Economics and Finance of a Veterinary Practice
A two-day course — pilot session. The programme builds up progressively: from an economic vocabulary, through a microeconomic analysis of the practice, to finance, accounting and profitability assessment — the way a practice manager thinks. We explain everything in practical terms, with examples and analogies from veterinary life, without textbook theory.
Owners and managers of veterinary practices, and veterinarians who are responsible for the price list, costs and purchasing decisions in their practice.
“I don’t know the real cost of a single visit in my practice”, “we make money on paper, but the account is empty”, equipment purchases made “by gut feeling”, and commissions that drive up revenue but eat into profitability.
You will calculate the unit cost of your own visit, build the price of a new service from cost through margin to VAT, and assess an equipment purchase using ROI, break-even point and TCO.
Two days of work on your own numbers and price lists, a workshop on calculating the full price of a new service, a plan for implementing changes in your own practice, and a networking evening after the first day.
Wojciech Kroczak — an economist with over 20 years in change management and business processes; he is currently responsible for the finances of the Hołdowański veterinary practice, so he works with examples taken from it, not from a textbook.
From price to financial result
Net vs gross — the pitfall when setting service prices. VAT — as much as you need to know to set prices correctly and protect your margin. Margin vs markup and typical calculation errors. ROI — an introduction: how to estimate the return on investment for larger purchases. What we solve: we build a common vocabulary of economic concepts for assessing and planning the development of a veterinary practice.
Fixed and variable costs — identification and classification in a surgery and a clinic. Unit cost of a procedure/visit — a calculation workshop using an example. Price vs the value of a service — how clients perceive veterinary prices. What we solve: you leave with the unit cost of your own procedure calculated.
Price elasticity of demand — how clients react to price changes. Local competition analysis and the practice's price positioning. Pricing strategies: penetration, premium, adapting to the local market. What we solve: the fear of raising prices and the race to be “the cheapest” — replaced by deliberate positioning.
Case study: a full price calculation for a new service (cost + margin + VAT + competition analysis). Participants' price lists — discussion and correction of typical errors. Summary of the day: a bridge to day two, from price to the company's financial result. In the evening: a networking meeting.
Structure of the practice's operating budget of revenues and costs. Cash flow — the difference between accounting result and cash flow. Financial liquidity — why a profitable business can have liquidity problems. Practice performance indicators. What we solve: “we make money on paper, but the account is empty”.
Depreciation — what it is and why, in accounting terms, it “spreads” the cost of equipment over time. Impact on operating costs and the tax result. Depreciation and cash flow — a non-cash cost. A practical example: purchasing an ultrasound or X-ray machine. What we solve: depreciation stops being accounting magic.
ROI in depth — a full calculation of return on investment (purchase cost, depreciation, revenue generated). Break-even point (BEP) for a new investment. Scenario analysis: optimistic and pessimistic variants. What we solve: you can calculate when a machine will pay for itself before you buy it; you understand TCO.
Salaries as the largest operating cost of a practice. Models: employment contract, contractor agreement, fixed salary, commission, mixed model — for veterinarians and technicians. Building a simple commission system linked to the profitability of services, not just revenue. The impact of pay structure on cash flow and monthly profitability. What we solve: commissions that drive revenue but eat into profitability.
Integration of the three blocks: from price (day 1), through costs and investments, to pay as a financial decision (day 2). Q&A and a plan for implementing changes in your own practice.
Two days, building logic
Day 1 morning — glossary and prices
Net, gross, VAT, margin, markup, ROI. Fixed and variable costs, unit cost of a visit.
Day 1 afternoon — market and workshop
Price elasticity, competition, pricing strategies. The full price of a new service based on your own price lists.
Day 2 morning — budget, cash flow, depreciation
Accounting result vs cash flow, liquidity, depreciation using the example of buying an ultrasound or X-ray machine.
Day 2, afternoon — investments and remuneration
ROI, BEP, scenarios, TCO. Remuneration models and a commission system tied to profitability.
In two ways: straight away online with payment (card, BLIK, bank transfer) or via the registration form — in which case we reply by e-mail and issue a pro forma invoice.
No. We start with a glossary of terms and go step by step. If you can work out the price of a visit in your head, you will cope with everything.
Yes, that is the heart of the workshop. Bring your price list and approximate monthly costs. You will leave with the cost of your own visit calculated.
This is the first open session of a programme previously delivered to participants of the specialisation studies in surgery at the Wrocław University of Environmental and Life Sciences. We agree the exact date and organisational details together with interested participants.
The content on this website is for information and education purposes only — it does not replace an individual consultation with a veterinarian or a financial adviser. Prices are given net; dates marked "to be confirmed" will be confirmed by e-mail.