The Society of Practising Veterinary Surgeons (SPVS) has launched a new Profitability Survey to measure profitability levels across the nation’s veterinary practices and provide a benchmark for practices to assess their performance against.

Launched this month, the SPVS Profitability Survey is available to all practices, both members and non-members. It can be completed online using figures from the practice’s most recent set of accounts and the practice management system. All the data is kept completely confidential for practices to securely access their results online. 

Once they have completed the survey, participating practices will be given an overall practice profitability score from excellent, good, average, below average and poor. Practices will also be able to benchmark against Key Performance Indicators such as: the cost of drugs and supplies; the cost of personnel; and cost of overheads.

Peter Brown, SPVS Treasurer and author of the survey said: "We’re particularly pleased to be launching this Profitability Survey. As the saying goes, turnover is vanity and profit is sanity. Profitability is key to any business yet we’re often told that veterinary practices fare badly when it comes to this fundamental point. Knowing how your business is performing and how it compares to others should be a priority for all practice principals and one that our new Profitability Survey will be able to answer.

"We are delighted to be working with John Sheridan on this subject. John has long been a passionate advocate of the need for practices to understand their profitability and he has helped SPVS to develop this simple survey to provide practices with the key statistics they need. Furthermore, the pooled, anonymised data will be used by SPVS to help us tailor CPD and expert advice for members on this critical aspect of their business. The more data we have the more accurate analysis we will be able to provide so we would urge all veterinary practices to complete the survey."

SPVS’ existing Fee and Salaries Surveys have also been enhanced with improvements to the way data is entered and results presented through a dedicated website developed with Veterinary Insights. Published earlier this year, the Salaries Survey revealed that there is a widening pay gap between newly qualified vets whose median salary actually fell by 3.7% and more experienced vets who attained increases of between 2.6% and 10.8%. However, while newly qualified vets compared favourably with their equivalents in the medical and dental profession, those more experienced lag some way behind.

To take part in the new SPVS Profitability Survey visit www.spvs.org.uk

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