Practice Diagnostic Report
Your personalized comparative Practice Diagnostic Report (PDR) provides useful and unique management statistics about your business. Your personal report will show what areas of management in your hospital are successful and what areas need attention. Your report will also provide comparisons to the average and top-performing practices in the nation. The PDR examines key areas of practice management, including client statistics, human resources, expenses, and fees.
An important component of your personalized PDR is the inclusion of specific recommendations relating to improvements in the practice’s bottom line that can be attained by achieving appropriate fixed and variable expense targets and charging appropriate fees. This analysis has enabled practices that use this diagnostic tool to increase their net profit by tens—and sometimes even hundreds—of thousands of dollars.
The information in the report can be used to:
- set targets to improve scheduling and client flow
- better manage clients to ensure the right mix of clients for the facility and staff
- set appropriate staffing levels
- help control costs and set budget targets
- decrease expenses
- set appropriate fees
How It Works
The hospital manager or owner completes and returns a comprehensive survey along with financial data (optional) to a dedicated U.S. postal address. Researchers then compile and analyze the data and return a personalized report within 90 days.
Providing a financial statement is optional; you will get a PDR even if you do not provide a financial statement. If you choose to provide a financial statement with your report, we can provide you with the following information:
- A comparison of your itemized expenses (e.g., wages, rent, advertising, etc.) and the average hospital.
- An accurate comparison of veterinary incomes – owners and associates.
- A Practice Value Estimate – a cashflow-based estimate of your practice value
Practice Value Estimate
A feature of the Practice Diagnostic Report is the inclusion of a Prac¬tice Value Estimate that will show how much the practice is worth. The Practice Value Estimate is based on information provided in the practice diagnostic survey and the practice financial statement.
The Practice Value Estimate gives veterinary managers and practice owners an estimate of the veterinary practice worth based on cash flow – income valuation approach. This method is based on the assumption that, like any other investment, the price a purchaser is willing to pay for a veterinary practice is determined by the size of the anticipated finan¬cial return. The magnitude of the return, the potential for growth and the risk of return all drive the value of a veterinary practice. The term estimate is used because the Practice Value Estimate will focus only on the magnitude of return – the value of the future income available to the prac¬tice owner.
The Practice Value Estimate is an incredibly valuable tool to give man¬agers and owners a snapshot of the practice’s estimated worth. A more accurate practice value can only be determined by a qualified practice appraiser.
The PDR is available for small animal, mixed, feline-exclusive, emergency, and referral practices.
SAMPLE Small Animal Practice Diagnostic Report Survey
SAMPLE Emergency/Referral Practice Diagnostic Report Survey
The following are SAMPLE results only for one hospital and not a reference for everyone; they are provided simply to show an example of what you will receive if you utilize the Practice Diagnostic Report Survey analytics tool.
SAMPLE Practice Diagnostic Report Results
Practice Diagnostic Report
Bundled Personalized Fee Guide and Practice Diagnostic Report
Order Now (completed surveys cannot be submitted until January 1. Member pricing is available with membership renewal for 2012-13.)