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 […]
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 […]
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 […]
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. […]
Are you underinsured?
Protect and Defend
An introduction to the nuts and bolts of properly insuring your practice.
Finding the balance between too much and too little insurance coverage can be a challenge. How do you know where you stand? Asking your insurance company after you suffer a loss is not the way to find out. As a veterinarian now specializing in veterinary insurance and risk management, I’ve seen many cases where practice […]
Want to build a hospital?
Veterinarians tend to be good risks for lenders, so doctors with excellent credit and a detailed business plan are a step ahead.
After practicing for years in hospitals run by other veterinarians, you decide it’s time for your own place. You know where the hospital should be located and maybe what it should look like. But what now? Where do you start? Meet Dr. Kate. She’s been out of school for eight years and for much of […]