The Veterinary Hospital Managers Association (VHMA) has released its Insider’s Insight Benchmark Report for 2017, which tracks a number of key statistics that determine how veterinary practices are performing. The report examines key economic indicators in the profession and has progressively shown a downward trend in the industry — however, not all hospitals are seeing this decrease in business.
iVET360, a Portland, Oregon-based professional services and software company, works with veterinary hospitals across the U.S. and has helped these practices see tremendous growth in revenue, new clients and profitability — their hospitals are currently experiencing the third year in a row of outperforming industry statistics.
iVET360 offers Pulse, an operational dashboard which provides key metrics for practices that help them make smart, data-based decisions. This dashboard has paid off — while hospitals in the VHMA Benchmark Report had a nearly nine percent decline in new clients for 2017, iVET360 hospitals observed a six percent increase, revealing a differential of 15 percent. These figures show the success of the iVET360 business model that benefits practices, pet owners and most importantly, the animals themselves.
Additionally, hospitals surveyed in the Insider’s Insight Benchmark Report only saw a five percent boost in revenue for 2017, compared to iVET360 hospitals which saw a 23 percent increase (specifically with their clients in the Base Plus service, which is one of the available client options). The contrast in these numbers is staggering, especially considering that iVET360 practices represent $458 million in revenue.
“The numbers we are seeing into our fourth year of service delivery are progressively improving,” says Oliver Roller, managing director of analytics for iVET360. “One of the more exciting aspects for us is that our dataset is getting larger, indicating our initial years of success were not outliers, which further validates our business model.”
iVET360 looks to continue the upward surge in growth for 2018 and expects to add over 300 hospitals to their roster, where they will help them with marketing, analytics and practice management.
Established in 2013 and headquartered in Portland, Oregon, iVET360 is a practice management services company that provides critical support to veterinary hospitals across the nation. Their specialists educate and assist veterinary practices with marketing, staff development, and analytics to ensure complete implementation of proven business strategies into the daily activities of the hospital.