PRAC103-0603: Strategies for Success: Control the Dollars Flowing Through Your Practice

INSTRUCTOR:
Don Draper, DVM, PhD, MBA; Iowa State University
Dr. Robert Froehlich, President, Summit Veterinary Advisors, LLC, Lakewood, Colorado
Michael J. Upah, Assistant Director, Small Business Development Center, Iowa State University

DATES:
June 5 - July 10, 2003
Interactive sessions: Thursdays, 6/5, 6/12, 6/19, 6/26, & Weds, 7/02 (RT session date change);
9:30-11:30 PM ET (USA)

COURSE DESCRIPTION
This course covers the fundamentals of practice financial management. Course topics include: using practice financial statements as management tools; applying economic performance ratios; utilizing financial modeling and practice budgets to grow the practice; using cash flow budgets for decision making; applying capital budgeting procedures to resource allocations; and determining practice value.

COURSE OUTLINE

• Week 1: Control the Dollars Flowing Through Your Practice: Understand the Numbers.
  Understanding financial numbers is important to practice success. Participants will review the basic components of balance sheets, income statements and cash flow statements. With this information, participants will be able to construct economic performance ratios that measure practice liquidity, asset utilization, solvency, profitability, and practice equity. Financial statements will become functional management tools instead of tax accounting documents.
• Week 2: Control the Dollars Flowing Through Your Practice: Where Do the Dollars Go? Part I
  One of the best ways to understand where practice dollars go is to prepare a practice budget. In this session, participants will learn the method of financial forecasting and how to perform cash flow budgeting. Software programs will be used to combine these two essential functions to provide estimates of monthly cash inflow, outflow and financing needs.
• Week 3: Control the Dollars Flowing Through Your Practice: Where Do the Dollars Go? Part II
  In this session, participants will utilize the skills learned in the previous two sessions to create a practice budget. Practice budgets consist of an operating budget and a financial budget. Preparation of the operations budget requires making estimates of future client transactions, gross revenue, drug and supply costs, labor costs, laboratory fees, overhead, ending inventory, service and administrative costs, and then preparing a pro forma income statement. The financial budget includes the cash budget and a pro forma balance sheet.
• Week 4: Control the Dollars Flowing Through Your Practice: Using Capital Budgeting to Further Practice Strategy
  Many practices are continually faced with decisions of whether to purchase new equipment, hire a new employee, or add on to the facilities. These decisions should be based on whether they will add value to the practice. In this session, participants will learn how to calculate, interpret and evaluate four capital budgeting techniques. With this information owners can make better decisions on what action or purchase would be best for adding value to the practice. The tax consequences of major purchase decisions will also be covered.
• Week 5: Control the Dollars Flowing Through Your Practice: How Many Dollars Is Your Practice Worth?
  Knowledge of the value of your practice is important for determining annual owner compensation, bringing in a new partner, dissolving a practice, or selling a practice. Participants will learn fundamental methods of practice valuation and gain the information necessary to interact effectively with practice appraisers.

MESSAGE BOARD DISCUSSIONS:
Discussions will begin on the start date of the course and will continue for 7 days following the last real time session.

CE HOURS: 10

TUITION:
Member/$144, Non-Member/$209 before May 22, 2003;
Member/$160, Non-Member/$232 after May 22, 2003

For More Information on VIN's Upcoming CE Courses, check out https://www.vin.com/CE/Catalog.htm

Note: "Course meets the requirements for 10 hours of continuing education credit in jurisdictions which recognize AAVSB's RACE approval; however participants should be aware that some boards have limitations on the number of hours accepted in certain categories and/or restrictions on certain methods of delivery of continuing education."

(Attendees are encouraged to check with their licensing jurisdiction(s) for information regarding recognition by the board.)

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COURSE WITHDRAWAL AND REFUND POLICY: Withdrawal prior to the listed start date of a course entitles the registrant to a complete refund or a credit toward a future VIN CE course, whichever is preferred. Withdrawal within 1 week after the listed start date (i.e. including no more than one real-time session) entitles the registrant to a credit toward any future VIN CE course. (Does not apply to courses with only one real-time session.) After the first real-time session, a registrant may withdraw due to special circumstances and receive prorated credit towards a future VIN course. These requests will be handled on an individual basis. The amount of the prorated credit will be determined based on 65% of the time remaining in the course at the time of withdrawal. It is not possible to withdraw retroactively.

Note: To ensure rapid handling of your request for withdrawal, we recommend that you call the VIN office at
1-800-700-INFO (4636).

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Debbie Friedler
Coordinator
Continual Education Division
Veterinary Information Network
CEonVIN@vin.com

[ CE MAIN | COURSE CATALOG | RACE/GETTING CREDITS | ONLINE CE HOW TO | SUGGEST A COURSE | VIN MAIN ]

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800.700.4636  |  CEonVIN@vin.com  |  530.756.4881  |  Fax: 530.756.6035 777 West Covell Blvd, Davis, CA 95616 Copyright 2002, Veterinary Information Network, Inc.