The second phase of the National Equine Veterinary Economic Study gives equine practitioners practical information to help them identify the most impactful areas to focus on for improving the profitability and value of their practice. The objective of the study was to gather quality equine veterinary economic data to help identify challenges and develop solutions for improving practice operations. The study was sponsored by Merck Animal Health (known as MSD Animal Health outside the United States and Canada) and Henry Schein Animal Health, in partnership with the American Association of Equine Practitioners (AAEP).
“Among other key findings, we were surprised to learn that only half of respondents routinely track payroll expenses as a measure of financial health,” said Edward L. Blach, DVM, MS, MBA, equine veterinary market research specialist and practice management consultant. “Yet, payroll is the largest expense category for almost all veterinary practices.”
Research results indicate that only a third of the practices utilize inventory management, which is the second highest expense in most practices. Fewer than 45% of practices surveyed track the number of transactions, a key measure of client activity. On the communication front, researchers found that only 60% of practices have a website and/or use email to communicate with clients.
“Identifying these opportunities is half the battle and most can be remedied with minimal investment of time and resources,” said Blach. “With just a few small tweaks, equine practitioners can empower themselves with new management practices and business technologies that will greatly enhance the efficiency and profitability of their practice.”
Brett Whitehead, Director of Equine, Merck Animal Health, agreed wholeheartedly. “This study has shed more light on business practices that have been overlooked by some veterinary practitioners. In some instances, making immediate changes will equate to quick wins for the clinic and its customers.”
“This study tells us a great deal about the issues facing equine practitioners as they navigate the challenges inherent to running a business upon which so many people and animals rely,” said Jeannie Jeffery, National Director of Equine Sales, Henry Schein Animal Health.
“Through a greater understanding of their needs, we can ensure that we are offering the products, services and solutions for operating an efficient practice and delivering quality care.”
About the National Equine Veterinary Economic Study
Blach was assisted by Andrew R. Clark, DVM, MBA, a leading equine practice management consultant. Data was collected from nearly 500 AAEP-member veterinarian survey respondents, including practice owners, veterinary associates, academic veterinarians, industry veterinarians, students and retired veterinarians.
Study results are available by registering at IsMyPracticeHealthy.com. The site features searchable business education for veterinarians, a “dashboard” where veterinarians can enter data to track the highest impact indicators for their practice, as well as a “submit a question” feature.
About Merck Animal Health
Today's Merck is a global healthcare leader working to help the world be well. Merck Animal Health, known as MSD Animal Health outside the United States and Canada, is the global animal health business unit of Merck. Through its commitment to the Science of Healthier Animals, Merck Animal Health offers veterinarians, farmers, pet owners and governments one of the widest range of veterinary pharmaceuticals, vaccines and health management solutions and services. Merck Animal Health is dedicated to preserving and improving the health, wellbeing and performance of animals. It invests extensively in dynamic and comprehensive R&D resources and a modern, global supply chain. Merck Animal Health is present in more than 50 countries, while its products are available in some 150 markets. For more information, visit www.merck-animal-health.com or connect with us on LinkedIn and Twitter at @MerckAH.
About Henry Schein Animal Health, U.S.
Henry Schein Animal Health, based in Dublin, Ohio, is the leading companion animal health distribution company in the United States, and the U.S. animal health business of Henry Schein, Inc. (NASDAQ: HSIC). The Company employs approximately 900 team members, including 300 field sales representatives and 200 telesales and customer support representatives. With 12 strategically located, state-of-the-art distribution facilities and 10 inside sales centers, the Company maintains a greater than a 99% order-fill ratio, accomplishing its mission of providing the right product at the right place and at the right time.
Henry Schein Animal Health partners with more than 500 global suppliers to bring veterinarians the broadest selection of health care products to companion animal, equine and large animal practices, including dentistry, diagnostics, diets, equipment and supplies, nutraceuticals, oncology, orthopedics, parasiticides and pharmaceuticals. In addition, the Company helps veterinarians grow their practice with its strategic Business Solutions, including AVImark and ImproMed Practice Management Software, CHOICE Diagnostics, Henry Schein Axis-Q, Henry Schein Financial Services, Henry Schein ProRepair, Henry Schein Rapport, MyVetDirect.com Home Delivery, Practice Partners (HRVetResource, Intelligent Inventory, Leadership Intelligence, Employee Resource Manual and OSHA Compliance), Privacy Edge Identity Theft Protection, Professional Development Program, SmartPak ColicCare, VetPressOnline Client Communications and Veterinary Instrumentation. For more information, visit www.henryscheinvet.com.
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