Well-Managed Practice Benchmarks Study
What differentiates WMPB from other veterinary industry benchmarks?
There are three specific elements of our methodology that set us apart:
- In our study, we’re not just aggregating numbers from practices. We’re looking for the benchmarks from Well-Managed Practices® (WellMP®) and being a WellMP is more than just posting good numbers.
- It takes more than great numbers to be a WellMP. Imagine a financially successful practice that has extremely high turnover and low employee morale. Or perhaps they do no marketing. We don’t consider a practice like that to be well-managed. We’re leading the charge in understanding all the elements of being a WellMP.
- To get at the essence of what’s happening in a WellMP, we meticulously review survey responses, speak with the owners and employees of the practice, and get to know the practice in-depth. Naturally it’s not possible to visit and know all the practices that participate in the study, yet we make every effort to meet with as many as possible and it’s a key differentiator. We feel confident that participating practices stand out because of their commitment to quality and success.
What is a WellMP?
Pillar I
In WellMP, Patients Come First
The entire practice team never loses sight of why they do what they do – to protect and maintain the health and well-being of animals. The patient drives the medicine, and the medicine drives the business.
Pillar II
WellMP Owners Foster a Culture of Respect
They value and appreciate all their team members, as people first, and strive to help them achieve their potential.
Pillar III
The WellMP Experience Builds Positive Reputation and Goodwill
WellMP attract and retain clients by creating positive first impressions and going the extra mile to deliver a “WOW” experience from start to finish for both the client and the patient.
Pillar IV
A WellMP Operates Efficiently
These practices earn enough profit to have a healthy amount of revenue left over after paying all of the variable and fixed costs, non-doctor staff compensation, and facility expenses. A WellMP averages a profit-to-gross-revenue ratio of 32 percent to 42 percent.
Is Your Practice a WellMP?
Find out if your practice qualifies to participate in future studies! Our survey will only take a few minutes.
How is WMPB Evolving?
While the COVID-19 challenges continue to create opportunities for all of us to evolve and innovate, we know that veterinarians and their team will continue to lead the way forward in the profession. We are looking forward to being right there with you. With evolution in mind, Brenda and Denise decided to modify how WMPB researches and publishes the Well-Managed Practice Benchmarks Study. Starting with the Revenue 2020 publication, and the latest Telehealth 2021 publication, WMPB will now conduct shorter research surveys and publish the results every six months, versus one large survey and publication every 2 years.
Telehealth is the second publication in this manner. Next up will be Fees, and finally Operating Expenses and Compensation and Benefits.