Why We Do The Well-Managed Practice Study As we interacted with veterinary practices across the country, it became obvious that the key to a successful practice was good management. So, in 1986 we started the annual Well-Managed Practice Study to pinpoint similarities in Well-Managed Practices' financial, management, and operational decision-making. In 1997, in partnership with Veterinary Economics magazine, we expanded it to include equine practices. And what are the Study objectives? • First, to identify and inform the profession about the successes (and challenges) in Well-Managed Practices from the practitioner's viewpoint. • Second, to use the Study to help identify and bring new challenges to the forefront. We've learned that Study participants often spot problems or new challenges before they hit the national news. • Third, to provide information that will help practitioners practice better medicine, have a better working relationship with their clients and staff, and improve their personal living standards and lifestyle - all the things that really matter in a successful veterinary practice.   Here's what we found. Well-Managed Practices all have five things in common: One. Patients always come first. Well-Managed Practices never lose sight of why they are in practice: to promote their patients' health and well-being. Two. The practice runs efficiently. It's really efficiency, not size that defines a Well-Managed Practice. Typically, 36% to 46% of their total practice revenue in companion animal and equine practices is available to pay all doctors and reinvest in new equipment. What's your score? Three. Doctors enjoy their work. Relationships with staff, clients and patients reflect how all veterinarians, but particularly practice owners, feel about themselves, their work, and their practices. In other words "if the boss ain't happy, nobody's happy" and client retention and patient care starts to decline. Four. An environment of respect. In Well-Managed Practices, doctors and staff are valued for who they are not just for the jobs they do. And Five. Leadership. In Well-Managed Practices, the qualities of leadership such as honor, respect, integrity, and focus are visible at all levels of management. One more observation: In Well-Managed Practices, owners have what we characterize as an eagerness to do better. They constantly ask themselves and their staff members how they can improve. What are the rewards for a Well-Managed Practice? WellMPs typically: • Have the financial resources to offer the best in medical care. They have the cash to invest 2% to 4% of their annual revenue in new equipment, vehicles and technology; they have the resources to hire the best and brightest staff and doctors and keep them well-trained and well-compensated; and they routinely upgrade their facilities for greater medical efficiency and accessibility. • Pay you (the WellMP owner) higher compensation - $210,000 to $244,800 versus the national average of $90,000. In the 2008 Study, the 75th percentile in owner compensation was $270,000. • Give you more time for yourself and your family - working 40 to 45 hours per week versus the national average of 52 hours. • Sell for a higher value - almost twice the value of average practices of similar size and revenue. WellMPs operate efficiently. They continue to improve medical care as well as productivity. They enjoy a high average charge per transaction (client compliance becomes less and less of an issue). They know how to attract and retain clients. And, they provide personal financial independence for their owners. Perhaps the most important thing to remember about Well-Managed Practices is that any practice can be one. It won't happen overnight, but the goal is attainable for any practice that decides to achieve it. The choice really is yours. If you are interested in purchasing the 2004 Associate Management Guide,Benchmarks 2006 - A Study of Well-Managed Practices Employee Management Guide, Benchmarks 2007 - A Study of Well-Managed Practices (highlighting fees, revenue, expenses, and consistency of care),or Benchmarks 2008 - A Study of Well-Managed Practices (highlighting medical standards, client compliance, educating team members, and setting financial standards), please link to www.Industrymatter.com or contact Nancy Farver at nfarver@wellmp.com. If you would like to be involved in future studies please contact us at wta@wellmp.com.
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