Data Compilation
Financial ReportingEach member is encouraged to submit financial data, as agreed upon by their respective group, to Veterinary Study Groups, Inc. as a condition of membership. Members will receive specific instructions from their respective Executive Committee and/or the firm retained to manage data compilation for periodic reporting.
Katz, Sapper and Miller (KSM)
KSM is the CPA firm selected for VMG periodic data reporting. KSM is responsible for electronic collection of the individual member’s financial data through the VSG DATALink web page, then collating and disseminating the data to all of the group’s members in a timely fashion. The program is custom-designed to allow the revenue and expense categories to accommodate companion, equine and mixed animal practices. The Firm will assist members in complying with the financial reporting requirements, as will the VSG staff.
Periodic Reports (Quarterly or Semi-Annual)
Periodic reports provide many advantages to each practice in the Veterinary Management Group (VMG). Each practice is responsible for submitting their data within one month after each quarter is complete. The periodic report compares things such as revenues per transaction, salaries paid to support staff, administration, and owner/nonowner DVM’s, as well as expenses and profit. There is a comparison of the current quarter’s data, as well as a comparison of the rolling average (a full four quarters of data). Seeing where your practice lies compared to others in your group has proven to be a valuable asset. Members have the ability to run multiple nationwide searches based on over twenty-five different defined demographics.
Reports are not just numbers and percentages; there are many graphs and visual aids so that you can readily see where you are on track and where there is room for improvement.
Aggregated Reports
Veterinary Study Groups, Inc. from time to time also compiles and makes available to VMG members aggregated reports based upon historical data submitted by VMG members. These reports allow you to compare your practice's performance against all of the VMG member practices. In addition, through VSG DATALink, you can generate aggregated reports to compare your practice on a historical basis to a peer group of similar practices. In order to protect member information, these reports are available on an aggregated basis only (i.e., practice specific information is not included within the report) and there are limitations on the minimum number of practices that can be included within a peer group.
Electronic collection and collation of financial data through our CPA partner Katz, Sapper and Miller will enable groups to select the frequency of reporting most appropriate for their analysis needs. Different frequencies will not change the cost of participation (quarterly, semi-annual or annual).
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