It’s no secret that most veterinarians are most comfortable in a clinical environment. When you combine their love of animals with a strong scientific background, a high level of intelligence and problem solving ability, the outcome is typically a talented clinician who thrives by taking care of patients.
There are other very important aspects of practicing veterinary medicine that require a different set of skills though, and unfortunately there is not always adequate training or resources available for veterinarians in these areas. One example we all understand well is the financial side of practicing medicine.
Practice management, cash flow, profitability and building long-term value are not currently subjects being covered in veterinary schools and they are critical to the health of a practice. The corporate veterinary entities excel in these areas and allow veterinarians to simply focus on taking care of patients. But what about the veterinarians who desire to remain independent? The learning curve for developing adequate financial skills can be challenging, especially given the demands of practicing veterinary medicine.
A new in initiative aims to help. Is My Practice Healthy? (IMPH) is a community dedicated to helping veterinarians learn more about practice management and the economics of the animal health industry. Behind it are two well-known industry veterans, Ed Blach, DVM, MS, MBA and Andrew Clark, DVM, MBA. Their objectives are as follows:
• To provide an interactive and educational venue to improve practice management for veterinary practices.
• To educate veterinary practice owners, associates, and managers regarding how to focus on a small number of key data points to improve practice profitability and value.
• To provide the necessary education and support to help all stakeholders get started and to grow their understanding for effectively managing their practices.
• To make these tools available to as many practices as possible to improve the health of the industry.
Joining IMPH does not require advanced financial skills or demand much time. It is designed to help its members easily interact with and understand Key Performance Indicators that help manage practices more effectively, and grow profitability and value.
The site has excellent content, the ability to submit questions, read blogs and create a private dashboard that can help your customers move forward financially. It is easy to sign up. Simply go to ismypracticehealthy.com and follow the instructions. This is worth sharing with your customers. I also believe it is a site DSRs should bookmark and follow as well, given the value of the content being generated.