NCVEI tool gauges practice profitability
SCHAUMBURG, ILL. — Veterinarians soon will have a new tool to ensure their practice is earning money.
The National Commission on Veterinary Economic Issues (NCVEI) will unveil its profitability calculator in the next few months.
"This is the most important number veterinarians need to know," says NCVEI executive director Karen Felsted, CPA, DVM, CVPM.The profitability calculator will make it easier for veterinarians to understand how their practice can be solvent.
Once they sign up and input their information, NCVEI plans to gather the data by state and submit it to the state VMAs. The information then can be used as a gauge to determine how practices are doing statewide.
The release of the profitability calculator follows the economy tracker, a database designed to measure the impact of the economy on veterinary medicine.
The economy tracker allows practice managers and other team members to enter practice data and see how the practice is doing. The tracker provides an analysis of the change in a practice's gross revenue, transactions and average transaction charge from 2007 to 2008.
In addition, the NCVEI Web site offers articles and strategies for weathering the economic downturn.
The NCVEI economy tracker is free to AVMA and AAHA members. Visit http://www.ncvei.org/ to access the tool and watch for the profitability calculator.