Why HVMS Equine Veterinary Software
Medical records are the foundation of HVMS and create the launch pad for the additional functionality of the software. At inception, medical records are tied to back-end billing for two reasons (1) so that veterinarians/technicians can focus on the medical record and not billing and (2) to ensure that all billing is captured at time of service. The benefit to the vet is time savings, maybe not in the number of clicks, but certainly in the number of hours needed to complete accurate and complete medical records and accurate billing/invoicing.
Alongside medical records, HVMS has the ability to connect other workflow enhancements like lab processing (billed at time of order), payment processing (auto completed on receipt of payment and entered into HVMS), and mobile and ambulatory capabilities. HVMS can serve the needs of any size of equine practice.
Tremendous amount of time and thought went into the Accounts Receivable functionality of HVMS and how that ties to accounting workflow. Connecting medical records to billing and accounts receivable reporting enable time savings for the accounting team. Customers can be flagged based on payment history and work can stop for the trouble accounts. A well, veterinary compensation can be tied directly to medical records and veterinarians can be compensated on cash collected professional services which can be custom set by the practice.
The overall financial value of an equine veterinary practice can be dramatically improved based on diligent management. Not very many veterinary practices go bankrupt but there are many that could use better management processes to increase profitability. With increased profitability, veterinarians can be paid more, retention can be increased and new hires will be more attracted to the practice. We all know the top of mind issue of veterinary shortages in today’s marketplace.
With HVMS, there are over 200 reports that are included with the standard implementation that provide very strong analytics to measure many aspects of veterinary practice, from veterinary compensation models, to per vet revenue mapping, to inventory allocation and usage (and per vet tracking). The HVMS Dashboard tool is an advanced business intelligence tool to show real time aspects of the veterinary practice and can include marketing insights and geo-mapping of customer demographics. If a practice does not know where their revenue comes from or which veterinarians are generating specific revenue amounts based on various professional service metrics, managing becomes much harder.
Value of Your Practice
For many reasons, the economic value of a practice is very important and a tracking method for validating this is critical. Whether a practice is looking to sell, looking to bring in new partners or provide the bank information for debt instruments, valuation of the practice is fundamental to everyday management. Is timing of knowing valuation important? That will depend on opinion, however prudent management will always have an idea. No one expects to be diagnosed with a life-altering medical condition, an unexpected death of a contributor within the veterinary practice or a debilitating injury, on or off the job. We have seen all these event take place and proper valuation metrics are important to know, all the time.
With business ownership comes responsibility to team members, fellow veterinarians and most importantly family. Having a solid plan based on meaningful financials creates peace of mind for all involved, in good times and bad.
Most veterinarians have felt the frustration of taking value time tracking down information they feel should be readily available or easy to access. As more technology and software become available, more data and information become fragmented and used in disparate systems. Connecting data together properly for data to flow into different systems is a complicated process, but not impossible. HVMS has many of the major technology pieces linked and we are adding more as requests. Not all integrations are possible or make financial sense however all will be reviewed to provide as many flow through data integration points as possible with HVMS.
HVMS has been in the North American equine market since 2006, and globally since 2008. We are here for the long term and our sole focus is on the equine market. We understand market dynamics and industry trends and will always act with the intent to create value for our customers in all that we do. Our longevity and reputation speak volumes as to our commitment to the equine segment and this will not change.