A survey to measure profitability levels across UK veterinary practices and provide a benchmark to assess their performance against has been launched by SPVS.
Available 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:
- below average
Practices will also be able to benchmark against key performance indicators, such as the costs of drugs and supplies, personnel and overheads.
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.
“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