Groundbreaking IDEXX Study Reveals Opportunities to Increase Veterinary Practice Productivity

Rhea-AI Summary

IDEXX Laboratories, Inc. (NASDAQ: IDXX) has released an empirical study highlighting ways to address capacity constraints in veterinary practices. The study, titled Finding the Time: Empowering Veterinary Teams to Get the Most Out of Every Day, introduces the Practice Productivity Index™, which identifies opportunities for practices to gain up to 2,000 hours per year. Key findings reveal that 82% of practices are struggling to hire staff, and 85% face technology integration issues. The study emphasizes that optimizing workflow, technology, and culture can significantly enhance productivity, ultimately supporting veterinary staff well-being.

Positive

• The study provides data-driven strategies that can enhance veterinary practice efficiency.
• Potential for practices to recover up to 2,000 hours annually, equivalent to one full-time veterinarian.

Negative

• 82% of study respondents reported challenges in hiring staff, indicating a staffing crisis.
• 85% of respondents indicated poor integration of software, leading to operational inefficiencies.

Major gains possible by optimizing workflow, applying technology smartly, and improving talent management

WESTBROOK, Maine, Feb. 20, 2023 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced a first-of-its-kind empirical study aimed at addressing veterinary practice capacity constraints. In the publication Finding the Time: Empowering Veterinary Teams to Get the Most Out of Every Day, IDEXX introduces the veterinary Practice Productivity Index™, a data-driven framework and collection of guides for transforming practice productivity across the dimensions of workflow, technology, and culture. Depending on where a practice sits on the Practice Productivity Index, the study reveals opportunities to find up to 2,000 hours per year—the equivalent of adding one full-time veterinarian.* The findings are based on 786 survey participants, in-depth clinical observations, financial evaluations, and extensive practice-level data.

"Veterinary professionals operate in an entirely new landscape compared to a few years ago," said Jay Mazelsky, IDEXX President and Chief Executive Officer. "Veterinary practices have asked us for strategies and solutions to address the challenges they're facing. A key insight from the study is that small steps can help them find more hours in the day, and when improvements are implemented strategically, they can have a significant impact."

Finding the Time: Empowering Veterinary Teams to Get the Most Out of Every Day sheds light on staffing challenges throughout the veterinary industry while providing strategies for creating additional capacity and ultimately supporting a happier, healthier veterinary team.

• In the workflow category, 82% of study respondents indicated that they are trying to hire at least one staff member and are experiencing difficulties filling those positions. The study details how practices can boost efficiency by taking steps such as adopting the most appropriate staffing model, empowering technicians to support more complex tasks, and improving staff and patient flow within the physical layout of a clinic.
   
• Within the technology dimension, 85% of respondents noted that their practice's software applications and platforms do not integrate well with their practice information management system (PIMS), resulting in inefficiencies. The study highlights how software and tools that seamlessly integrate and digitize the patient's journey are significant drivers of productivity.
   
• The study also reflects how a practice's culture, including its approach to talent development, impacts a team's productivity. For example, although only 48% of respondents said they have a dedicated staff training program, research supports that a program of continuous learning and development generates greater teamwork.

"Having great technology has been a game-changer for our business," said Dr. Christine McCully of Downtown Pet Hospital. "Our practice management software is connected to patient records, diagnostics, and communications tools, so no one on my team wastes time figuring out where information is. Sometimes it's just a minute we save—but those minutes add up when it means the difference between seeing an extra patient or making sure we have time to eat lunch."

IDEXX will be hosting multiple sessions discussing the study at the WVC Annual Conference, the world's largest veterinary continuing education conference, taking place in Las Vegas February 19–22. Those not attending the WVC Annual Conference may download a copy of the publication, including productivity guides, at www.idexx.com/FindingTime.

About IDEXX
IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500^® Index. Headquartered in Maine, IDEXX employs nearly 11,000 people and offers solutions and products to customers in more than 175 countries. For more information about IDEXX, visit www.idexx.com. For media inquiries, please get in touch at media@idexx.com.

*Amount of time saved depends on practice size and placement on the Practice Productivity Index.

View original content to download multimedia:https://www.prnewswire.com/news-releases/groundbreaking-idexx-study-reveals-opportunities-to-increase-veterinary-practice-productivity-301750165.html

SOURCE IDEXX Laboratories, Inc.

FAQ

What is the Practice Productivity Index introduced by IDXX?

The Practice Productivity Index is a data-driven framework aimed at transforming veterinary practice productivity across workflow, technology, and culture.

How many hours can veterinary practices potentially recover according to the IDXX study?

Veterinary practices can potentially recover up to 2,000 hours annually, equivalent to adding one full-time veterinarian.

What challenges are veterinary practices facing as reported in the IDXX study?

The study reports that 82% of veterinary practices are struggling to hire staff and 85% face integration issues with their software.

When was the IDEXX study released?

The IDEXX study was released on February 20, 2023.

Where can I access the findings of the IDXX study?

The findings of the IDXX study can be downloaded from www.idexx.com/FindingTime.