In veterinary practice management, every decision and action contributes to the health and well-being of our animal companions. As seasoned consultants dedicated to helping veterinary practices thrive, MSS Business Transformation Advisory (MSSBTA) understands the importance of measuring success not only in terms of patient care but also in the efficiency and effectiveness of practice processes while also combining the importance of employee engagement and community support. Through a multi-year program with PetSmart Charities, and dozens of clinics across Canada and the United States, we have learned firsthand the metrics and Key Performance Indicators (KPIs) essential for driving growth, efficiency, employee engagement, and community support, ultimately fostering practice success and sustainability.
Patient Care Metrics: Prioritizing Pets and Community Support
At the heart of every veterinary practice lies a commitment to providing exceptional care for our animals and our community. Therefore, it's imperative to measure the quality of care delivered to our patients through various metrics that reflect their health outcomes and well-being.
Examining the appointment-making process to reduce barriers like language issues and credit card deposits, as well as streamlining procedures, is essential. Similarly, if there is a long wait time for a certain service, it may be time to revisit the service mix for the practice and staff accordingly.
Another vital metric is the net promoter score, as it is directly linked to the perceived quality of care for pets. Surveys, feedback forms, and online reviews are valuable tools for capturing client feedback, gauging their satisfaction levels, and assessing their likelihood to recommend the practice. By regularly monitoring client satisfaction scores and addressing any concerns or issues raised, veterinary practices can foster stronger client relationships and loyalty, ultimately driving practice growth and success. We will work with you to deliver industry specific employee engagement surveys and community support surveys that drive net promoter score and greater loyalty for referrals.
Operational Efficiency Metrics: Streamlining Financials and Processes for Success
In addition to delivering exceptional patient care, veterinary practices must also prioritize operational efficiency to ensure smooth and seamless practice operations. Tracking key operational metrics offers insight into the effectiveness of practice processes and workflows.
Various metrics, from revenue to expenses to service mix and no-show rates, are crucial. We help practices implement strategies for goal setting and minimize areas such as no-shows and cancellations to improve overall operational efficiency.
Staff productivity is another critical metric, as it measures the efficiency and effectiveness of staff members in performing their duties and responsibilities. This metric can be tracked through various indicators, such as patient throughput, average consultation time, and number of procedures performed per day. It is important to be mindful about how to staff Techs and Assistants in a way that supports Vets and allows productivity at all positions. By setting performance targets and regularly monitoring staff productivity metrics, veterinary practices can identify opportunities for training, workflow optimization, and resource allocation, ultimately improving overall practice performance.
Employee Engagement: Driving Practice Sustainability
Finally, team member metrics play a pivotal role in measuring the long-term sustainability and success of veterinary practices.
One of the most important metrics is tracking the average number of years each person and each position has been with the practice. In our research, we have found a direct correlation between employee longevity and profit margins. By focusing on employee surveys, communication and longevity, veterinary practices can boost overall practice revenue and profitability.
Another crucial employee metric is paying for continuing education. Allowing paid time off and sponsoring continuing education has a direct impact on satisfaction at work, cost management, revenue optimization, and operational efficiency. By analyzing employee engagement and identifying areas for improvement, veterinary practices can maximize profitability and ensure long-term financial sustainability. We have found that practices providing sponsored continuing education not only have longer tenure but those practices with an average non-vet tenure of over 2 years and an average vet tenure of over 5 years have experienced a 20% greater profit than those with unsponsored education and less tenure.
At MSSBTA, we believe there is a better approach.
Measuring practice success through a combination of patient community care, financial and operational efficiency, and employee metrics is essential for driving practice growth, sustainability, and success. By leveraging these metrics and KPIs to track performance, identifying areas for improvement, and making informed decisions, veterinary practices can achieve their goals of delivering exceptional patient care while operating efficiently and profitably. Contact us for a complete list of metrics we have found to drive sustainability.