In Trimester 3 the focus is very much on measuring the performance of individual team members and where opportunities are identified, implementing strategies to maximise their contribution to practice revenue.
Pro-rata Full-time Equivalents (PRFTE)
To permit accurate comparison with national benchmarks and to allow for typical variation in hours worked by employed vets we will normalize many parameters to pro-rata a full-time equivalent employee per year.
To do this; divide the typical hours FTE would work in your business (assuming 38hrs per week and 4 weeks annual leave a year i.e. 48 x 38 = 1824 hours) by the actual hours worked by the individual. Then apply this ratio to the parameters you measure.
Where possible, unless otherwise stated, please measure these parameters over the preceding 12-month Calendar period. If the employee has not worked with you for an entire year extrapolate what the resulting hours would be over a 48- week period based on their number of hours worked to date.
If you are getting data from profit Diagnostix, FTE is in hours not opportunities.
VET REVENUE BENCHMARKS
Accuracy for these benchmarks will be greatest if you aim to calculate your data over the last 12 months. For team members that have been with you for less than 12 months you may need to extrapolate from the period they have worked. Please see the data tips sheets for greater detail on how you might extract this data from your VBMS.
Average Transaction Fee per Vet
Calculate the average transaction fee for a full-time equivalent vet in your practice. If this individual does mostly surgery, please indicate this in your notes.
NB: Please present this dollar value exclusive of GST
Veterinary Fees Generated : Veterinary Salaries Ratio per Vet
The 5:1 rule applies to this statistic.
“Veterinary Fees” Please include veterinary specific services and veterinary medications provided in the course of veterinary work. Ideally exclude non-veterinary services e.g. grooming and unrelated merchandising and/or OTC unrelated to clinical service.
NB: Please present this dollar value exclusive of GST
“Veterinary Salaries” include wages, bonuses, fringe benefits (e.g. car) and super. Include ‘true market rate’ adjustments for clinical work done by owner/s not already included in payroll: for this benchmark we use pro-rata $100,000 per 38hr week plus super.
For the most accurate result calculate this fee for each individual vet over the last 12 months in your practice (or less for new employees)
Transactions per Vet PRFTE /year
Number of transactions per vet PRFTE /year excluding any zero invoices.
Total Revenue Generated PRFTE/year
The total revenue generated per vet PRFTE/year expressed as a dollar figure.
NB this total should be exclusive of GST. To double check your accuaracy – Total Revenue Generated should be close to equal the Average Transaction Fee multiplied by the Transactions Per Vet.
VET SERVICE BENCHMARKS
Once again accuracy for these benchmarks will be greatest if you aim to calculate your data over the last 12 months. For team members that have been with you for less than 12 months you may need to extrapolate from the period they have worked. Please see the data tips sheets for greater detail on how you might extract this data from your VBMS.
Consults per Vet PRFTE/year
Please present the main scheduled consult duration for your practice excluding any consult fee that may be charged when vaccinating (if this fee system exists for vaccs in your practice).
Revisit Consults per Vet PRFTE/year
Number of revisit/repeat consults per vet PRFTE /year.
Revisit Consults/Primary Consults as %
Revisit Consults per vet PRFTE/year divided by Consults per vet PRFTE/year and expressed as a percentage.
Dentals per Vet PRFTE/year
Number of dental procedures per vet PRFTE/year in your practice excluding in- consult dental examinations.
Dental Radiographs per Vet PRFTE/year
Number of patients radiographed for dental procedures, per full time vet equivalent per year in your practice.
NB: If you take multi views per patient, e.g. four, this would still count as 1 patient radiographed. If Radiographs are performed as part of a package for dentistry, please use these numbers.
General Anaesthetics per Vet PRFTE/year
Number of general anaesthetics performed per vet PRFTE/year in your practice. Please include anaesthesia associated with de-sexing and dentistry.
Please include anaesthesia instances where it may be included as part of a package price e.g. with de-sexing and dentistry.
Surgery Performed per Vet PRFTE/year
This parameter assesses how much surgery an individual is performing and is normalized to pro rata a full-time equivalent vet to help permit more accurate comparison to benchmarks. The purpose of this benchmark is to identify individual vets that could benefit from training and development that would make them more confident and efficient in performing routine and non-routine surgical procedures.
The best way to calculate this, is to use your VBMS to search for individual instances of surgery being performed by that team member in the period assessed. Of course allowances must be made for team members who don’t have equal access to surgery shifts when assessing this benchmark.
N.B: please be sure to include de-sexing in the tally for surgery.
Hospitalisation Charged per Vet PRFTE/year
With this parameter we are looking for how much work in the hospital is attributed to caring for sick patients e.g. medical care, diagnostic work-ups. Once again, we are also looking to see if an opportunity to develop team members in medical case management.
Calculate number of 24 hour periods of hospitalisation charged per vet PRFTE/year e.g. approx. 48hrs of hospitalisation would be 2 OR hospitalisation just for the day would be 0.5.
Where possible, record only medical case admissions and don’t include day hospitalisation for surgical procedures. If accurate searching does not permit this, the total number of surgeries (with a factor of 0.5) could be removed from the total number of hospitalisations.
Radiographs per Vet PRFTE/year
Number of patients radiographed per year per vet PRFTE; count multiple views in a single examination as one, include multiple separate radiographic examinations for the same patient if applicable and exclude dental radiography.
In-house Cytology per Vet PRFTE/year
Number of in-house cytological samples performed per vet PRFTE/year in your practice e.g. FNA, skin scrapes, ear smears
Blood Tests Run per Vet PRFTE/year
Number of blood tests run per vet PRFTE/year that includes more than 1 body function e.g. PABT, MBA/GHP. Exclude things like serial progesterone assays, serial blood glucose, serial PCV’s LDDST’s, ACTH stims, serology which all technically fall under the 1 body function banner.
VET SALES BENCHMARKS
If you are not already monitoring the following benchmarks, this data will need to be collected looking forward ideally over the few months prior to the data submission date. Please see the tips sheet for more detail on how these can be produced using your VBMS.
Please note it is critical to start work executing the collection of these figures as soon as possible.
Estimates Given Per Opportunities
This benchmark serves several purposes. Firstly, it helps measure how often your vets are recommending procedures and assesses that relative to the actual number of opportunities to do so in a certain period. The more aligned with gold standard practice the vet is, the higher the number of procedure recommendations tends to be. This parameter is also important when assessing team members’ ability to convert these recommendations into sales (see below).
For the purpose of our benchmarking we will deem “opportunities” to be the main occasions where vets might recommend a procedure to owners i.e. First consult, revisit consult, final vaccination, annual vaccination.
The number of opportunities will need to be calculated for each individual vet for the period being assessed. As opportunities vary dependant on the full-time or part time and regular shifts worked, this helps make an assessment of recommendations and conversions.
We will deem “procedures” as any medical, surgical or diagnostic work that involves admission of the patient. We will exclude any procedures that are performed by the vet during a consultation as these should be captured in the other individual vet performance parameters.
Ordinarily recommendation of a procedure will involve the provision of an estimate; either provided in writing or in the case of an immediate admission this may be, as a minimum, a verbal estimate that is referenced in the consent form and patient history.
If no specific reporting function exists in your VBMS to directly measure estimates given a basic system to measure can be created; create a zero cost invoice item titled “Estimate given” and ensure your vet team enter this whenever a procedure is recommended. This will serve as a marker you can search for to provide a measure of estimates given for each individual vet.
Conversion of Estimates (%)
This is an equally powerful parameter that assesses a veterinary team member’s ability to have the procedures they recommend to owners actually booked-in and performed for the patient. In effect we are assessing the individuals ability to close the sale.
The way to calculate this percentage is by comparing the estimate a list of actual procedures performed (or booked to be performed) to the list of the estimates given for the period being assessed.
NOTE: While performing this measurement, you can simultaneously generate a list of Estimates Given but Not Converted. A highly beneficial exercise is to have this list generated regularly and provided to vets and/or support staff to follow up with phone calls to the clients.
Desexings Booked from Final Vaccinations Visit
There are direct and indirect benefits from maximising the number of young patients that go on to have their de-sexing procedure at your practice. An excellent system for maximising this is to pre-book these patients for their upcoming de-sexing at the time they visit the practice for their final vaccination. If you don’t already utilise this system, please ensure that your veterinary team are educated as to the why and how to achieve this and begin measuring their success in doing so. A simple calculation could be made by generating a list of all completed vaccinations and a list of all completed de-sexings, then comparing the two.
SUPPORT STAFF SALES BENCHMARKS
As with the vet sales benchmarks, if you are not already monitoring the following benchmarks, this data will need to collected looking forward ideally over the few months prior to the data submission date.
Please see the tips sheet for more detail on how these can be produced using your VBMS.
Phone Call Conversion to Consult (%)
Regular primary consultation bookings are one of the keys to having a successful veterinary business. One of the many key functions of support staff, in particular the reception team, is to field new phone enquiries regarding sick pets and arrange for them to have a consultation with a veterinarian.
Using a phone log, makes it possible to measure the ability of your support staff to convert enquiries to a consultation. This parameter can help identify if team members need additional training or scripting to assist them with making consultation bookings.
You are welcome to use the Phone Log template provided to you by Lincoln for this.
De-sexing Enquiry Conversions (%)
While de-sexing procedures aren’t generally the most profitable procedure in veterinary practice they are an excellent opportunity to bond with a client and often lead to additional services being provided. De-sexing enquiries can prove a greater challenge to convert to a booking as there is less urgency, competition is generally tight and as a result this service is routinely price-shopped.
Measuring de-sexing enquiry conversions can give a strong indication of a support staff member’s ability to sell procedures generally and also whether additional training and scripting around de-sexing would be beneficial. Using your phone log is the key to measuring this KPI. Please refer to the Phone Log template provided by Lincoln.
Counter Sales Per Hour Reception ($)
This parameter is a measure of support staff member’s ability to sell things other than services while working on reception. As practices might have dedicated receptionists and/or nurses who rotate through reception the best way to normalize this parameter is to divide total counter sales ($) by hours worked at reception for the period assessed.
Once again, measuring counter sales can give a strong indication of a support staff members ability to sell generally and also whether additional training and scripting around product and food sales would be beneficial.