Protect and Defend
Make sure your business property — from medical equipment to just about everything not attached to the building — is accounted for and adequately insured.
One of the most commonly underinsured exposures I find when conducting risk-management reviews of veterinary practices involves business personal property. Not surprisingly, business personal property, along with employment practices liability and cyberliability/network security, are three of the more expensive risks from the standpoint of annual insurance premiums and deductibles. Business personal property insurance is a […]
Move Forward by Going Back
Creating a culture of preventive care, or improving one, starts with the entire veterinary team. Invite everybody’s thoughts on client education before you draw up protocols.
The COVID-19 pandemic catalyzed veterinary practices to innovate, but it was costly in terms of educating clients about preventive care. Due to the increased demand for veterinary services, many hospitals chose to share only the information needed for that day’s visit. The result was a year’s worth of new pet owners and returning clients who […]
Buy Now, Save Later
Practice owners who purchase pricy equipment and place it in service by year’s end could qualify for a Section 179 deduction.
For many veterinary practice owners, 2021 has been a highly profitable year, given the rising pet population and greater demand for veterinary services. However, with increased revenue and higher profits comes the potential of a hefty tax bill, especially if you haven’t done any financial planning. One strategy for lowering what you pay the government […]
How to Counter Fee Feedback
Your clients (and team) sometimes don’t take kindly to what you charge. A little education goes a long way.
Has a client ever said your prices are too high or remarked, “I could buy a house with what you charged me today”? How do you and your team members respond to such comments? While I believe that veterinary practices undercharge for their services, sometimes your clients’ perceptions of value is poor, so they do […]
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 […]
Afloat in a Sea of Opportunity
What might your veterinary practice look like if you were just starting one or contemplating a do-over?
Our current model of veterinary practice could be viewed as a great wooden ship. It’s carried us admirably over many years through seas fair and foul, from a profession dedicated to transportation (horse doctors) to one devoted to protein (farm animals) to one dedicated mainly to companionship. Our ship is comfortable and familiar, and it […]
Good News Travels Fast
Publicize your telehealth service often and in a variety of ways. Client testimonials carry a lot of weight.
As a veterinarian who helps practices integrate telehealth into their daily workflows, I understand what works and what doesn’t. When I ask clinic owners about the challenges they faced in starting a telehealth program, I often get the same answer: “I wish I had started marketing it months before I started providing it.” Paying for […]
Steering a Middle Course
Politics and Policy
Lincoln Memorial’s pilot program for midlevel professionals is a crucial response to chronic shortages of veterinarians and technicians.
Two major challenges confront U.S. veterinary medicine in the face of unprecedented demand for pet health care. The first is the acute shortage of veterinarians. The second is the acute turnover issues involving credentialed veterinary technicians/nurses, who are chronically underpaid by practices and have few pet-related alternatives. Both challenges have a single solution: Follow human […]
A Virtual Reality
Investors are flocking to veterinary telehealth through management services companies despite the legal hurdles.
A recent National Public Radio podcast episode, “Vet Clinic Chow Down,” described why large corporations are acquiring veterinary practices. The segment reminded me why the corporatization of veterinary medicine is such a significant trend to watch, especially in light of the explosive growth of veterinary telehealth, which also is seeing significant corporate investment. Before I […]
How Average Are You?
Don’t automatically fear the worst if your practice defies industry benchmarks. You might have good reason to be where you are.
I’d bet no one believes they work at an average veterinary hospital. Like most of us believe we are better-than-average drivers, most veterinary practice owners and managers think their hospitals are above average in the quality of patient care, compassionate customer service and treating doctors and employees fairly. But since you are clearly above average, […]