The Key: Veterinary Practices Need a Monthly Budget

October 25, 2017

Mike Dicks, PhD, director of veterinary economics for the American Veterinary Medical Association, talks about some of the pain points of veterinary practice owners when it comes to finances.

Most veterinarians did not go into their profession to be involved in financial management, and most don't understand the ins and outs of a financial plan. Mike Dicks, PhD, director of veterinary economics for the American Veterinary Medical Association, talks about some of the pain points of veterinary practice owners when it comes to finances.

The key thing for veterinarians who are dealing with finances is the practice budget. Most veterinary practices may not even have a budget while some may have annual budgets, but the key is to have a monthly budget. This monthly budget also needs to be tied to specific tactics to increase the practice revenue. If you as a veterinarian can't pull yourself away from the medicine to focus on finances, you need to employ someone who can.