Drivers of Income and Economic Growth in Mixed Animal Veterinary Practices

Abstract

Business management techniques, procedures, and services can impact the overall economic success of veterinary practices. Gross practice income and income growth rate are two important metrics for gauging practice economic well-being. Practices with higher economic growth rates have been associated with utilization of specific business management techniques, including the frequency of updating prices and the employment of a business manager. Every practice has a brand, or perceived value by the client base, and practices can generate a long-term plan to capitalize on competitive advantages. Providing convenient client services and actively communicating with clientele promotes economic success.