Key performance indicators (KPIs) reflect a business’s performance that impacts the achievement of its objectives.
In the veterinary industry, the vet clinics track KPIs to learn about their financial and operational performance.
Every successful vet clinic monitors a wide range of KIPs to improve their services and maximize their market share.
If you want to start monitoring the KPIs for your veterinary practice, start by identifying your business’s important strategic objectives.
Once you determine what your vet clinic is trying to achieve, you can choose the right KPIs to see the progress. That being said, some metrics are too important to ignore.
In this blog, we’ll discuss three KPIs every vet practice should track. Let’s get started.
Higher pet insurance uptake, growing awareness of animal health has resulted in three percent growth in Australian veterinary industry.
Vet practices must learn about their growth rate to see where they stand and come up with measures to maximize their revenue.
The growth rate represents the compounded annualized growth rate of a company’s revenues and profits, both of which are closely tied to the clinic’s performance.
A high growth rate means the veterinary clinic is going in the right direction. In contrast, low growth indicates problems like poor marketing or quality of service.
Average Transaction Value
Average transaction value measures how much, on average, customers are spending on each visit to your veterinary clinic. It’s a useful tool for determining a pricing strategy.
If your vet clinic’s average transaction value is higher, it means that you provide high-quality services that incentivize pet parents to spend more money.
On the other hand, a low average transaction value shows that pet owners only choose essentialtreatment for their furry patients at your facility and do not opt for additional services.
Client Retention Rate
The client retention rate is a crucial metric that will tell you about the percentage of clients the clinic has retained over a given period.
In the veterinary industry, practices, on average, lose 10 to 20% of clients every year. So, if your clinic’s retention rate is in between these percentages, then it’s a good sign.
However, a higher percentage, say 30% or more, means that the parents of furry patients aren’t satisfied with your vet practice’s quality of care.
Track Your KPIs With An International Veterinary Practice Management Software
If you want to track KPIs to evaluate your veterinary clinic’s performance, it’s crucial to have a reliable information system that contains all the electronic records.
At Animal Intelligence Software International, we present a global vet, cloud-based veterinary management software that safely records and stores all your transactions.
It’s a sophisticated vet practice managing solution that will allow you to keep tabs on different metrics to give you detailed insights on your veterinary clinic operations.
Global Vet will help you maximize your profits, improve compliance, and drive revenues. The system features ten languages to drive client interaction and engagement.