What Makes a Veterinary Practice Financially Successful?

Alan Robinson, BVSc, MRCVS, DMS, director of VetDynamics UK Ltd, explains that a successful veterinary practice is not an overnight sensation. For most veterinary offices, it is a 3- to 5-year progression.

In making the shift towards becoming financially successful, Dr. Robinson says veterinary practices must improve their pricing models and reinvest their profits into control mechanisms, such as better communication systems. He also says it’s important to put structures in place that make different people responsible for various parts of the business — the marketing, finance, clinical and human resources.

Successful veterinary practices also have key performance indicators (KPIs) to measure their business, client care, patient care, team harmony and finances.