Business

Protect and Defend

Get serious about EPLI coverage

Employment practices liability insurance safeguards against costly claims of discrimination and other workplace issues.

In today’s environment, protecting your practice against risk is more important than ever. While preparing for fire and professional liability are no-brainers, safeguarding against less concrete threats often takes a back seat. Consider this: Regardless of whether your veterinary practice is small or large, the chance of encountering an employment practices liability insurance (EPLI) claim […]

Pet insurance and the new veterinary client

Persuading clients to buy coverage can pay off for the practice. Strategies range from posting in-clinic notices to endorsing one or two providers.

Did you know that over 5,000 companies, including Microsoft, Yahoo, Xerox and Hewlett-Packard, offer pet health insurance as an employee benefit? These companies think it will help them attract talented workers because of the strong emotional bonds people have with their pets. So, who are these talented employees the companies hope to attract? Mostly millennials, […]

Money Matters

KPIs leave out the whys

Key performance indicators help monitor the success of your actions, but they don’t explain the reasons for change.

Key performance indicators, or KPIs, are individual business metrics that help veterinarians, managers and consultants evaluate the overall health of the practice, as well as the effectiveness of new programs and any progress toward goals. With the multitude of reports available from practice management information software, plus more that can be customized in hundreds of […]

Earn big returns from a hospital face-lift

Looking for upgrades that won’t break the bank? Start with new countertops, LED lights or even a small dental suite.

Do any of these scenarios remind you of your hospital? Your lobby, exam rooms and treatment areas look tired. You are near capacity, so you have trouble accommodating additional patients and new services. Your employees are bumping into each other while examining patients, running diagnostic tests or performing procedures. Your competitors offer services you could […]

Innovation Station

Implement telehealth to improve your practice

Novices can utilize text messaging, website tools and video platforms to begin elevating the level of client interaction and communication.

A year ago, most of my conversations about telehealth began with a puzzled look on the veterinarian’s face and the question, “What is this telehealth everyone talks about?” Today, those conversations begin with, “I’m just getting too many emails/text messages/phone calls and not recouping any money for my time. Is there some app that can […]

Smart-toy manufacturer works hard for a treat

The interactive dog product PupPod is named best in show at the Kansas City Investment Forum.

Lots of practice made perfect for Erick Eidus and his young company, PupPod Inc., which captured the Innovation Award at the KC Animal Health Corridor’s ninth annual Investment Forum. Eidus’ presentation, which followed about 200 rehearsals, earned the admiration of judges, a $10,000 check and applause from hundreds of potential investors and business partners who […]

Help wanted

Have a sound strategy when trying to recruit a veterinarian to a rural practice.

Mayberry or Midtown? Many veterinary college graduates find themselves at this intersection as they choose their career path. Factors that influence them to accept a first job in a rural practice are the hospital’s atmosphere, location, caseload, and the applicant’s urban or rural background. Other considerations are the quality of mentorship, the condition of the […]

How to double your dentistry business

A short educational program generated tens of thousands of dollars in additional revenue for practices.

Banfield Pet Hospital’s “2016 State of Pet Health Report” estimated that periodontal disease could be found in 76 percent of dogs and 68 percent of cats. A great opportunity to grow a clinic’s dentistry business, right? The problem: Only a small percentage of pet owners choose dentistry work, and too few veterinarians push it. One […]

A dying breed?

Independent veterinarians can thrive in the face of growing corporate competition if they focus on people, processes and profits.

Some independent small animal veterinarians were stricken with panic in January when Banfield owner Mars Inc. announced that it would purchase hospital giant VCA Inc. What changed in the veterinary world between Jan. 9, when the $7.7 billion transaction was unveiled, and the day before? Nothing really, except Mars now owns more than 2,000 hospitals […]

Money Matters

Using EBITDA can be tricky

The popular financial metric is not the most accurate method for calculating profitability or a veterinary hospital’s value.

You may hear about veterinary practice sales where the purchase price was some multiple of EBITDA. EBITDA (pronounced: ee’ bit dah) is an acronym for earnings before interest, taxes, depreciation and amortization. In other words, EBITDA represents net income with certain accounting expenses, namely depreciation and amortization, income taxes and interest expense, added back in. […]

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