The banker’s role in a practice acquisition
You can’t afford to skip any critical steps when buying a veterinary practice.
As the coronavirus pandemic grinds the U.S. economy to a halt, putting downward pressure on demand for pet health care services, acquisitive veterinarians should wait for conditions to stabilize. When the pandemic lifts, however, many smart acquisition opportunities will be available. Acquiring a practice is a complex and potentially competitive process — acquirers range from […]
Forecast is grim for veterinary services in 2020
Packaged Facts expects a pandemic-related thrashing of the U.S. pet market over the short term.
The coronavirus pandemic will batter the U.S. pet market in 2020 and especially the animal care sector, where revenue from veterinary services is forecast to plunge by 30%, according to the market research firm Packaged Facts. The company’s newly released report, “U.S. Pet Market Outlook,” predicts a 20% rebound in veterinary services in 2021, rising […]
HVAC systems do more than just adjust the ambient air temperature. They’re also crucial for controlling odors, humidity and the spread of pathogens.
When clients walk in the door, you want them to sense that the hospital environment is of the same quality as the medicine you practice. Do they notice odors and noise, or is the clinic clean, bright and fresh? How your hospital performs and how it is perceived by clients and team members is influenced […]
Two experts explain what is known or uncertain about cannabidiol and what veterinarians need to be aware of legally when considering the use of CBD in practice.
If there’s one thing generating a buzz in veterinary medicine these days, it’s cannabidiol (CBD). No, not that kind of buzz — CBD derived from hemp containing less than 0.3% tetrahydrocannabinol (THC) is a non-psychoactive agent. Rather, the buzz is coming from clients asking whether the purported human benefits of CBD might help their pets […]
Lost and found
Missed charges can cost a veterinary practice tens of thousands of dollars a year. Using audits, better protocols and safety nets will help you keep more of what you truly earned.
Missed charges are an unfortunate fact of life at veterinary practices. Even if they have the best of intentions, few hospitals can claim a 100% capture rate. Billing mistakes are guaranteed to happen from time to time. But what makes missed charges such an insidious problem is how easy it is to underestimate the scope. […]
Educate and elevate
It’s no secret that insured clients spend more on veterinary care. Practices would do well to heed an AVMA policy change and promote coverage.
At its 2019 convention, the American Veterinary Medical Association revised its pet health insurance policy to be more supportive of client education. The AVMA’s official policy now begins: “The AVMA endorses the concept of pet health insurance that provides coverage to help defray the cost of veterinary medical care and encourages veterinary health care teams […]
Seeing patients at or inside client homes provides veterinarians with a business model that is often cheaper and less stressful than owning a traditional hospital. Clients leery of transporting an anxious pet or more than one animal also benefit.
Pet owners don’t always have time to take their cat or dog to you for an annual checkup or to investigate a medical matter. That means fewer client visits and less business for brick-and-mortar practices. The challenge, however, is being answered by veterinarians who forgo a fixed building and try their luck with a mobile […]
Aspire to hire
Adding another veterinarian to a busy practice frees up time for you and other doctors to get more done on and away from the job.
How do you know when your hospital is ready to bring on another veterinarian? Maybe your current doctors are working more hours than they want. Or perhaps an associate veterinarian is planning a life change such as semiretirement or the birth of a child. Possibly, you want to spend less time on the medicine and […]
Ear ye, ear ye
Diagnosing and treating otitis can be a real pain if a client is non-compliant. Honest conversations and even the convenience of your online pharmacy can provide comfort, if not a cure, to both the pet owner and patient.
As frustrating as cancer, as challenging as kidney disease and sometimes as expensive as both, chronic otitis is debilitating to the pet suffering from it and to the pet owner looking for relief of both their pet and credit card. And as with so many of the conditions that veterinarians treat, success relies on an […]
Why we charge what we do
Relief veterinarians must account for a lot of expenses when setting their fees. Remember, they’re business-to-business service providers.
Let’s start with a Jerry Seinfeld money joke. He’s famous enough that his voice and cadence are so ingrained in our brains that most of you will have no problem “hearing” the joke as you read it. Here it is: “Dogs have no money. Isn’t that amazing? They’re broke their entire lives. But they get […]