As with March 2021, growth in April 2021 looks very dramatic on paper, but much of this is due to April 2020 as a comparison month. Remember that most practices saw a significant decline in revenue in both March and April 2020 as states shut down due to the pandemic. With the data we have, it isn’t possible to determine how much of this is “real” growth and how much is just a recapture of the caseload that would have been seen last March and April had the pandemic not hit the U.S. in March 2020.
Included in the graphic above are the April 2021 VetSuccess revenue metrics shown on the Insiders’ Insights KPI dashboard (https://www.vhma.org/resources/insider-insights) as well as placeholders for other related metrics that should also be reviewed regularly in order to get a full picture of what’s going on in a practice.
One way to estimate “real” growth this past March and April would be to:
- Identify actual growth in revenue, cases seen, new clients, and other metrics for Jan-Feb, 2020 compared to Jan-Feb, 2019
- Take your actual March and April 2019 figures and modify them based on the growth (or decline) calculated above for Jan-Feb, 2020, compared to Jan-Feb, 2019. This results in estimated March and April 2020 figures without the impact of the pandemic.
- Compare these estimated March and April 2020 figures to your actual March and April 2021 numbers. This comparison gives you a better feel for “real” growth in March and April 2021 rather than comparing it to the months the pandemic first hit. This estimated “real” growth includes both what would likely have been your typical growth as well as the pandemic surge.
These aren’t perfect calculations; we don’t know for sure what March and April 2020 would have looked like if the pandemic hadn’t occurred, but it helps give you a better idea.
➤ Download Insiders' Insights - KPI, May 2021 Report
➤ VHMA Members can access the dashboard to drill down by region, species, and practice size filters, access the interactive KPI dashboard
Data review and commentary is provided by Karen E. Felsted, CPA, MS, DVM, CVPM, CVA of PantheraT Veterinary Management Consulting, www.PantheraT.com.