A survey to measure profitability levels across UK veterinary practices and provide a benchmark to assess their performance against has been launched by SPVS.

tabletAvailable to both member and non-member practices, the survey can be completed online using figures from practices’ most recent set of accounts and practice management system.

All data is kept completely confidential for practices to securely access their results online. Once completing the survey, participating practices will be given an overall profitability score of:

  • excellent
  • good
  • average
  • below average
  • poor

Practices will also be able to benchmark against key performance indicators, such as the costs of drugs and supplies, personnel and overheads.

Questions answered

SPVS treasurer and survey author Peter Brown said: “Profitability is key to any business, yet we’re often told veterinary practices fare badly when it comes to this fundamental point.

“Knowing how your business is performing and compares to others should be a priority for all practice principals, and one our profitability survey will be able to answer.

“We are delighted to be working with John Sheridan. He has long been a passionate advocate of the need for practices to understand their profitability and has helped SPVS develop this survey to provide practices with key statistics they need.

Peter Brown
Survey author Peter Brown.

“Furthermore, the pooled, anonymised data will be used by SPVS to help us tailor CPD and expert advice for members on this critical aspect of their business. The more data we have, the more accurate analysis we will be able to provide, so we would urge all practices to complete the survey.”

Existing surveys enhanced

SPVS’ existing fee and salaries surveys have also been enhanced with improvements to the way data is entered and results presented through a dedicated website developed with Veterinary Insights.

Published earlier this year, the salaries survey revealed a widening pay gap between newly qualified vets, whose median salary fell by 3.7%, and more experienced vets, who attained increases of between 2.6% and 10.8%.

However, while newly qualified vets compared favourably with their equivalents in the medical and dental profession, those more experienced lag some way behind.

To take part in the new SPVS profitability survey, visit www.spvs.org.uk

View your activity >

Leave a Reply

Be the First to Comment!

Notify of
avatar

wpDiscuz

related content

RVN Sophie Beckwith questions who is best suited to the role of a human resources position in a veterinary clinic – a practice team member or an HR-trained individual?

27 mins

SVN Simon Johnson discusses the preconceptions he faces as a man in a predominately female profession and how this can be addressed in the future.

18 mins

CVS Group has appointed Belinda Andrews-Jones to its newly created role of director of nursing. Dan Curtis of Pet Medic Recruitment speaks with her about this and her career to date.

16 mins

The National Equine Forum (NEF) will be celebrating its 25th event on 2 March at the Institution of Mechanical Engineers in London.

4 mins

RCVS removes 247 veterinary nurses from its register for failing to pay their annual renewal fee – but figure is down on 692 removed this time last year.

3 mins

Vets can learn about the investigation and management of disorders of the digital sheath at an equine CPD event in February.