Utilize Profit Solver to enhance your cash flow and profitability.
Profit Solver is dedicated to assisting veterinary practices enhance their cash flow and profitability. More than 2,800 veterinary practices have benefitted from this objective pricing approach since 2008, enabling them to manage inflation’s ups and downs. “Our primary objective is to financially empower the industry, one practice at a time, through education and support,” says Steve Castillo, chief executive officer. We asked Castillo to talk us through how Profit Solver is different and how it works:
Q: How is Profit Solver different from other accounting solutions for veterinary practices?
A: Accounting solutions are designed to track income, expenses, billing, invoicing, payroll and budgeting, but they do not provide a detailed analysis of profits and losses by each service.
Profit Solver offers a comprehensive analysis of profits and losses for each service. By combining relevant data from accounting solutions, payroll, service reports from practice management systems, and fixed assets, Profit Solver doesn’t just give insights—it provides actionable steps to improve cash flow and increase profitability.
Q: How does Profit Solver work?
A: Many practices find it difficult to determine service fees, often leading to guesswork and confusion. Profit Solver offers a unique solution by utilizing our patented activity-based cost accounting software. This method eliminates uncertainty and allows veterinary practices to directly navigate toward their profit goals.
Profit Solver operates through three pivotal components:
- Setting your profit goal. Profit Solver doesn’t just focus on today; it is about where you want to be in the future. It guides you on the required adjustments needed to reach your specific profitability target.
- Personal practice data. Your practice’s data is the key to unlocking your success. Profit Solver calculates the break-even points and the profit or loss of your services. This offers a clear view of where and why changes are necessary, making your strategy both objective and transformative.
- Quarterly reviews. The journey doesn’t end once set in motion. Your dedicated Profit Solver consultant will meet with you every quarter after implementation in the first year to review and ensure you are hitting your profit goals. These reviews will help you recalibrate your strategies as required, ensuring that your overall strategy stays on track.
Profit Solver empowers veterinarians to set service prices based on their practice’s data. This scientific approach ensures fair and precise pricing while increasing practice profitability. Our Profit Solver Consultants will guide you through the process, and pinpoint what services are profitable and which ones are not.
Q: What kind of profit increases are typical?
A: Based on our extensive experience with over 2,700 successful implementations, we have witnessed consistent and measurable upticks in both profit and cash flow. On average, here are the profit enhancements we have observed per Full Time Equivalent (FTE) doctor:
| DVM Hospital Size | Actual Average Achieved Profit Goal First Year | Actual Average Achieved Monthly Profit Increase |
|---|---|---|
| 1-2 doctors | $61,200 | $5,100 |
| 3-5 doctors | $106,800 | $8,900 |
| 6-9 doctors | $164,400 | $13,700 |
| 10+ doctors | $237,960 | $19,830 |
Q: Does Profit Solver replace the need for an accountant?
A: No, Profit Solver isn’t a replacement for general accounting services. Instead, think of it as augmenting your financial team with a specialized, fractional Chief Financial Officer focused on actionable strategies to reach your profit goals.
Q: What about long-standing financial standards, such as the veterinary Chart of Accounts or other industry benchmarks?
A: We actively advocate for our clients to adopt the AAHA/VMG Chart of Accounts, as it is instrumental in ensuring consistency and accuracy in industry reporting.
Although veterinary practices may seem similar from the outside, they differ significantly in terms of their financial performance. Therefore, it is important to exercise caution when making blanket comparisons with other practices that you know little about.
While benchmarking offers insights, it can be fraught with pitfalls—primarily the lack of context and potential inconsistencies in data measurement. Remember, the goal of benchmarking is not to copy your competitors’ pricing, but to understand their strategy regarding prices in relation to your own strategy.
That said, benchmarking isn’t without merit. Observing metrics used by industry front-runners can inspire your own measures. Identifying where your practice stands—average, above-average or in the top 10%—can motivate you to reach higher levels.
If your competitors don’t compete with you on quality or excellence, then you certainly don’t need to compete with them on price!
Q: What is your guarantee?
A: Your trust and satisfaction is important to us. Our risk-free guarantee provides you with a 100% return on investment for every completed implementation—whether it’s your first experience or your 10th engagement. If your returns don’t at least double your investment, we commit to a complete refund.
Q: How can PSIvet members get started with Profit Solver?
A: We’re proud to announce our collaboration with PSIvet, and as a part of this partnership, we offer special discounts exclusive to PSIvet members.
You can either:
- Reach out to your PSIvet Practice Consultant for detailed insights.
- Click here to schedule a concise 15-minute discovery call with our team at Profit Solver. During this call, we’ll discuss the specifics about your practice, explain our seamless process and guide you on the initial steps to get started with the process.
Visit Profit Solver at https://profitsolver.com.