How is your practice doing?
See how your practice compares money-wise to others nationwide with the Economy Tracker, a database designed to measure the impact of the economy on veterinary medicine. Released by the National Commission on Veterinary Economic Issues (NCVEI), the Economy Tracker allows practice managers and other team members to enter their practice's data and see how the practice is doing. (To ensure users are legitimate, the tool requires you to create a profile using an AVMA or AAHA membership number.) The end result is an analysis of the change in your practice's gross revenue, transactions, and average transaction charge from 2007 to 2008.
Approximately 250 practices have already entered their data, and the Economy Tracker reports that revenue growth in veterinary practices has averaged 5 percent per quarter compared to last year. However, this is less than half of the growth practices saw during the last several years.
In addition to analyzing the change in growth, the database also offers detailed strategies for successfully weathering the economic downtown. Ultimately, information will be available by practice type and for various demographics, such as region and state.
The NCVEI Economy Tracker is free to all AVMA and AAHA members. Visit NCVEI.org to access the tool.