Byron Farquer, DVM, CVA ~
Challenges awaits each day as we swing our legs out of bed, whether its concerns for the economy or just dealing with snarled traffic on the commute to work. For many, one more can be added to the list: working more, making less. Recent statistical analysis completed under the direction of Dr. Jim Stephenson revealed an interesting and alarming trend developing in the veterinarian industry. Nationwide statistics from over 600 practices were analyzed, and his work reveals some interesting changes. The chart below illustrates that the gross revenue generated per doctor (GRS) has increased. There has been a sharp positive improvement regarding doctor productivity, including those practices with annual total gross revenues in excess of one million dollars. Simply put, doctors are producing more revenue per work hour in 2013 than just a decade ago, but that is only half of the story.
Read the entire story as printed in the May 2014 issue of the SCVMA Pulse