Make it your business
Practice ownership opportunities aren’t just for veterinarians. In some cases, managers and nurses can become proprietors, too.
Creating a successful veterinary practice takes more than a veterinarian. It takes a team to engage the pet owner, schedule appointments, provide veterinary medical and surgical care, assure a safe work environment, keep inventory stocked at appropriate levels, and find the best suppliers of everything from gauze to controlled drugs to appointment cards. When you […]
As consolidators hover and prices spike, the decision to sell your practice comes down to more than dollars and cents.
There has been a lot of buzz lately about the so-called corporate practice-buying frenzy and how long it might last. What started with VCA, National Veterinary Associates and VetCor is now a market flooded with consolidators from within and outside the industry. More than 30 consolidators of various sizes are active in the veterinary market, […]
A budget can help you reach your goals
A tangible spending plan is your vision for the future and is important for the financial health and success of your practice.
What if I told you that one of the best ways to achieve your goals while maintaining or increasing profit levels is through developing and using an annual budget? To the uninitiated, the mere mention of budgets causes groans and eye rolling. However, power users know that budgets are critical tools for managing their businesses. […]
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 […]
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. […]