Offering Perspective and Strategy
With our extensive experience we know every practice has it’s own history and dynamics. We seek to understand your specific needs.
Our first engagement with your practice is laid out with your mission and priorities in mind. We have diagnostic methods to gauge the health of your practice. Our fee structure is set up prior to discovery, with a mutually agreed upon budget. At the completion of our discovery, we draft an analysis and with our best recommendations for the next steps. After that, we work with you to create a strategy to help move your practice forward.
Kurt has been working in the veterinary industry for over 25 years. He’s worked in a variety of clinical and operational roles in both private and corporate practices. He found his passion was in financial analysis and operations. More recently, Kurt returned to school and completed a Healthcare MBA at Oregon Health Science University. He saw a need and an opportunity to engage with practice owners and started Cedar Rock Solutions based in Portland, Oregon.
Reviewing the Health of Your Practice
Profit and Loss Statement
Your profit and loss statement (P&L) shows your practice’s income and expenses for a period of time. Here are some things to consider as we review your profit and loss statement:
Is your revenue growing reasonably based on the age and size of your practice? How does this compare with other practices in your area and other market forces?
Adjustments and Discounts
Are they increasing or decreasing? Are you experiencing client service issues?
Are there significant changes compared with previous periods? Can we reasonably explain the differences? How do your expenses compare with other well-managed practices? Can we better leverage your expenses?
Percentage of Income
This is a great method to help us measure your practice to industry standards. We look at your operating expenses as a total percent of revenue when we are looking at Cost of Goods and Services (COGs), Labor Costs, General Administration Expenses and Operating Income. We will use methods to help ‘true up’ your ratios to help us compare to best practices.
Cash Flow Statement
We will analyze your cash flow statement to track your income flowing through your practice over time. We want to ensure your profits are adequately funding your loans and how much is going towards your distributions. Cash flow is a key component in practice valuations.
“Not only has Kurt at Cedar Rock Solutions given me candid analyses of my veterinary practice, he has been instrumental in putting this plan into action.”
- Dr. Rick White - Cedar Mill Veterinary Hospital