Hill Fellow Award - Jeff Sanford (3 min)
Through a collaboration with the UGA College of Veterinary Medicine, the GA SBDC Network provides high quality, confidential, consulting services to veterinary practice business owners and practice managers. Many services are expanded through practice management rotations with 4th year DVM students. For the past six years, rotations have had overwhelming success for both students and hospital owners. Not only do DVM students learn how to observe and implement core business principles through their “one-to-one” interactions and observations of practices, participating owners also gained insight into their practices and identified opportunities for improvement. Several participating owners have commented that they wished this opportunity was available to them much earlier. Novartis Animal Health has provided an educational grant in support of the practice management rotations. The good news is that at no cost to you (except travel expenses), just your time and sincere interest, your practice can participate in future practice management rotations. Additionally, these rotations are confidential; students cannot discuss your case to anyone unless with written permission. Typically students spend 200+ hours working on each hospital project. These services would typically be valued at $2,000-$5,000. Consulting and practice management rotation services include:
·Financial Analysis: Compares hospital’s financial data to national and regional comparisons. AVMA, Vet Econ, and AAHA data is used. This service also includes revenue analysis, inventory turnover, break-even analysis and hospital cash-flow analysis.
·Fee Analysis: Evaluates a practice’s cost in performing services, treatments, and surgeries. Specifically, this tool uses labor, facility, equipment, expendable, and overhead costs to determine cost of services in comparison with fees charged. We typically evaluate exams, spay & neuters (canine/feline), dentals, mass removals, and a major surgery.
·Compliance Analysis: Determines your patient compliance rates in core areas such as vaccinations, dental, therapeutic diets, screenings, and heartworm prevention.
·Strategic Marketing Assessments: Reviews the marketing and relationship practices of a veterinary hospital. Assessment evaluates the consistency of hospitals messages in patient care, client relationships, branding, employee culture and marketing systems.
·Practice Valuation (What is it worth?): Provides a financial analysis of a veterinary hospital and a “due diligence” valuation using six different valuation methods. Valuation model demonstrates ways to transition ownership to associates or a veterinarian who wants to buy the entire practice.
·Workflow Observations: Students can observe workflow and communication (between DVM, techs, staff and clients). We can also observe by zone. This has been one of the most popular service for it is a great way to look at “habits” and patterns in a practice that disrupt workflow, communications and care.
·Whatever else your practice needs: (i.e. Communication, inventory management, tech utilization, scheduling, market research, etc).
For more information on veterinary practice consulting, please contact:
University of Georgia
Small Business Development Center
1180 E. Broad St.
Athens, GA 30602
706 583-0606 (Voice)
706 542-6803 (Fax)