Practice leaders are pulled in many different directions. So it’s important to keep regular tabs on your practice analytics to understand if projects are having the intended impact, to identify developing or general areas of opportunity, and to understand practice financial health and resiliency. We asked Justin Vandeberghe, co-founder and chief revenue officer of iVET360, to fill us in on tools and insights available to track your business performance.
Q: What tools are available from iVET360?
A: Just to name a few of the top tools our clients and Analytics Managers use to support practices:
- Data Dashboard – keeping track of your practice’s key performance metric trends.
- Analytics Manager Report – deeper dive into your practice to provide revenue trends.
- Monthly Budget and Benchmarking Analysis – financial trends, benchmarks and opportunities.
- Payroll and Wage Analysis – deeper dive into practice payroll efficiency trends, support staff structure, benchmarks and wage competitiveness.
- Wage Increase Impact Analysis – understanding the impacts and necessary response to market-based wage adjustments to remain competitive, while supporting the financial health of the practice.
- Gross Profit Margin Analysis – benchmarking and trending of revenue mix and profit margin by revenue center to identify areas of opportunity to support improve the financial health of the practice.
- Targeted Fee Adjustment Analysis – a targeted review of fees and mark-ups by code in a given revenue center to drive strategic improvements to the financial health of the practice.
Q: How do these tools provide insights beyond a practice’s PIMS system?
A: PIMS data is only part of the equation, therefore we also heavily rely on financial data, plus other data sources such as payroll reports and various marketing datapoints. The range of tools and the ability to have a professional analytics manager support you in walking through your data with you and bringing in-depth analytics understanding, benchmarks and insights from other practices gives you a deeper and faster understanding of opportunities and impacts on your practice. This allows you to prioritize faster with trusted data and move faster to focus on the implementation of solutions.
Q: What’s a typical payback?
A: Your Analytics Manager will work with you to have several financial and revenue-based opportunities identified within the eight-week onboarding phase. From there, a practice can typically start implementing solutions that will drive an ongoing payback. Sometimes deeper analysis may be required to fully understand opportunities and plan approaches to begin realizing the potential return. The payback will really depend on the areas of opportunity for each practice. The timeline will also be dependent on the clarity of data and what effort an opportunity area requires to start realizing returns.
Q: What does an iVET360 business analyst bring to the table?
A: An iVET360 Analytics Manager brings in-depth knowledge of data analysis and tools, current industry data insights and benchmarks, and real-world solutions that have proven results. They also act as a specialized extra set of eyes on your practice trends and financials to help keep priorities aligned with your goals. They do so free from all the distractions and disruptions in the day-to-day of your practice.
Q: What’s ahead for 2023? What key business trends will have the most impact on veterinary practices?
- Navigating ongoing staff shortages and wage pressures as a result of increased market wage competition.
- Staying on top of continued inflation, which will impact practices in the form of significant vendor cost increases.
- Focusing on resiliency efforts in the practice to reinforce the practice from the threat of a recession.
- Tracking and influencing client retention in balance with new client efforts and staff capacity.
For more information, visit ivet360.com/psivet/.