American Association of Bovine Practitioners (AABP) offers the fourth webinar in a four-part series on practice management, called “Measuring the Impact of Your Value Proposition.” Following the first three webinars “Marketing Your Value Proposition”, “Constructing a Value Proposition” and “Partial Budgeting”, this webinar offers the viewer advice on how to apply strategic and analytical tool to evaluate financial data, identify opportunities and plan for a future of improved success.
Any veterinary practitioner concerned about practice sustainability, profit and efficiency will benefit from this webinar because it introduces the tools to analyze the various segments of a practice whether they are bovine, equine, etc., or even further segmenting within bovine profit centers such as cow-calf versus feedlot, or even segmenting clients by product need, such as dairy seed stock farms versus commercial dairy farms or show cattle herds.
Webinar 4 explains the difference between tax accounting and management accounting, and offers a tool for analyzing financial data from previous years as well as a tool to prepare for the future. “Viewers will see how they can get a snapshot of their practice's financial performance as well as a means to use benchmarking within their practice to move from their present reality to an improved future reality,” says David Welch, project leader of AABP’s Veterinary Practice Sustainability Committee that created the webinar series.
One concept that is covered is "activity based costing" that allows one to calculate the cost of providing a specific service. Analyzing segments or activities will allow the owner to identify activities that increase the profit margin and those that are decreasing the profit margin.
It’s recommended to view Webinars 1, 2, and 3 to maximize the benefits of Webinar 4. AABP members can access this and other webinars for free by logging in at aabp.org, then click on Resources and Webinar Series. Non-members wishing to view the webinar can find it online at the Kansas State University Beef Cattle Institute website at animalcaretraining.org/vps. For non-members, the cost is $50 per webinar.