3 Vet Practice Money Wasters You’re Missing

Between performing exams, managing your techs, doing diagnostics, and so much more, you have a lot on your plate.

You’re busy.

Some things are bound to slide under your radar or, more specifically, go unnoticed on your profit and loss sheet (P&L).

I understand it’s not easy to stay on top of everything. At the end of the day, you’re a doctor before you’re an accountant or a manager.

But you may be losing money that could be reinvested into improving your practice.

Money wasters might be burning a hole in your pocket without you even knowing.

Here are 3 money wasters to check on:

Expired Inventory:

Without a clear record, meds might be getting thrown out without you even knowing.

You need to keep a careful record and buy inventory for your pharmacy strategically to avoid as much waste as possible.

Underutilized Equipment:

If you have expensive equipment or supplies collecting dust, you should take a look at whether or not you actually need it.

If you don’t, consider selling the equipment so you can reinvest in equipment better suited to serve your patients.

Excessive Use of Paper Records:

Relying heavily on paper records can lead to an inefficient process that sucks up a lot of your staff’s time, as well as being costly in terms of storage, printing, and organization.

Transition to an electronic health records (EHR) system helps with more streamlined and cost-effective record keeping.

Keep Up with Your Practice’s Financials

It’s difficult to stay on top of everything when you’re in so many roles at once.

One way to make tracking the profitability of your practice easier is with key performance indicators (KPIs).

I list the 5 KPIs I suggest all practices implement in my Guide to Tracking Practice KPIs.