- Each member submits critical data points from their general ledger and PMIS (Practice Management Information Software) once each quarter to an online secure server
- All members utilize the VSG COA (Chart of Accounts) with detail provided by VSG DATALink revenue and expense field definitions which match the GL accounts.
- Using a common COA and detailed definitions (which guide members on where to categorize service revenues and expenses) allows members to compare apples to apples in reports.
- Members are responsible for submitting their data within 6 weeks after the conclusion of each quarter.
- All submissions are reviewed for accuracy by a team of veterinary specific CPAs
- VSG, in collaboration with many PMIS systems, has developed detailed instruction guides on how to harvest data in the manner needed for DATALink submissions.
- VSG has a system for converting your existing general ledger to the VSG system without losing historical data
- It is not necessary, nor does VSG promote changing your accounting service provider.
- Once systems have been set up, most members find data reporting takes minimal time each quarter.
Quarterly Reports for Individual VMG Benchmarking
- Quarterly reports are available 2 weeks after each submission deadline
- The Quarterly report compares 14 parameters such as revenue per transaction, salaries paid to support staff, administration, and owner/non-owner DVM’s, as well as expenses and EBIDTA
- The Quarterly report is downloadable into Excel which allows members to slice and dice their group’s data.
- Comparing your practice to others in your VMG group has proven to be a valuable asset.
KPI (Key Performance Indicator) Reports for Global Benchmarking
- The KPI report is a four page report including the following:
- Revenues by gl category
- Expenses by gl categories
- Efficiency parameters
- Direct Cost by gl category/ Revenue by gl category
- The KPI report displays data by current quarter, YTD and rolling 12 months for:
- The individual member
- The individual member’s VMG group average
- Aggregated global data of all reporting VMG members
- The global top 20% most profitable VMG members
- KPI reports utilize same store sales numbers for comparisons with previous time period benchmarking
SOMU (State Of My Union) Trends Report
- The SOMU Trends report allows benchmarking within a VMG group over a three-year period and can be downloaded quarterly.
- The SOMU Trends report includes the following parameters:
- % change gross client revenue
- Direct cost as a % change of gross client revenue
- Normalized EBIDTA as % of gross revenue
- Number of client invoices
- Average client invoice visit
- Average patient invoice visit
- Non-owner DVM compensation as % of gross revenue
- Gross production per FTE DVM
- Number of client visit invoices per FTE DVM
- Non-DVM staff compensation as % of gross revenue
- Total compensation, benefits & taxes as % gross revenue
- Total new clients as a % of active clients
- Client retention
- VMG members can run customized reports by selecting from 25 specific demographic parameters (i.e. practice type, number of FTE DVMs, tax structure, PMIS, etc.) and benchmark their practice against the global database of VMG practices that fit those parameters.
Katz, Sapper & Miller (KSM)
KSM is the CPA firm selected for VMG periodic data reporting. They feature a dedicated veterinary team and are one of Accounting Today’s Top 100 Firms and INSIDE Public Accounting’s Best of the Best Firms.
- KSM is responsible for the electronic collection of our members’ financial data through a secure portal
- KSM reviews all submitted data for accuracy.
- KSM produces and disseminates benchmarking reports to members
- KSM and VSG provide assistance to members in complying with financial reporting requirements.
- KSM assists VSG in ensuring antitrust compliance
- KSM provides financial expertise related to DATALink data evaluations
- KSM is available to attend individual VMG group meetings to provide financial content and discuss DATALink reports