Written By: Katee Spence, CVPM, MBA.

A Well Managed Practice (WMP) is traditionally defined as a practice that meets benchmarks in the industry from a financial perspective. In the past I would look at these markers and say, yea this practice is well-managed or pretty well-managed. I mean we are talking about EBITDA, COGS % of Revenue, Labor % of Revenue, Client Compliance, and things of that nature. However, as much as we talk about practice culture and providing work-life balance, mental health support, etc. etc. etc. ALL DAY, EVERY DAY I don’t think we have really determined how to measure that or have barely included this in defining a WMP. Although a practice with an 18% EBITDA would be indicative of being well managed, I don’t think we can say that if they are running their employees into the ground, have high turnover, low employee satisfaction, etc.

One of the things that I think we have all struggled with is recruiting, especially when it comes to DVMs, and one thing I have had a hard time navigating is how do I portray the culture of a particular practice in a job ad, Facebook posts for job ads, on LinkedIn, and other places without it coming off as being “too good to be true.” Sometimes I feel like people read ads and think, “Everyone says that in their ad because they know that is what candidates are looking for.” So, to that end I thought, how can we bring this up and think about the interpersonal workings of a practice that would define them as a WMP? Additionally, how do you as a practice owner or manager who is in the thick of it on the daily, taking care of patients, putting out fires, dealing with all of the things determine if you have a WMP when it comes to the softer, less measured side of the business?

Here are some things I think we need to unpack about our practices to potentially uncover this information and take action to either fix things or strategically preserve this if we find ourselves in a good place! First of all, you need to make sure you are keeping up with turnover. To calculate your turnover in the last year you would need to look at how many employees you have on average and divide that by how many separations you had in the last year; you should include all separations despite circumstances. The average for our industry is 23%, and that is much higher than the national average. Therefore, as a whole, I think we should really aim to be lower than this but 23% would be the general range. Some other things to consider are why people are leaving, if you are not doing exit interviews you 100% should do them! This can give you some valuable information about the practice and sometimes even yourself. You need to challenge yourself to take in this information constructively and objectively and really determine if some changes could be made to improve this. I do think that an open-ended questionnaire that the employee leaves on their last day is best to truly give them the opportunity, to be honest. You also need to consider current employee satisfaction as well, and this information can be obtained by putting out a satisfaction survey. I would recommend doing this anonymously using something like survey monkey or otherwise, and also use questions that have been statistically tested. A simple Google search can yield some good employment satisfaction questionnaires that would be helpful.

Once you have implemented some of these things you can really start to determine where your practice stands on a more interpersonal level, and make necessary changes or strategic plans to preserve all of your hard work. We at VV are here to help you do both, and we can help you take in this information and take action! One day it would be nice to not have to say, “This is a Unicorn clinic” in a job ad and hope people believe that and give you a chance! All of us should have “Unicorn” practices that not only would be a WMP by definition of financial metrics, but also the softer squishier side that is oh so important but have missed for many years! I could go into a whole other blog on how to portray your culture to the “outside,” but I will save that for next time.

VerticalVet is Global!


VerticalVet is now part of Vimian’s Group, Veterinary Services segment, VetFamily! Through this acquisition, the VerticalVet team remains the Group Resource Community that you know and trust with more tools and resources on the way.

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Added Benefits


In addition to being able to access key data through VerticalVet’s ViQ Analytics and Elevate Insights platforms, participants also benefit from specific discounts exclusive to ViQ. This includes an extra 2% from MWI, potential eligibility for BI’s Rebate Program, access to VerticalVet Reminders, Care Logistics, a members-only networking platform, and more.

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Real Results


Several practices in our 2021 pilot group were looking to sell and wanted to understand the value of their practice. Using VerticalVet and the ViQ Analytics platforms and methodology, these practices were able to analyze Quickbooks and their own PIMS data, helping better align their inventory, COGS, and fixed costs to increase their EBITA significantly.

What is Elevate Data Insights?

How it Works


Alongside like-minded and non-competitive owners, ViQ groups meet monthly to discuss subtopics within a quarterly theme. While smaller breakouts or one-on-one meetings with Dr. McDonald may happen, ViQ’s unique strength is blending the shared knowledge and experience of the group with the individual participant’s own strategy and practice data.

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Why Join?


Owners have two primary responsibilities: 1) maintaining the long-term viability of their practice and 2) removing obstacles so their teams can be successful. ViQ participants explore key business areas like Operations, Profitability, Human Resources, Leadership, and Whole Team Wellness, improving each area to increase profitability, job satisfaction, and more.

Cost


Joining the PLATINUM program is free for one staff member from each member clinic. Each additional member costs $300. Participants are eligible to receive additional savings for their clinics from our partners, as well as discounts from VerticalVet on Reminders and enhanced Elevate Data Insights.

Not a member yet? Click here. >

Real Results


PLATINUM members actively implement, test, and adopt the concepts they discuss during meetings, often realizing increased revenue and efficiency. Adopting Reminders, for example, helped multiple clinics increase, on average, revenue by up to $81,000 and improved preventative care compliance by 60%.

What is Elevate Data Insights? >

How it Works


VerticalVet facilitates the initial four meetings with a base curriculum: Human Resources, Inventory, Finance, and Digital Marketing. From there, the group decides which topics to pursue in future meetings that best meet the group’s needs and interests.

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Why Join?


The number one piece of feedback that we hear from Practice Managers is that they wish they could talk to someone in their field that is NOT a competitor about how to improve their practice. PlLATINUM provides a simple, efficient platform to have these conversations.

On Demand Learning

Info you want, when you need it.


Dr. Ernie Ward, Executive Director of Education, explores Vet Medicine, Finance, Business, HR and more with a broad range of guest speakers in Elevate, VerticalVet’s member platform. With nearly 30 video interviews available, the information you want is On Demand at your fingertips!

Business Academy Live

Take a deep dive on everything from Wellness Diagnostic Testing to Dental Compliance to the Opioid Crisis and how it can impact your clinic.

Vet Med School Live

Veterinary peers and consultants discuss new advancements, current trends, treatment alternatives and more.

Business & Industry

Experts in Business Growth, Finance, HR and Medicine discuss compliance, managing tricky patients, persistent challenges and other pressing topics.


Let us know what you’d like to hear more about (or if you want to be a guest)!

Reminders

Freedom to focus on what’s important.


Does your team send personal emails or postcards to clients about lapsed prescriptions, missed appointments, or worse? Reminders is your path to greater efficiency (which means more opportunities to provide dynamic patient care). Reminders:

Optimize Communication

Use the extra time to build your social media following AND your relationship with clients when they visit the practice

Boost Client Engagement

On average, Reminders users saw 300+ more clients in a year-over-year comparison

Generate Incremental Visits (and Revenue)

On average, practices using Reminders increased weekly revenue by $1,610 (that’s $81,000 annually)

Increase Compliance

On average, practices improved preventative care compliance 50 – 70% using Reminders


Learn more or get started with Reminders by booking a Healthy Practice Assessment today.

Social Media

Tools to keep you connected.


Your clients use social media to learn more about the world around them, and that includes who is caring for their pet. Be part of the conversation! Our monthly tool kits provide you with templates and ideas to build a winning social strategy.

Content Calendar

Pick a channel and use the guide to plan your month of content using the PIEE method – Promote, Inspire, Educate, Entertain.

Key Performance Indicators

Track and measure your metrics at intervals that matter to you with this simple template.

Hashtags

As the best way to help clients find relevant content, use this hashtag guide for your own posts to create a conversation.

Sample Posts & Graphics

We’ve made it easy to manage your social media with sample posts and suggested graphics – free of charge!


Log in to Elevate to get started! Don’t have access to Elevate? Contact us to get connected.

Custom Campaigns

Ready to get it done?


With a little planning, your practice can elevate its marketing quickly. Here’s a step-by-step breakdown of how to put together a Compliance Improvement, WinBack, New Client Acquisition, or Home Delivery campaign. Check it out!

1. Call Us! Before we do anything, let’s talk about your goals

2. Schedule a Healthy Practice Assessment. This creates the basis of your plan.

3. Data! We provide a report and recommendations based on your PMS data.

4. Green Light. You decide on your plan and the campaign to start with.

5. Images, Emails, and Post Cards Creation Oh My! – Don’t worry, we got this 🙂

6. Book a meeting with your team to talk process (transparency is key).

7. Launch? Launch! We will tweak and test along the way.

8. Results: In 90 Days, you’ll be able to truly see the fruits of your labor.


Contact us to get started!

Terms and Conditions


Recitals

Practice is a licensed veterinary practice. VerticalVet (“VV”) is a Veterinary Group Purchasing Organization (“GPO”). Practice desires to join VV to use VV as its preferred GPO, and VV desires to add Practice to its GPO.


Agreement

In consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:

1. VerticalVet Membership

  • The VV annual membership fee is up to $695 (“Fee”) for practices. Practice will never receive an invoice from VV; the membership fee is retained from accrued Practice rebates (“Accrued Rebates”) as described in Section 4. The Fee total cannot exceed $695, but fees for additional services may be assessed as provided in Sections 2 and 3.
  • Notwithstanding anything herein to the contrary, VV retains the right to modify (i) the Fee no more than annually upon written notice provided to Practice, including an opportunity to opt-out, and (ii) the payment schedule for Accrued Rebates. Practice may review Accrued Rebates by contacting VV at any time.
  • Any VerticalVet member practice can participate in either of VV’s Peer Share programs:
    • The Platinum Program for Practice Managers
    • The ViQ Program for practice owners

Each member practice may have 1 representative join either program at no additional cost. If Practice desires to add additional Peer Share participants, Practice’s Peer Share program fee increases by $300 per additional Peer Share participant. Information about the Peer Share program is available at: https://verticalvet.com/peershare/

2. Boehringer Ingelheim Invitational Program

  • For an additional $450 per year (paid for by BI), a Practice may participate in VV’s Boehringer Ingelheim Invitational SBG Program. This program is an add-on and is offered on an annual invite-only basis to less than 90 VV member practices. Other terms and conditions apply. Information about this program can be provided by the VerticalVet Member Resource Team. Please direct inquiries to memberresources@verticalvet.com.

3. VV Program Benefits

  • VV negotiates with manufacturers, providers, and suppliers (“Providers”) of medications, foods, sundry items, and services, including medical and business-focused continuing education programs, to secure Practice benefits (“Benefits”) that, when possible, meet or exceed those offered by other GPOs.
  • Benefits are listed in detail on VV’s website, www.verticalvet.com, and updated as Benefits are added. Practices are not required to make minimum purchases to participate.
  • Total Fee: The Fee, Platinum Fees, and Data Insights Fee are collectively the “Total Fee.”
  • VV administers, collects, and pays Practice Accrued Rebates exceeding the Total Fee annually. If the Total Fee is met, and Accrued Rebates total less than $25.00, they shall be applied to the following year’s Fee. Practices should expect rebate payments sometime in quarter 2 of each year for the prior year’s Practice Accrued Rebates. If Practice does not accumulate Accrued Rebates to cover the Total Fee, VV covers the balance.

4. Conditions
The following are conditions of membership:

  1. Practice is not required to withdraw from any other GPO to be a member of VV, however, Practice must be coded “Preferred VerticalVet” by VV’s major vendor partners and any partner that overlaps with the Practice’s other GPO. These vendors include but are not limited to MWI Animal Health, Antech Diagnostics, Zoetis, Royal Canin, and Boehringer-Ingelheim.
  2. Benefits secured by VV may exceed benefits offered by other GPOs; but this is not guaranteed for each Benefit offered.
  3. Practice must retain its license to practice veterinary medicine, or its membership shall be automatically terminated.
  4. Practice authorizes VV to share its identifying information with Providers to the extent necessary to set up and demonstrate Practice’s authority to purchase and use the Benefits offered.
  5. By executing this VV agreement, Practice acknowledges that VV is Practice’s preferred GPO and will be recognized as such with participating VV vendors.
  6. Practice authorizes VV and its manufacturing, distribution, and other vendor partners to share general sales information related to Practice’s purchasing activity with VV. This information will be used solely to assist Practice in maximizing its benefits through VV offerings, including achieving rebate, sales, promotional goals, and custom vendor campaigns.

5. Confidentiality
The parties acknowledge that the existence of this Agreement, all information related to it, and anything conspicuously marked confidential is confidential and proprietary (“Confidential Information”). Confidential Information shall not be disclosed for any purpose unrelated to this agreement without the prior written consent of the other party. Confidential information is not:

  1. Information that publicly becomes known through no fault of a party hereto.
  2. Information received from a third party authorized to disclose it.
  3. Information developed independently by a party.
  4. Information a party is required to disclose by government authority or a court of competent jurisdiction.

6. Representations and Warranties
Each party represents and warrants that it is authorized to enter into this Agreement, will carry out its terms promptly and professionally, and will comply with all applicable laws and regulations.

7. Independent Parties
The parties are independent entities. Nothing in the Agreement is intended to create an agency, partnership, joint venture, or fiduciary relationship between the parties, and neither party has the authority to act for or on behalf of the other except as provided in the Agreement.

8. Term
This Agreement begins on the Effective Date, continues through its one (1) year anniversary, and automatically renews for subsequent annual terms upon the conclusion of the prior Term. Practice or VV may terminate this Agreement at any time, but no portion of any annual Fee is refundable.

9. Notice
Notice required or permitted in the Agreement shall be in writing and sent by electronic mail, subject to confirmation receipt requested to VV’s ‘Contact Us’ email address provided at www.verticalvet.com and to Practice’s email address provided during online registration. All such notices shall be deemed received the following business day from the date it was sent.

10. General
This Agreement constitutes the entire understanding of the parties and supersedes all prior communications and understandings. It may only be amended in a writing executed by both parties. Practice may not assign it without the written consent of VV. The Agreement shall be governed and construed under the laws of the state of Ohio. Any dispute regarding the Agreement shall take place in the state or district courts of Franklin County, Ohio. If any provision is found invalid or unenforceable by a court of authority, the remaining provisions are valid.

11. Execution
This Agreement, by its presence on the website, is executed by VV and becomes a binding Agreement when Practice accepts it and completes their registration.