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Karen E. Felsted, DVM, CPA, MS, CVPM, CVA

Dr. Karen E. Felsted is the founder of PantheraT Veterinary Management Consulting. She spent three years as CEO of the National Commission on Veterinary Economic Issues.

Dr. Karen E. Felsted is the founder of PantheraT Veterinary Management Consulting. She spent three years as CEO of the National Commission on Veterinary Economic Issues.

employees

Help! We Can’t Make Payroll!

If employee paychecks are at risk, do whatever you can to find the money immediately. Then, solve the central issues.

Over the past year, much of the talk around veterinary practices focused on how well they did — record growth and more clients than they could handle. Some clinics, though, suffered greatly. They closed temporarily or cut hours because employees were out with the coronavirus. A few were heavily in debt. One problem that struggling […]

business model

Rise Above the Rest

You don’t have to stick with the business model that got you here.

The nebulous term “business model” is without one clear definition, but you know a business model when you see it. Essentially, it is a company’s core plan for success and profitability. Important aspects include: The products and services offered. The target market. The customers. What do they want? The sales structure. Is it direct and […]

scheduling

Say No to No-Shows

When levying deposits or penalties (most practices don’t), communication is key.

It’s hard to believe we were so optimistic (naïve?) to think that the pandemic would be over in just a few weeks or months. Instead, COVID-19 has dragged on and on and presented ever-increasing challenges to veterinary practices. Animal hospitals are lucky to be as busy as they are. That busyness has, of course, brought […]

Six Growing Issues

The veterinary world is getting more complicated. It’s time to embrace change for the good of the profession, clients and patients.

If you’ve been around long enough, you’ll remember these two reports: Pew Research Center’s “Future Directions for Veterinary Medicine” (1989) and KPMG’s “The Current and Future Market for Veterinarians and Veterinary Medical Services in the U.S.” (1999). Both reports helped explain what was going on in the veterinary profession then and, more importantly, what the […]

recession

How to survive the recession

Cash is king whether it’s coming or going. You should explore all the ways to persevere and succeed during tough times, from negotiating with vendors and lenders to training and trusting your team.

We don’t claim to be economists and can’t begin to fully explain what causes a recession, but we’ve been impacted personally and professionally by a number of them and emerged reasonably unscathed each time. Historically, veterinary medicine has been recession-proof, one of the reasons it’s such an attractive space for investors. However, during the 2007-2009 […]

veterinary

What now?

With little warning, the COVID-19 pandemic pummeled the veterinary industry and transformed patient care, client relations and staffing. Will we ever return to the “old normal,” or is more upheaval still to come?

Over the past few months — it feels like decades — the world of veterinary practice has been totally disrupted from the medical and business perspectives. Before February, many practicing veterinarians were convinced that corporate consolidators, online merchants, millennials or some other outside influence would be the source of the profession’s greatest upheaval ever seen. […]

practice safety

12 ways to sustain your practice

Tough times need tough people. This is a great time for caution tempered with common sense. 

Listen to Podcasts Pandemics and Economics: Two Words Not Used in Veterinary School Pandemics & Economics: A Blip or a New Normal? The economic challenges, pandemic challenges and panic response have all come together to impact your veterinary practice. Fast and immediate action can help mollify the worst of things. Here are some actions you […]

veterinary value

The price is right

The Pet Owners Economic Value Study reveals what pet owners are willing to pay for veterinary care. Clients ages 19 to 29 are an attractive customer segment.

No matter what we, the veterinary profession, want to charge for veterinary care or think we deserve to be paid, the ultimate decision is made by pet owners, who take into account the value they see in the services we provide. What pet owners are willing to pay can be influenced by education, a better […]

Be the center of attraction

Why waste time looking for new clients if you don’t know why pet owners are leaving? Correct your hospital’s problems and start a marketing campaign.

In spite of a good economy and more owned U.S. pets, a couple of studies have shown concerning trends in veterinary medicine. The first piece of data comes from Insiders’ Insights, a Veterinary Hospital Managers Association monthly study of the same approximately 700 practices, which revealed that since 2014, new client numbers have declined every […]

A view from the trenches

The Vetalytix Report

Today’s business environment is more complex, more dynamic and more competitive than ever before.

More than 300 industry leaders attending the KC Animal Health Corridor’s Market Insight Seminar in August witnessed “A View From the Trenches,” our presentation about some of the most pressing issues facing today’s veterinarians. Here are a few highlights. It’s the Economy, Stupid Economic data from the first half of the year showed that 2018 […]

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