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Veterinary Practice Consulting
Finance & Accounting
The scorecard for understanding success
Making sense of a veterinary practice’s profit-and-loss statement is so much more than the bottom line. What’s a good number? What’s a bad number? Knowing where a practice owner or manager should be devoting their attention is predicated on being able to pair the numbers with the story behind the numbers. Priorities and initiatives to improve the overall performance of the practice, as well as unnecessary distractions become clear when you blend an expert eye with deep analytical experience.
REVENUE
Category Performance
Service/Product Mix
COSTS
Margin Analysis
Labor Allocations
Operating Expense Creep
INVESTMENTS
Capital Expenditure Returns
Our process. Your success.
A lot of consultants think of themselves as purveyors of ideas. That is all well and good when their clients have the resources to take a nebulous “best practice” and implement a tangible version of it themselves. Alas, most veterinary practices need more help.
While every Gretel client engagement is unique, all follow the same guiding principle for success: deliver a strategy, develop a plan, and hold the practice accountable to itself. It’s the recipe for success we rely on and you deserve.
STEP 1: STRATEGY
It all starts with an idea. The singular concept that will take an element of your practice and make it better. We rely on years of experience and expertise to provide not only the finest strategy out there but also the best for YOUR practice.
STEP 2: PROCESS & TOOLS
Ideas are diamonds in the rough. It takes thoughtful process engineering to produce a best practice that functions seamlessly in today’s veterinary practice. When technology tools can turn great ideas into reality, we can help with those too.
STEP 3: FOLLOW-UP
We can’t make your team change, but we can be a consistent voice to you through the implementation phase and help keep you accountable for realizing the vision you’ve developed with Gretel’s team.
You. Gretel. 15 minutes. Let’s chat about your practice.
Examples of Projects
Every engagement with Gretel is customized. We begin with a situation assessment and build from there.
Revenue by Category
Not all growth is created equally. Understanding which areas of practice are driving revenue can highlight places to focus on.
Was last month’s strong revenue performance due to well or sick visits? Are you seeing strong demand for the new flea/tick product the practice stocked on? Is the new Associate supportive of dentistry? These questions and more can be answered through a thorough analysis of category reporting.
PROJECT HIGHLIGHTS
- Parasiticide sales review
- Wellness laboratory compliance trends
- Price increase capture analysis
Capital Expenditure Plan
Ensure new equipment pays for itself promptly with a thoughtful plan for increasing its utilization
Today’s modern practice has more and more equipment to serve the needs of the clinical team. None of it is inexpensive. Accelerating the financial return of that investment is predicated on a holistic plan for increasing usage and pricing appropriately to reflect the enhanced level of care you can provide with it.
PROJECT HIGHLIGHTS
- Return analysis: ultrasound
- Return analysis: practice management system migration
Profit Margin Review
Certain segments of your practice should be yielding specific profitability margins. Are you priced appropriately?
It is all too easy to leave dollars on the table when not paying close enough attention to new product pricing, manufacturer cost increases, etc. A focused assessment of your costs and pricing can provide insights to make the right decisions for your practice and not leave you struggling to drive sustained performance for the practice.
PROJECT HIGHLIGHTS
- Flea/tick/heartworm medication profit analysis
- Product substitution breakeven review
- Online store pricing audit
Recent Insights
A collection of recent expert insights from our veterinary practice financial performance consultants.
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PRACTICE-SPECIFIC
RESEARCH REPORTS & STRATEGY GUIDES
FOR VETERINARY PRACTICES
Growth Playbooks
Actually worth the paper they’re written on!
See your practice through the eyes of the same experts running
veterinary medicine’s leading growth consulting and brokerage firm.
GRETEL PLAYBOOK: Treatment Reminders Audit
Taken for granted by the majority of practices in the country, treatment reminders represent the single biggest revenue producing opportunity for veterinary practices. Gretel’s team will perform an in-depth analysis of this crucial client communication program and deliver a thorough assessment of where compliance could be lacking and what simple tweaks to your current process can yield incremental revenue growth.
Price: $595
GRETEL PLAYBOOK: Local Area Analysis
How does your practice fit into the local market for veterinary care? This holistic analysis examines you and your competitors from the perspective of a pet owner. Commonly requested pricing, online reputation, and search engine visibility are all expertly assessed. You cannot position your practice for success if you don’t know the impression it is giving off to prospective clients. This is an excellent starting point for any marketing strategy refresh.
Price: $995
GRETEL PLAYBOOK: Social Media Strategy Review
Social media remains one of the most misunderstood mediums to veterinary practices. This playbook outlines a strategic plan that any hospital can undertake with minimal effort, but in the process create a meaningful communication platform from which to talk to existing clients, local pet owners, and even prospective employees. Included is a training session specifically catered for the individual(s) in your practice who do the posting, with helpful tips for creating more engaging content your readers will enjoy.
Price: $450
GRETEL PLAYBOOK: Online Reputation Audit
Dealing with online reviews is frequently ranked as one of the most stressful endeavors for any business leader. This complete competitive reputation audit will examine how your practice can improve its reputation through higher review quantities and quality, with helpful commentary on when and how to appropriately respond to reviews of all kinds. Online reputation management is simple when armed with a sound strategy and straightforward process for generating positive client commentary in places like Google, Yelp, etc.
Price: $595
GRETEL PLAYBOOK: Marketing Spend Assessment
Allocating your marketing dollars these days is really difficult. The overwhelming mass of advertising opportunities, marketing tools, and other promotional expenditures makes budget decisions nearly impossible for most practice leaders. Gretel will deliver a complete analysis of your current spend, highlighting areas of overallocation, missed opportunities to generate more visits, and helpful ways to better track the return on your marketing resources.
Price: $750
GRETEL PLAYBOOK: Complete Financial Review
Imagine all of the progress one could make if they had an exhaustive, objective audit of their practice’s financial and operational performance? This deep dive into the numbers will provide practice owners and managers with a blueprint for driving greater profitability by taking an expert’s look at how revenue is being generated and how costs are being allocated throughout the hospital. Additionally, every review will include commentary on how the market will value the practice and which elements can drive a higher valuation with a little improvement.
Price: $6000
