Veterinary Practice Metrics: What Every Practice Manager Should Track and Why
Veterinary Practice Metrics: What Every Practice Manager Should Track and Why
Running a veterinary clinic is as much about delivering quality care as it is about managing a successful business. As a practice manager, you’re responsible for ensuring the clinic operates efficiently, profitably, and with a high standard of client and patient care. But how do you know if you’re on the right track?
The answer lies in metrics. Tracking the right data helps you make informed decisions, spot inefficiencies, and identify opportunities for growth. In this post, we’ll break down the most important metrics every veterinary practice manager should monitor and why they matter.
1. Revenue Metrics
Total Revenue
What it is: The total amount of money brought in from all services, products, and procedures over a given period.
Why it matters: This is the clearest indicator of the financial health of your practice. Steady or growing revenue suggests business is strong. Sudden drops can signal underlying problems.
How to track it: Pull monthly and year-to-date reports from your practice management system or accounting software.
Revenue per Veterinarian
What it is: Total revenue divided by the number of full-time equivalent (FTE) vets.
Why it matters: This metric reveals individual productivity and helps identify if staffing levels are appropriate for demand.
How to track it: Use revenue reports from your PIMS, divided by active FTE vets.
Revenue by Service Category
What it is: Breakdown of income from exams, surgeries, diagnostics, boarding, grooming, and other services.
Why it matters: Shows what services are most profitable or underutilized. Can guide pricing, training, or marketing efforts.
How to track it: Use service code filters in your PIMS or reporting tools.
2. Client and Appointment Metrics
Average Transaction Value (ATV)
What it is: The average amount spent per invoice.
Why it matters: A low ATV may indicate missed charges, underdiagnosing, or undervaluing your services. A high ATV might raise concerns about accessibility.
How to track it: Total revenue divided by the number of invoices. Most PIMS calculate this automatically.
Client Retention Rate
What it is: The percentage of clients who return to your clinic over a 12-month period.
Why it matters: It is more cost-effective to retain clients than to acquire new ones. A declining retention rate signals a customer experience issue.
How to track it: Identify how many clients visited in both the current and prior year. This may require manual analysis or CRM-integrated tools.
New Client Acquisition
What it is: Number of first-time clients in a given period.
Why it matters: Shows the effectiveness of your marketing and referral efforts.
How to track it: Many PIMS systems let you filter by "new client" flags.
No-Show Rate
What it is: Percentage of clients who miss appointments without canceling.
Why it matters: No-shows lead to lost revenue and inefficiency. High rates can often be fixed with reminders or deposits.
How to track it: Use your scheduling system to log missed appointments. Many tools now show no-show rates by default.
3. Operational Metrics
Appointment Utilization Rate
What it is: The percentage of available appointment slots that are actually filled.
Why it matters: Low utilization suggests overstaffing, low demand, or poor scheduling.
How to track it: (Total appointments booked ÷ Total appointment capacity) × 100. This can often be pulled from your scheduling software.
Waitlist Fill Rate
What it is: The percentage of canceled appointments that get rebooked from a waitlist.
Why it matters: A high fill rate means your scheduling is efficient and you’re not letting open slots go to waste.
How to track it: Tools like Oliver automate waitlist tracking and backfill reporting.
Average Wait Time for an Appointment
What it is: The number of days between when a client calls and when they’re able to get in.
Why it matters: Long wait times can lead to lost clients or delayed care.
How to track it: Use appointment logs to measure how far in advance clients are being scheduled.
4. Staff Performance Metrics
Revenue per Technician
What it is: Total revenue generated per veterinary technician.
Why it matters: Helps you assess the efficiency and proper utilization of techs. Underutilized techs may be taking on tasks that could be delegated or automated.
How to track it: Estimate based on the number of techs and overall revenue, or use detailed reporting if your PIMS allows staff-level tracking.
Technician-to-Vet Ratio
What it is: Number of technicians supporting each DVM.
Why it matters: A low ratio may mean your vet is doing too many tasks that could be delegated. Optimal ratios improve productivity and job satisfaction.
How to track it: Track the number of credentialed and non-credentialed staff per veterinarian in your HR or scheduling system.
5. Inventory and Cost Metrics
Cost of Goods Sold (COGS)
What it is: The cost of medications, supplies, and lab fees tied directly to services provided.
Why it matters: Keeping COGS under control is key to profitability.
How to track it: Use accounting software and supplier invoices. Some inventory systems offer COGS tracking automatically.
Inventory Turnover Rate
What it is: How often you sell and restock inventory in a year.
Why it matters: Low turnover can mean overstocking, which ties up cash and risks expiration.
How to track it: (Annual COGS ÷ Average inventory value). Many PIMS and inventory systems can calculate this automatically.
6. Client Experience Metrics
Net Promoter Score (NPS)
What it is: A measure of how likely clients are to recommend your clinic to others.
Why it matters: NPS is a strong proxy for client satisfaction and future growth.
How to track it: Use short surveys with the question: “How likely are you to recommend us to a friend?” (Scale of 0 to 10).
Online Review Ratings
What it is: Your average star rating on platforms like Google, Yelp, and Facebook.
Why it matters: Most pet owners research online before choosing a vet.
How to track it: Use tools like Google Business Profile or review generators like Oliver.
Final Thoughts
Tracking these metrics isn’t just about dashboards. It’s about creating a more efficient, client-focused, and profitable practice. Start with a few key metrics and build from there. Tools like your PIMS, Google Analytics, appointment platforms, and others can help you automate much of this.
By consistently monitoring your numbers, you’ll gain the clarity needed to lead your clinic with confidence and make data-backed decisions that improve outcomes for both pets and people.