Running a successful veterinary practice involves tracking revenue, expenses, and overall profitability. If you can also compare your fiscal ledger to your competitors, you can maximize that success. The new veterinary profit and loss (P&L) calculator—available exclusively to AVMA members—empowers practice owners to create a personalized profit and loss statement and compare it against other practices with similar staffing or revenue levels.
The calculator works by helping you break down various monthly expenses and revenue sources for your practice, then provides you with benchmarks so you can compare your numbers against practices similar to yours in size. This information will help you identify opportunities to change spending patterns, develop new revenue, optimize staffing, or make other improvements to increase profitability and stay competitive.
This new tool turns your P&L statement into a powerful source of insight and awareness that can drive increased efficiency and innovation—get started with the P&L calculator. Remember, this is an interactive tool, and you may want to have your list of revenue and expenses handy before you start working with it.
The tool uses data collected by the American Animal Hospital Association (AAHA). Because a majority of this data comes from companion animal practices, comparisons with other practice types may be inexact.
Add more data, plus expert insight
In addition to the P&L calculator, the AVMA offers more tools to help you keep your finger on the pulse of the veterinary landscape. With data updated daily from more than 2,600 veterinary practices, the Veterinary Industry Tracker, powered jointly by AVMA and VetSuccess, shows real veterinary data trends and comparisons, helping you to monitor business activity across the profession and get benchmarks for comparison with your own veterinary practice.
Get these data and more delivered right to your email inbox when you sign up for AVMA Practice Pulse, a monthly email newsletter with practice trends and practical tips delivered right to your inbox. Each issue includes business-bolstering insights from experts as well as the Veterinary Industry Tracker.
Ready for next steps?
The P&L calculator and Veterinary Industry Tracker can jumpstart your competitive analysis, preparing you for a deeper dive into your practice’s plan for success. Use the following resources to know your market, develop your business plan, and leverage your people:
For even more practice management tools to help your practice thrive, visit avma.org/StayCompetitive.