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Check Your Mail! Three Reasons to Submit your 2017 Practice Owners Economic Survey

October 5, 2017

The Canadian Veterinary Medical Association (CVMA), in association with all provincial veterinary medical associations, is pleased to offer you the 2017 Practice Owners Economic Survey. A hard copy of the survey was mailed to you a couple weeks ago and is conducted as part of the CVMA’s national Business Management Program (BMP). Below are three great reasons to complete and submit your survey:

1.  You get a better Fee Guide. Canadian veterinarians are privileged to have access to annual Provincial Suggested Fee Guides. Our colleagues south of the border are prohibited from having “state or association fee guides” and struggle to establish fair fees. The Practice Owner’s Economic Survey information is used to develop reports with detailed overviews of veterinarians’ financial situations in each province. These reports are used to estimate fees required to cover overheads and earn a professional level income. Completing your survey provides you with a better Fee Guide, including your practice’s data.

2: You get an Individual Practice Diagnostic Report. This Report helps get and keep your practice on track. Over the last few years, practices have suffered from declining client numbers and pressure to lower fees. Practice owners who complete the Survey get a confidential personal report showing where you stand. Your personal Practice Diagnostic Report contains useful information you can use to improve your practice. Information on budgeting, staffing, comparing clients and fees is included. In addition, those who complete the Economic Survey have access to experts who can review the data and come up with pragmatic solutions to improve your practice and your lifestyle. This kind of practice consultation costs thousands of dollars in the United States; all Canadian veterinarians need to do to benefit from this service is complete a survey.

3: You get a free Practice Value Estimate. You receive a Practice Value Estimate, along with your Individual Practice Diagnostic Report, if you submit your financials with the Survey. This report estimates your practice’s worth from a cash flow perspective. This is not designed to replace a “bona fide valuation,” which costs thousands of dollars, but will give a trackable estimate, allowing an ongoing measurement of practice value. Working backwards, you can use your individual report’s information to improve your practice’s profit; increasing the value.

The Practice Owners Economic Survey can be completed and mailed with your financial statement in the self-addressed stamped envelope provided. In return for completing the survey, you will also be entered into a draw for your choice of a $500 Visa gift card or a 2018 CVMA Convention registration.

Your personal information will remain completely confidential. If you need a new copy of the survey you can download and print from the Business Management Program section of the CVMA website. Thank you in advance for your commitment to the continued economic success of Canadian veterinarians.

If you have questions or concerns, please contact Darren Osborne or Terra Shastri. (1-800-670-1702 or tshastri@ovma.org)