Tracking the economy: NCVEI reports 5% growth for veterinary practices; down from last year
A new system to track the impact of the recession on veterinary practices reports a 5 percent growth rate this year.
Schaumburg, Ill.
-- A new system to track and analyze the impact of the U.S. recession on veterinary practices reports a 5 percent average growth rate so far this year, according to the National Commission of Veterinary Economic Issues (NCVEI).
The Economy Tracker is the organization's newest financial resource for veterinarians and hospital managers. The system helps veterinarians compare gross practice revenue, transactions and average transaction charge (ATC) between 2008 and 2007. This new system helps veterinarians understand why their revenue is changing by analyzing transaction and ATC growth, NCVEI says.
So far, 250 practices have entered data, says Karen Felsted, CEO of NCVEI. On average, revenue has grown 5 percent for each quarter in 2008 for companion-animal practices. The bad news? It's less than half of the growth seen in practices in the last several years.
Ultimately, the goal will be to analyze data by practice type (companion animal, equine, etc) and for various demographics (region, state, etc.), NCVEI adds.
The system is available to AVMA and AAHA members at www.NCVEI.org.
NCVEI is a not-for-profit organization developed by the American Veterinary Medical Association, American Animal Hospital Association and the Association of American Veterinary Medical Colleges.
