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How much income should a vet generate in your veterinary practice?

Posted in Vet question? Vetanswers.. @ Nov 10th 2015 - By Judy Gillespie & experts
Vetquestion

A Vetanswers member sent me this question via email....

"I would like to know what multiplier is the average figure when determining the income that a Vet should generate in a practice?  I have heard the 5x multiplier of their salary to be brought in as income at many conferences but wanted to know if you have update information please?"

I didn't have any current information to hand so I sent the question to the Consultantsyltant who are part of the Vetanswers Business Directory and here are their responses. Hope you find them useful:  

Diederik Gelderman, Turbo Charge Your Practice

"The 5 x multiple is easily obtainable by an employed vet working in an average practice with a good client load who doesn't miss charges or discount excessively - especially 4 or so years after graduation. New grads start at a slightly lower rate but with the right training can rapidly build up - give them 6 months or so.  The average vet should easily be able to produce $500K pa" 

Diederik also very kindly put together a resource on the topic (even with a hand injury!) and said: “I'm often asked, "What 'figures' should my associates be producing?" And that's a topic that I could talk to you on all day. However, I've made this simple spreadsheet just for Vetanswers members to make their lives easier. It's not perfect - but it's close and it will go a long way to answering your questions about associate (and owner) productivity” 

Click here to download: Turbo Charge Your Practice - Doctor Productivity Report Chart

Click here to visit the Turbo Charge Your Practice Page in the Vetanswers Business Directory

 

Tanja Mimica, Consultmates

"In my opinion, each vet should be generating 4.5 times their salary. The way this is calculated can vary, so it's important not to focus so much comparisons between practices, unless you know they are being calculated the exact same way.

For example, when calculating wages paid, are sick days and annual leave included? What about overtime, on call rates and any benefits? Similarly, how do you attribute income generated to each individual vet? If Vet A does the consult and admits the patient to hospital where Vet B performs further workup and procedures, how is the revenue generated split between the two vets for the purposes of this calculation?" 

Click here to visit the Consultmates Page in the Vetanswers Business Directory

If you have a question you would like to ask either Diederik or Tanja, just ask it in the comments section below

If you have a question you'd like to ask 'Vet Question? Vetanswers!' just email me and if I don't have the answer, I'll ask those in the Vetanswers Community that do!

 

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