Understand what a fair rate is for a relief shift and how relief rates impact your bottom line with our Profitability Calculator. Enter your practice’s data to see tailored pay ranges and make data-driven decisions for a profitable operation.
This guide will walk you through how to use the Profitability Calculator. Try it today to take control of your staffing costs and simplify your financial planning!
What is the profitability calculator?
The profitability calculator is a feature designed to help you find the pay range for a relief shift that allows you to remain profitable. It is made to assist you in making cost-effective choices while offering competitive rates.
How do I set up my profitability calculation?
To set up the profitability calculation, follow these steps:
Navigate to the Profitability Calculation section of the Profile Settings page.
Enter your numbers to calculate the profitable pay range for a relief shift.
Click the "Calculate" button.
Serenity Vet calculates the recommended minimum and maximum relief rates based on your numbers, so you can use these rates to make cost-effective decisions:
Review the recommended minimum relief rate to maintain a high-profit margin.
Check the maximum possible relief rate that ensures breaking even.
Now that your profitability calculator is set up, you will see profitability rates while creating shifts and reviewing shift applications. This allows you to make data-driven decisions for a profitable operation while offering competitive rates for relief shifts.
How do I apply the profitability calculator when adding a shift?
Once your profitability calculator is set up, tracking profitability while adding a shift is easy! To check the profitability rate while adding a shift, follow these steps:
Navigate to the Shift Management page.
Click on a calendar day you would like to post a shift for.
After completing the required shift information in the "Add Shift" sidebar, scroll down to the Payment Info section.
Input the preferred cost in the "Your Cost" field. The system automatically calculates the profitability rate based on the preferred shift cost you entered and displays the percentage rate to help you manage your staffing costs. Additionally, the profitability calculation will indicate whether you exceed the profitable pay range:
Keep relief staffing predictable and cost-effective with our Profitability Calculator!
How to track profitability when reviewing the shift application?
Our profitability calculator helps to ensure cost-effective operations while reviewing shift applications with negotiated costs. To track profitability when reviewing a shift application, follow these steps:
Navigate to the Shift Management page.
Click on a shift in the Applied status.
If a veterinarian has negotiated shift pay, then you will see:
Original Cost with the original profitability rate.
Negotiated Cost with the recalculated profitability rate.
Understand how the negotiated relief rate impacts your financial planning and make confident decisions with our profitability calculator. Pay fair, stay profitable!
We hope this information was helpful. Please feel free to send us a message if you have additional questions. We are here to assist you!