STAF157-0615: Money Smarts for Support Staff: Your Piece of Payroll Pie
Audio only:
The lectures for this course will be presented in a predominantly audio format.
Please come prepared to listen.
Instructor: Katherine Dobbs, RVT, CVPM, PHR
Course Open: June 4, 2015-June 21, 2015
Real Time Session (RTS): Thursday, June 11, 2015; 8:30-10:30pm ET (USA)
Course RTS Times in Your Area:
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Practice Sessions: In order to prepare you for a successful experience
in your CE course, we request you attend a Practice Session prior to the first
Real Time Session. Please arrive promptly at the start time; each Practice Session
is up to 1 hour in length.
For more information, please visit the
CE Practice Area.
*The instructors for this course will be using audio which will require you to have a headset or speakers to listen.
If you have any concerns regarding your computer's audio capabilities, please be sure to attend
one of the Practice Sessions.
Level and Prerequisites:
This
basic course is designed for anyone new to the financial end of the veterinary business including veterinary technicians, support staff, client service teams, and anyone who gets a paycheck each pay period. Those new to management or considering management will gain a basic understanding of the money flow in the practice.
VSPN CE Course: This course has been RACE approved for continuing education credits for veterinarians and veterinary technicians and VHMA for approved for CVPM credits. (VHMA progra #12-03)
The Veterinary Information Network (VIN) is RACE Provider #22.
Course Description:
Ever wonder where the money goes? You finish a client invoice, the client pays, and then the real fun begins as that revenue makes
its way through the wheels and cogs of the practice's expenses finally ending up in your pocket as your paycheck.
But how is the size of your piece of the pie determined and how can you make it BIGGER?
This course will demonstrate how fees are set for both products and services and consider the concepts of basic
finance in a veterinary practice. Overhead and how it affects the fee structure of services you provide will be covered.
Planning on profitability rather than just hoping for money left over will be discussed.
Roughly 50% of practice revenue is generally earmarked to pay the team.
Realistic budgeting for the practice including how the income is split and, more importantly,
what can YOU do to make the practice pie and your piece of that pie bigger will be components of discussion.
The Real Time Session will be highly interactive and questions are welcome.
The course message boards will contain calculations to help facilitate understanding and improve your Money Smarts.
This course consists of one (1) Real Time Session of (120) one hundred and twenty minutes, supplemental library materials,
interactive message board discussions, a mandatory end-of-course test, and may include online multiple
choice quizzes (after each Real Time Session).
Successful completion (scoring 80% or better) on the end-of-course test is required
to earn a certificate of completion for the course.
*The lecture portion of this course will be an audio presentation, please be prepared to listen.
*To learn more about the requirements for earning a CE certificate, please refer to
Receiving Your CE Credit and Course Completion Certificate.
Upon completion of this course, the participant should be able to
- recognize why his or her paycheck is just one piece of the practice�s �profit pie.�
- recall how the money in the practice is spent.
- demonstrate the value of the practice�s products and services to clients.
- translate and discuss a treatment plan (financial estimate) with a client with more confidence and conviction.
- explain why a product�s price must be calculated, taking into effect the �hidden� costs of the veterinary practice.
- recognize that part of the cost for every product and service relates to the use of employee time.
- recognize profit is not just luck, but is calculated into every price in the practice.
- outline the use of �loss leaders� and why certain products may seem underpriced, but can lead to larger purchases.
- recognize different ways of pricing medications and the importance with respect to running the practice pharmacy.
- describe what is included in the practice�s overhead and how this is considered in the pricing of services.
- describe how the �profit pie� is divided among the different categories of expenses in the business.
- discuss the relevance of personal contribution to the �practice pie� and how it results in making a bigger pie!
- discuss ways to personally increase the revenue of the practice by using invoice auditing and staff leveraging.
- discover the best case scenario for staff-to-doctor ratios and determine if a team is truly understaffed.
Course Materials: Course materials will be available
in the course library prior to each Real Time Session.
Required Textbook(s):
There is no required textbook for this course.
About the Instructor:
Katherine Dobbs holds credentials as a RVT (Registered Veterinary Technician), CVPM (Certified Veterinary Practice Manager), and PHR (Professional in Human Resources). She has taught and lectured worldwide both in onsite and online venues.
Course Outline:
Week 1 (Real Time Session June 11):
Where Does The Money Go?
Content:
As a member of the veterinary practice team, you likely have seen some high dollar invoices leave your practice.
Perhaps the invoice was from a sick patient that needed hospitalized, a major surgery, or even an unexpected emergency.
This big number might make you stop and think, wow, we�re making a lot of money here,
how come my paycheck is so small? Even when a product such as heartworm preventive or shampoo is purchased,
you may wonder how much of that income filters down to your position on the team.
A basic understanding of the financial aspect of veterinary practice has many benefits.
It will help you understand why your paycheck is the size that it is, for one thing.
It will also help you to understand how that money has to be stretched over all the needs of the practice,
from paying rent to buying medications. This basic financial understanding will also help you
demonstrate the value of your products and services to the pet owner. For example, you may be asked to give a
financial estimate, or treatment plan, for a patient that needs diagnostics and possible surgery.
If you aren�t confident that the prices are fair and reasonable, then you won�t be able to deliver
the estimate with that same level of confidence. If you can�t express the value the patient is getting
from those prices, then the client will not be convinced either. Much of this interaction is beyond words,
and relates to your body language and unconscious feelings; it�s very difficult to fake support of the prices
if you really don�t. If the client subsequently refuses the estimate, not only will the practice lose out on that income,
but the animal will lose out on sometimes life-saving services.
So there are many reasons why it is important to know more about the numbers and where the money goes in veterinary medicine.
CE Credits: 2
Tuition: $40 ($36 early bird special if enrolled by May 21, 2015)
*To ensure participants are ready and prepared for classes,
enrollment will close at 5PM ET June 11, 2015,
or when the maximum number of participants is reached.
*For more information on how online CE works, see the
Participant Resource Center.
- Enrollment qualifications: VIN CE courses are open to
VIN member and non-member veterinarians. Veterinarians enrolling in a VSPN CE course
must be a VIN member. Veterinary support staff must be a VSPN member to enroll in a
VSPN CE or a VIN CE course open to VSPN member enrollment.
- Each enrollee must be able to receive emails from @vspn.org
and @vin.com addresses. Email is our major form of communication with participants;
personal emails are highly recommended rather than clinic/hospital email addresses.
- Each person is individually responsible for his/her own registration.
To ensure that all information received is secure and correct, please do not enroll
for a course on behalf of another individual.
- For further assistance call 800-846-0028 ext. 792 or email
VSPNCE@vspn.org.
Please include the course title, your full name, and contact information in your correspondence.
*Note:
"This course is approved for 2 continuing education credits in jurisdictions
which recognize AAVSB 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."
Call VSPN CE at 800-846-0028 ext. 792 for further information.
(Attendees are encouraged to check with their licensing jurisdiction(s) for
information regarding recognition by their board).
Course withdrawal and refund policy: A complete refund of the paid course price will be
issued when your withdrawal request is received prior to the listed start date of the course.
If you wish to withdraw after the start date please contact the VSPN office 800-846-0028 ext. 792
to discuss eligibility for a pro-rated refund.
* Note: To ensure rapid handling of your request for withdrawal, we recommend that you
call the VSPN office at 800-846-0028 ext. 792.
*For more information on VSPN's upcoming CE courses, check the
VSPN Course Catalog.
Charlotte Waack, RVT, CVT
VSPN Director/VSPN CE Interim Director
VSPN CE Services: VSPNCE@vspn.org
800-846-0028 or 530-756-4881; ext. 792
or direct line to VIN/VSPN from the United Kingdom: 01452 226154
or direct line to VIN/VSPN from Australia: 02 6145 2357
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.
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