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Business

veterinary care

Competing in a world of disruption

Independent practice owners who diversify their business model can better respond to the younger generation’s demand for different types of veterinary care.

We’ve all witnessed the migration of consumers from traditional brick and mortar to online. In early 2019, CNBC reported that the total market share of online U.S. retail sales was higher than general merchandise sales for the first time in history. While veterinarians are unlikely to learn a magical way to perform online medical procedures, […]

USP 800

Design to comply

Constructive Criticism

Chemotherapy drugs and other hazardous medications require special handling and containment to protect hospital staff and patients from dangerous exposure. C-PEC? PPE? USP 800? You have a lot to learn.

Readers might recall Ronak Kadakia’s excellent article “Are You Ready for USP 800?” in the June/July 2019 issue of Today’s Veterinary Business. As of Dec. 1, 2019, the USP <800> standard for the safe handling of hazardous drugs applies to veterinary practices and other health care facilities. My firm has been busy working with veterinary […]

loyalty

Your loyal followers

Loyalty programs encourage your best clients to come back for more. When incentives are done right, service discounts go away and patient care improves.

How many times while making an online purchase were you alerted that if you spent, say, just $10 more, you would qualify for free shipping? So, you did the logical thing and bought something for $50 that you didn’t really need, and you felt great about it! Or how often did you pass up a […]

directors and officers

Don’t manage without it

Protect and Defend

Directors and officers liability insurance protects a veterinary practice’s executives and leaders from themselves and their bad decisions.

Does your veterinary practice operate under a board of directors? Do you serve on the board or as an officer responsible for management decisions that have a direct financial impact on others associated with the organization? If so, directors and officers liability insurance, often referred to as D&O insurance, should be an important component of […]

financial recommendations

Let’s talk money

Clients welcome conversations about the cost of care. While they won’t always say “yes” to your recommendations, you can improve the chances by better communicating the value to the pet.

Few things create as much anxiety for veterinary teams as talking about money with clients. Studies have shown that a client’s economic limitation is the primary factor behind feelings of burnout in veterinarians working at small animal general practices. A survey I conducted at a work-life integration workshop hosted by the American College of Veterinary […]

business growth

Ready, set, grow!

Elevating your hospital from the status quo to something really fabulous requires an honest assessment of where you stand and then formulation of a detailed action plan. 

Is the time right to expand your veterinary practice? Here’s what some hospital owners are doing: Hiring another veterinarian. Making home visits to older clients and to clients who want a more compassionate euthanasia experience. Purchasing an expensive, yet medically valuable, piece of equipment to fill an unmet need. Installing a drive-through window for pharmacy […]

profitability

The value of waiting

Money Matters

Should you sell your veterinary practice while prices are high, or does a better option exist?

Ten years ago, the U.S. economy was beginning to recover from the Great Recession. If you wanted to sell your veterinary practice back then, finding a buyer was time-consuming and sales prices were stagnant. Today, the market has changed entirely. Hospital owners are inundated with inquiries from consolidators large and small offering higher prices than […]

2019

2019 was a pretty good year

The Vetalytix Report

Veterinary practices administered more vaccines than in 2018, although sales of flea and tick preventives suffered in the face of a competitive over-the-counter market.

Welcome to The Vetalytix Report for the fourth quarter of 2019. In the tables that follow, we shed light on the unique economic characteristics of U.S. geographic markets and reaffirm a consistent theme that veterinary practices serving those markets face unique challenges. For a practice leader to think strategically, measure objectively and thrive in today’s […]

continuing education

The business of continuing education

Innovation Station

Now is the time for CE providers and users to demand more from learning experiences and work together to raise the standards.

Creative Disruption columnist Dr. Bob Lester wrote in the last issue about the state of most in-person continuing education. (Read “Always Be Learning” at http://bit.ly/2ZMT7qt.) A lot of CE, he stated, is delivered in dark rooms and 50-minute chunks by a sage on the stage, a format he described as “arguably, the worst adult learning modality.” […]

no-lo practice

Should you buy a no-lo practice?

Money Matters

Don’t automatically rule out a profit-challenged hospital. The problems, from a less-involved owner to poor inventory controls, might be easily correctable.

With so many practices being sold to corporate consolidators, private practice veterinarians might have a harder time finding a hospital to buy. If the asking prices for the “best” hospitals are out of your comfort zone, should you consider purchasing a no-lo practice? The VetPartners Valuation Council coined the term “no-lo practice” to describe practices […]

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