After buying out his partners at East Louisville Animal Hospital in Louisville, Ky., Dr. Gary Edlin wanted to grow his practice.
And through iVET360, a veterinary consultant team and PSIvet vendor partner, that’s just he was able to do. Edlin gave the team a try for a year and was amazed to see how much his business improved.
One major component of his new business strategy was to monitor key business metrics using the iVET360 Dashboard. This tool integrated with Edlin’s practice management system, giving him full visibility into 16 key performance indicators (KPIs) in real-time. The dashboard highlights key trends, baselines and benchmarks.
In Dr. Edlin’s case, the iVET360 analytics team helped the practice create a budget and set benchmarks for growth. Practice data points are now compiled nightly and displayed every morning on the dashboard where he can view key metrics from revenue to web visits to average transaction charge.
“There’s a good business course in there for the office manager and veterinarians who don’t know this stuff, but it’s not overwhelming,” says Edlin. “They help take it down to your level so you can understand everything and don’t make you feel stupid.”
Areas he found particularly helpful:
- Finding lost charges. The team analyzed each doctor’s transactions to help identify lost charges such as nail trims and ear cytology. After that, average transactions went up.
- Adjusting prices. The analytics team also monitors supply prices, so the practice can adjust charges accordingly.
Full iVET360 Dashboard features include:
- A quick snapshot of your operational and financial data including revenue, transactions, new clients, ATC, gross profit, and net profit
- Provider analysis reporting for tracking performance and providing coaching
- Net client tracking for gaining new clients and keeping existing ones
- Revenue mix reporting to better manage fees and costs of goods sold
For a demonstration of how the iVET360 Dashboard can help you monitor your business, contact your PSIvet Practice Consultant.