If you are a member of a veterinary hospital or a managers’ group, it is essential to understand how your practice’s insurance program is performing compared to others group and in your industry. Reviewing your policies will help you establish a baseline to evaluate your coverage and determine where improvements are needed.

 

Insurance Benchmarking for Veterinary Hospital Groups

Our proprietary veterinary benchmark report provides a detailed analysis of all of the coverages you currently have along with key performance indicators that highlight coverage gaps and areas of cost improvement. We have actively worked with practice managers groups such as Strategic Growth Alliance (SGA) and VMG.

 

How does my veterinary group take advantage of this service?

We combine our benchmark analysis with a 3-hour CE course that can be in-person at your next group meeting or live via Zoom.

We first start by obtaining all current insurance policies for each participating member, typically at least 30 days prior to your meeting. We provide a complete coverage examination and compare it to the open insurance marketplace. On the day of your meeting, each participating member receives their individual benchmark report and we also show the results of several coverage areas as we discuss those coverage areas in our CE course.  

 At the conclusion of the session, each member is provided a detailed RPM (risk peril metric) report with any applicable coverage and rate recommendations to help ensure that your hospital and those of your group are more equipped to transfer risk, protect financial viability and lower your annual insurance expense.

 

Benchmarking Vs. Competitor Research: What’s the Difference?

Though the information gathered may be similar, the differences between the two processes set benchmarking and competitor research apart.

While competitor research focuses on performance and a quick fix for the company, benchmarking is geared toward improvement and growth. Competitor research is simply requesting quotes from multiple insurance providers, most of whom may know nothing about vetmed. It seeks to do the same thing with the understanding that a similarly positive result will be achieved, but a lack of transparency and detailed education provide no guide to the pros and cons of the offering.

Our years of experience in the industry make us uniquely able to evaluate your veterinary group and compare it with other insurance providers, helping you get coverage that matches your described needs at the lowest cost possible.

For more information about our benchmark analysis and CE for your veterinary group, please contact us at 800-272-1249.