Financial KPIs That Matter: Turning Practice Data Into Decisions

Learning Objective: Teach attendees how to identify, track, and interpret key financial metrics using their accounting and PIMS data to drive profitability and staff performance.

Large-animal and equine practice accounting software (GL) and practice information management systems (PIMS) hold a treasure trove of information that can help owners operate more profitably and efficiently. This session will show practice owners how to bring information from both systems together, identify the financial metrics that matter, uncover missed opportunities, and establish realistic revenue and productivity goals for associates.

• Identify the most useful financial and operational information available within their accounting software and PIMS.
• Compare PIMS production and sales reports with accounting revenue to identify collection issues and other discrepancies. Use comparative periods to evaluate trends within the practice.
• Evaluate revenue by veterinarian, service category, client, and time period to recognize trends and opportunities for improved productivity and profitability.
• Establish reasonable revenue goals for associates based on compensation, available working hours, scheduling capacity, and the practice’s financial needs.