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. (And for 2018, thanks to VetSuccess, the study will report on data direct from the practice information management systems of participants).
- 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?
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.
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.
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.
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.
What's New for WMPB 2017?
WMPB 2017 is bursting with the latest trends in WellMP – from pricing guidelines, revenue boosting advice, expense management standards, and the hottest compensation and benefits developments – it’s all here and designed to help you join the WellMP club.
And WMPB has a whole new look! We’ve rebranded and reformatted for improved flow and readability.
Finally, the study is now available in print and digital formats. You can choose! The print version is now available as a softcover or hardcover book instead of a binder.
Is Your Practice a WellMP?
Find out if your practice qualifies to participate in future studies! Our survey will only take a few minutes.