Financial Management of the Veterinary Practice

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Maybe you’re new to the financial side of the practice. Or maybe you’re just ready to take your skills—and your practice—to the next level. Whether you’re financially savvy or skittish, Financial Management of the Veterinary Practice is the one ally you’ll need. Easy to understand and brimming with examples, this all-in-one resource provides foundational financial information attuned to veterinary professionals. Learn how to establish sound operational processes, make informed decisions, and increase financial success with user-friendly

features like:

Charts, tables, checklists, and sample reports
to illustrate the concepts
Key calculating ratios for measuring
profitability and productivity
Tips on how to communicate effectively with
financial professionals
Best practices for short- and long-term planning
A glossary of financial terms
Real-world examples

Recommended reading by the CVPM certification program, offered by the VHMA.

Justin Chamblee, MAcc, CPA, is a financial services manager for Coker Group. He works with clients in a variety of financial areas and ventures and has contributed to Coker publications, including Physician Entrepreneurs: Strength in Numbers—Consolidation and Collaboration Strategies to Grow Your Practice and Physician Entrepreneurs: Going Retail—Business Strategies to Grow Beyond Traditional Practice Models.

Max Reiboldt, CPA, is president and chief executive officer of Coker Group. He is a prolific author and an accomplished public speaker on health-care management topics.

Preface

1. Foundational Elements of Financial Management and Reporting Standards

Understanding Financial Statements
Proper Financial Statement Structure

Characteristics of Good Financial Reporting
Reporting Veterinary Practice Operating Results
Financial Analysis Simplified
Case Study: Financial Statement Analysis
Summary

2. The Revenue Cycle
Components of the Revenue Cycle

Steps to Ensure Revenue Maximization

Revenue Enhancement

Sources of Revenue

Productivity Defined

Ancillary Services

Summary

3. Controlling Expenses

Expense Management

Types of Expenses

Major Classifications of Expenses

Summary

4. Assessing the Effect of Financial Performance

Firsthand Analysis of Financial Performance

Other Indicators to Watch

Measures of Productivity

Variance Analysis

Balance Sheet Considerations

Role of Outside Professionals

Summary

5. Ratios and Benchmarking

Ratios

Benchmarking the Veterinary Practice

Summary

6. Cash Management and Associated Internal Controls

Developing Banking Relationships

Fraud and Embezzlement Prevention

Credit Cards

Petty Cash

Summary

7. Budgeting, Pro Formas, and Other Financial Planning Processes

Budgeting

Pro Forma Statements

Business Plans

Feasibility Studies

Capital Acquisition and Investment Scenarios

Summary

8. Supplemental Financial Reports

Dashboard Reports

Flash Reports

Detailed Reports

Summary

9. Information Technology and Financial Management

Going Paperless

Conducting a Successful Implementation

Data Backup and Recovery Protection

Summary

Glossary

Index

Watch the video to learn why every veterinary practice should have a copy of Financial Management of the Veterinary Practice.

“Financial Management of the Veterinary Practice has been such a valuable resource to me during my career. I originally purchased the book because it was on the CVPM prep reading list. It helped me tremendously as a hospital manager. Now that I am in a regional role and helping to train and develop new hospital managers, I recommend it to all of them. I am reluctant to loan out my copy, so I usually just end up just buying them their own.”

—Kaite King, RVT, Regional Operations Director, NC5, and Camp Bow Wow, Fair Oaks

Look inside!

Financial Management of the Veterinary Practice

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