPartners members but it is also meant to showcase the knowledge and experience of the VetPartners organization and its members to the veterinary profession.
Owners are devastated when they learn their practices are worth only a fraction of what they anticipated as they approach retirement and contemplate a sale. But if you can understand why this occurs and identify if your practice is at risk, you can begin the process of recapturing this lost value for your practice.
Most owners operate their practices from day to day without much focus on the important long term aspect of ownership-practice value. We see the results regularly when we prepare practice valuations for owners who are surprised and disappointed that their practice does not appraise at the price they expect. Just as it is vitally important to help practice owners understand the significance of managing their hospitals effectively and profitably, it is equally important to educate practice owners specifically, and the veterinary profession in general, toward a greater understanding and appreciation for how practice valuations are prepared and reported.
For many years, Summit staff have had the privilege to serve as content experts for this industry leading publication.