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This episode of The Inventory Nation Podcast looks at veterinary practices through the prism of MBA best practices. Host Nicole Clausen interviews Drew Bartholomew, Chief Operating Officer at Vetcelerator, who is sharing new ways of measuring Costs of Goods Sold. With an MBA from The Wharton School, he is highlighting the business case for systematically tracking baseline factors that determine overall profit and loss.
- Vetcelerator’s model provides finance, marketing, HR, inventory management and payroll tools as an outsourced clinic support service.
- Lessons learned about the challenges of Cost of Goods Sold: Veterinary clinic Profit and Lost statements very often don’t line up with or flesh out actual COGS.
- How to establish reliable reporting and numbers that practice can correlate in managing the interplay between COGS and actual revenue.
- Ratios Are Key: It’s critical to tease out whether a COGS problem is the result of a pricing problem. To do that, compare the revenue a pharmaceutical product nets versus how much it costs.
- About Drew’s preferred practice management software: Rhapsody
- What to determine about your practice management system:
- The consensus is that labor and COGS should be tracked separately to maintain consistency and keep benchmarks clear.
- Beyond COGS: Drew believes ordering practices can have an equally dramatic bottom-line impact, which is why he often reviews pricing, vendor contracts, shrinkage and the deployment of a consistent overall process.
MEET DREW BARTHOLOMEW
Drew Bartholomew, chief operating officer at vetcelerator. Vetcelerator offers turnkey business solutions to practice owners so they can focus on medicine and get support for managing their practices. Drew was formally chief of staff for US Bank Asset Management and a graduate of The Wharton School with an MBA in finance.
LINKS + RESOURCES MENTIONED IN THE EPISODE
- VISN: https://www.veterinaryisn.com/
- Inventory Ally – Inventory Management Software: https://inventoryally.com/
- Free Resources: www.vetlogic.co/education