Today's Veterinary Practice

JUL-AUG 2012

Today's Veterinary Practice provides comprehensive information to keep every small animal practitioner up to date on companion animal medicine and surgery as well as practice building and management.

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| SELECTING CONTINUING EDUCATION FOR YOUR PRACTICE TEAM TABLE 3. CALCULATING TRAINING COSTS VERSUS RETURN ON INVESTMENT (ROI) 1. Enter number of participants_______ 2. Enter anticipated costs and savings (ROI) below: Costs "ENJOJTUSBUJPO DPTUT FH TFU VQ UBLF EPXO PSHBOJ[JOH FNBJMT $PNNVOJDBUJPO NFUIPE UP BTTVSF training is shared with the team) &RVJQNFOU; DPTUT FH DPNQVUFST QSPKFDUPST WJEFP DPOGFSFODJOH Facility cost Hourly wage for participants* .BUFSJBMT FH XPSLCPPLT IBOEPVUT Meals/refreshments Training fees 0UIFS DPTUT TQFDJGZ Total Costs $ 3. Determine costs and savings per participant: Total cost / total participants = Cost per participant Cost per participant $ Estimated Amount Savings/ROI Fewer errors Greater team productivity Improved supervisory considerations Increased compliance by client + proper implementation of client strategy** Nontangible benefits Other changes as a result of training 3FEVDFE UFBN UVSOPWFS SFDSVJUNFOU DPTUT BCMF UP IJSF GSPN XJUIJO Savings from team members QFSGPSNJOH UBTLT WFSTVT WFUFSJOBSJBOT 0UIFS TBWJOHT TQFDJGZ Total Savings/ROI $ Total savings / total participants = Savings per participant Savings per participant * Determine by multiplying hourly wage by total time spent (H) by all participants ** Determine by multiplying amount of increase by value of increase © VMC, Inc determine the current year's budget. As a general rule, budgeting at least $200/year for each full-time employee and $100 for each part-time employee is a good start. Additional allowances will be needed for associate and management training, which can range from $750 to $1500 as a conservative guideline. Remember, this is all dependent upon what your practice can afford, and larger practices may need to offer larger allowances. This is also an investment; to calculate costs versus return see Table 3. Selecting Team Members Ideally all team members (including your kennel team) should be encouraged to participate in at least one of the aforementioned training opportunities. However, help- ing the practice grow and thrive may require periodic exceptions to this rule of thumb. For instance, if a veteri- narian would like to become certified in acupuncture, this training allows the practice to offer more compre- hensive services; however, it may also require exceeding your budget for CE. 38 Today's Veterinary Practice July/August 2012 ADDITIONAL CONSIDERATIONS Other factors that should be considered when develop- ing your practice's continuing education policy are as follows: 1. Check your state laws (wage and hour division) regarding compensation for travel and participation inÊ ÊiÛinÌðÊ-omiÊÃÌ>ÌiÃÊÀiµÕiÀiÊnoÊVom«inÃ>Ìion]Ê while other states require that you pay for the event as well as pay employees for the hours they would have worked had they not been attending CE. 2. Present tuition repayment agreements for CE events that cost more than your typical training bud- get allows. These agreements map out expectations and requirements if employment ends within three years of attending the CE event. 3. Establish team requirements/expectations upon completion of the CE opportunity. It is recommend- ed that team members provide a one-hour presenta- tion to the practice team, summarizing: UÊ7h>ÌÊÌhiÞÊli>Àni`ÊvÀomÊÌhiÊÌÀ>inin} UÊ-Õ}}iÃÌionÃÊ Ài}>À`in}Ê hoÜÊ ÌoÊ im«liminÌÊ Ìh>ÌÊ training to benefit the practice and team. $ Estimated Amount

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