Business

insurance

Common knowledge

Protect and Defend

What if a client blamed you because her car was dented in your parking lot? Or if the photo you posted on your website violated copyright law? Take the time to understand liability and common conditions in commercial insurance policies.

In the June/July 2019 issue, I discussed Section I: Property of the standard commercial insurance policy. In this issue, I will review sections II and III: Liability and common policy conditions. Section II: Liability A commercial general liability policy protects the identified business against claims for bodily injury and property damage arising out of the […]

SBA loans

Loan arrangers

Lenders working with the Small Business Administration provide government-backed funding to veterinary professionals looking to acquire, open or expand a practice.

Owning a veterinary practice can deliver significant professional and financial advantages because of the autonomy and opportunities involving compensation and profits. However, substantial costs are associated with practice ownership, whether you’re buying an established clinic or building one from the ground up. Finding the right loan to finance costs associated with acquiring or opening a […]

overweight cat

Food for thought

Therapeutic diets are a great way to treat pet obesity. Veterinary teams need to remember the three keys: patience, flexibility and creativity.

Pet obesity is a huge problem, with nearly 60% of all U.S. dogs and cats classified as overweight or obese in 2018. The Association for Pet Obesity Prevention, which I founded, conducts yearly prevalence surveys each October to measure not only the number of affected pets but also the attitudes and opinions of pet owners […]

multipurpose

Inside information

Constructive Criticism

A room dedicated to ultrasound or endoscopy — or both — requires thoughtful layout and certain fixtures to ensure efficiency.

Some diagnostic and treatment procedures once found only in specialist facilities are turning up in a wider range of practices because of greater equipment options and higher standards of care. In the last issue of Today’s Veterinary Business, I discussed planning a dedicated dental procedures space. This month, I will cover how to design rooms […]

pet owner

You can’t afford not to

Solutions are available for clients who lack the means to pay for veterinary care. Whether the answer is insurance, crowdfunding or something in between, the outcome is comforting for the pet, the owner and the soul.

As a brand-new veterinarian in 1963, I thought of myself as a reasonably well-trained animal mechanic. This opinion resulted from me being raised in a household supported by my father’s skills as an electric motor repairman. While my incentive to become a veterinarian was more grounded in a love for animals, my self-image was that […]

office presentation

Financial disclosures

Money Matters

Sharing details about your practice’s performance builds trust in your employees and can help make your business even more successful.

Open book management (OBM) has been part of the business vernacular since the mid-1980s, yet it continues to be viewed with healthy skepticism. A 2017 article in Forbes magazine reported that most companies increase profitability and productivity by 30% in the first year after implementing OBM. So, knowing that, what is OBM and would how […]

dog owner

By popular demand

Now’s the time for veterinarians to claim their share of the pet health supplement pie.

Spurred by the promise of cannabidiol (CBD) and the millennial population’s emphasis on wellness and preventive care, pet health supplements are enjoying unprecedented popularity, with U.S. sales growing by 5% in 2018, according to the market research firm Packaged Facts. Veterinarians and industry leaders say it’s time to get proactive about this previously downplayed treatment […]

veterinary technology

The not-too-distant future

Innovation Station

The Veterinary Innovation Summit showed that pet health care is moving from reactive and acute to proactive and preventive. You can thank telehealth, wearables and other technology-driven ideas.

When a person blinks or a dog scratches his ear and the event isn’t recorded, it’s a moment in time likely to pass unnoticed and unaccounted for, one in an endless series of moments that have no beginning and no end. But what happens when that moment is recorded and someone is paying attention? When […]

business insurance

Insure your property properly

Protect and Defend

Extensions. Deductibles. Exclusions. Not understanding the terms of your commercial policy could leave you short on coverage.

Practice owners view a commercial insurance policy the same way a veterinary textbook appears to a layperson: lots of pages, small type, indecipherable words. One can only hope that in the event of an insurance claim, appropriate coverage is found somewhere within all the verbiage. Though understanding everything in your commercial insurance policy isn’t practical, […]

Dr. Angie Hawkins

The fast track

Practice ownership can happen early in a veterinarian’s career, and perhaps at a lower cost of entry, through one of a small number of franchisers.

The decision was easy for Angie Hawkins, DVM. Six years after graduating from Mississippi State University and still owing more than $200,000 in student loans, the married mother of two chose to do what few veterinarians do: Become a hospital franchise owner. Dr. Hawkins signed the paperwork with the startup company Easyvetclinic, took out an […]

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