TORONTO, June 12, 2019 /PRNewswire/ — Veterinary practices in the US and Canada finally have an effortless way to align their revenue codes to the industry-endorsed AAHA/VMG Chart of Accounts, thanks to the new Practice Overview Report from VetSuccess.
With the report’s new revenue breakdown, practice managers and owners can benchmark where their dollars come from using an apples-to-apples comparison against other practices.
As of 2017, AAHA, AVMA, VHMA, and VetPartners all endorsed the AAHA/VMG Chart of Accounts as the industry standard for classifying revenue, expense, and balance sheet accounts in small animal veterinary practices.
For practices to align, they must classify every code in their practice management software to follow the AAHA/VMG Chart of Accounts. It’s speculated that the risk of altering historical data and the time involved to change codes is a hinderance to adoption of this industry endeavor.
With their proprietary mapping tool, VetSuccess will now automatically align practice revenue in the Practice Overview Report to the AAHA/VMG Chart of Accounts, regardless of how each practice has revenue coded in their practice management software.
Practices no longer need to spend weeks reclassifying every transaction code just to align with the AAHA/VMG Chart of Accounts.
“VetSuccess is proud to support this important industry initiative to standardize revenue data,” says VetSuccess CEO Martin Traub-Werner. “We’re thrilled to give veterinary practices an easy way to gain perspective and set reasonable performance expectations with benchmarks. The reclassification safely happens behind the scenes and does not change any codes in the practice management system.”
The Practice Overview Report appendix now includes a print-friendly revenue statement with revenue per patient benchmarks in each revenue category. According to Traub-Werner, this powerhouse report handles half the heavy lifting required to determine practice profitability.
To learn more about the Practice Overview Report, schedule a consultation at Vetsuccess.com/join/get-demo/.
VetSuccess (Vetsuccess.com) is a membership service specializing in the delivery of data-driven practice management solutions, including monthly practice performance reports, dashboards, and automated marketing solutions. Industry-leading analytics experts make sense of the data in practice management software and compile the most important metrics to help veterinary practices to be more efficient, more focused, and more successful.
Martin Traub-Werner, Founder and CEO