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VetVine Client Care
Open Book Management
Practice Management
This is a Practice Management Pearl from Sandy Walsh, RVT, CVPM:
Is Open Book Management a scary thought at your practice? For most practices it is. How can we expect our teams to understand the cost of doing business if we don't give them some basic information? They see what the clients are charged and how much money comes in to the practice every day. If your team does not understand where the money really goes, they make the assumption that it goes straight into the owner's pocket.
How much information and what information should you share? It depends on the team you have and the position they hold in the practice. Everybody wants a little bit of information, and some want a lot. The basic information that every team member should have is the cost to open the doors each day. This generally includes facility costs, administrative costs and employee costs. You can calculate this number. Just take a look at your monthly financial statements. Do the math for your practice and share it with the team. If you are not comfortable sharing more - don't. You don't want the team to think the only focus is on finances.
When you do share the financial information the team has a better understanding of how they can personally make a difference. Whether it is a renewed effort to schedule those follow up exams or an increased focus on increasing fee capture and decreasing discounts, knowing some basic financial information will benefit the practice and the team.