Veterinary profit and loss calculator
In this article:
- See how the AVMA's P&L calculator can benchmark your veterinary practice's financials against similar businesses.
- Access the calculator tool, available only to AVMA members.
Tracking revenue, expenses, and overall profitability is an important component of running a successful veterinary practice – critical to balancing the books and keeping the doors open. If you're able to compare against other veterinary practices, your fiscal ledger is also a window into your business.
AVMA's veterinary profit and loss (P&L) calculator, available exclusively to AVMA members, turns your statement into a powerful source of insight and awareness that can drive increased efficiency and innovation. This simple tool empowers practice owners to create a personalized profit and loss statement and compare it against other practices with similar staffing or revenue levels.
How does it work?
The tool provides a breakdown of various monthly expenses and revenue sources for your practice, and provides benchmarks for you to compare your numbers against those from practices similar to yours in size. Use it to identify opportunities to change spending patterns, develop new revenue, optimize staffing, or make other improvements to increase profitability and stay competitive.
The tool uses data collected by the American Animal Hospital Association (AAHA). Because a majority of this data comes from companion animal practices, comparisons with other practice types may be inexact.
You may want to have your list of revenue and expenses handy before you start working with the tool.
What next?
Once you've completed your work with the tool, you can download a personalized report comparing your profit and loss ledger against similar practices. Use that as you make decisions about business strategy and ways to increase profitability. Depending what approaches you consider, these additional resources can help advise your next steps.