The second in a four-part webinar series from the American Association of Bovine Practitioners (AABP), “Partial Budgeting”, is now available. Building on the first webinar, "Constructing a Value Proposition,” released in January, the new webinar describes how veterinarians can develop a partial budget, and determine a breakeven point for a service and the value of a time line for each proposed service.
Utilizing this tool and looking at the value that various services may have for a client from the client's viewpoint will help generate a list of several services a veterinarian can offer. Services that bring value to clients may vary in expenses to learn, practice and implement, as well as the amount of time to learn them and become proficient. Therefore, formulating a partial budget, calculating a breakeven point and outlining a timeline will help practitioners see the short term effect that implementing various services may have on their veterinary practice. Knowing the implications of adding a service, and having a written budget with an expected breakeven point, will help prevent surprises that may occur as new services are undertaken by a practice.
Dairy practitioner Nick Chuff, DVM, Ilion, N.Y., is on the AABP Veterinary Practice Sustainability Committee that created the webinars. Chuff has used the concept of partial budgeting for years in his practice, and encourages veterinarians to use the information in the webinar to improve their businesses. “The ‘Partial Budgeting’ webinar builds on the first webinar by providing the tools that will aid a veterinarian in evaluating what new services to implement and then to effectively monitor their effect on the bottom line for you and your clients,” Chuff says. “It allows veterinarians to systematically look at the positives and negatives of providing these new services.” 2
As an example, the partial budgeting techniques and information in this webinar could be used to compare offering nutrition services which is of high value, can be learned in seminars and can involve some software expenditure, versus in vitro fertilization services that are also of value, but training expenses, equipment and time to learn and practice may be significant before reaching breakeven or a profit.
“This information not only helps us to evaluate the feasibility of providing a new service,” Chuff adds, “but also allows us to aid our clients in determining the cost vs. benefit of a new service to them, and therefore helps us more effectively market it. The advantage of the webinars is that they are very well organized, easy to understand, and will be very useful for veterinarians that have never used them before.”
It’s recommended that veterinarians view the first webinar, “Constructing a Value Proposition”, before viewing the “Partial Budgeting” webinar as the second one builds on the first. AABP members can access this and future webinars for free by logging in at www.aabp.org, then click on Resources and Webinar Series. Non-members who would like to view the webinar can find it online at the Kansas State University Beef Cattle Institute website at https://www.animalcaretraining.org/VPS/PackageDetail.aspx. The cost is $50 per webinar for non-AABP members.