The Brakke Management and Behavior Study empirically demonstrated the importance to practice owners of understanding the finances of their practices and how few owners really do. Bottom line: The majority of practice owners don't understand financialterms and those that do, make more money. Only half of the group understood "pre-tax profits" and "cash flow." Only 10-20% of the respondents could choose the correct definition of the other terms in a multiple choice format. And it makes a big difference in earnings—male owners who answered three or more questions right had personal incomes of 7% greater than those who didn't— female owners who answered three or more questions right had incomes that were 19% higher than those who didn't. Participantsin the Brakke study were not exclusively specialists but no evidence exists, either anecdotally or from formal studies, to indicate that these issues don't equally apply to specialists and general practice veterinarians.
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