How to Account for Your COGS
A list of codes can be as complex or as straightforward as you want. In the end, it will help you monitor and adjust your expenses and prices.
Imagine this scenario: A practice broker says you will get a much higher price for your veterinary hospital if you reduce your spending on the cost of goods sold (COGS) from 30% of gross fees to 25%. In a practice grossing $2 million, you would need to cut spending from $600,000 annually to $500,000. Alternatively, […]
Prepare for the Unthinkable
Protect and Defend
Unforeseen violence can happen anywhere, sadly. Do your best to prevent it and always be situationally aware.
Earlier this year, the United States saw multiple mass-casualty events linked to what police commonly call an “active shooter.” A quick Google search noted at least 71 such events since 2011. Unprovoked acts of gun violence are sometimes random and sometimes retaliatory. Businesses, churches, schools, movie theaters, outdoor public events and even military installations have […]
Follow the Money
Is practice ownership right for you? If it’s time, consider three options.
It’s 3 in the morning, cold, dark and rainy. I’m 3 or 4 years old and sitting in the backseat of my dad’s truck as he heads out to deliver another calf or fix another prolapsed uterus. Fast-forward a few years and dad has traded in the life of a mixed-animal practitioner to build a […]
Complement With a Supplement
Add to your practice’s revenue streams by recommending, stocking and selling safe alternative therapies.
In the 1990s, when supplements were introduced to the veterinary field, there was great confusion as to where they fit into the greater scheme of things. They weren’t a prescription medication, so they could sit in the lobby and anybody could buy them. They weren’t FDA regulated, so you didn’t have a legal entity to […]
Improve Your Feel for Fees
You owe it to yourself and your practice to price veterinary services appropriately and profitably.
A recent Veterinary Hospital Managers Association survey revealed: 12% of the responding practices will not increase their fees in 2021. 16% will increase fees on non-shopped services only. 64% will increase fees on both shopped and non-shopped services. I found the results a little surprising. Your fee schedule is the lifeblood of your practice. Your […]
Seize the Opportunity
The veterinary industry might be at a tipping point when rising interest in pet insurance meets increased awareness of the need for pet health care.
What Nissan Mosapor, RVT, hates more than just about anything is facing a pet owner at the front desk who has to choose between paying rent and providing for a beloved pet’s serious health care needs. “When you have someone in that situation, it’s heartbreaking for the whole staff,” said Mosapor, the founder and co-owner […]
The Price of Success
Politics and Policy
From A to V, here’s what you can expect from legislators and regulators on policy issues involving pet health care.
My company, Animal Policy Group, employs a team of four researchers who track legislation and state board or agency actions in 50 states and the District of Columbia 365 days a year. Believe it or not, last year we monitored over 15,000 pieces of legislation affecting veterinarians or pets. Most of those bills fell to […]
Ownership Is a Great Idea
Nothing is guaranteed, but investing in and running a veterinary hospital can be a win-win financially and for your career.
At some point in their career, all veterinarians in private practice imagine their ideal hospital — from the type and level of medicine practiced to the diagnostic equipment purchased to the experience that clients would expect. To create that ideal practice, you need to own the business. Becoming an owner is achievable regardless of how […]
6 Ways to Reverse the Specialist Shortage
How we train residents isn’t sustainable. Online learning and greater collaboration between universities and private practice are among the solutions.
I followed a relatively typical path to becoming a veterinary ophthalmologist. I graduated from an accredited veterinary school, matched and completed a one-year rotating internship at an academic institution, and then did a two-year private practice ophthalmology residency alongside dedicated board-certified mentors. I attended MD program lectures and rounds, spent a month here and there […]
Let’s Embrace Techs and Tech
Making full use of a veterinary nurse’s skills and competencies can help more pets get the care they need and make the practice even more successful.
I’m certain that readers will agree when I remind them that veterinary professionals are brilliant, charming, good-looking, popular and humble. Can’t forget humble. In fact, we’ve never been more popular. Don’t believe me? Just look at your appointment book. Everyone wants to spend time with you. An American Pet Products Association survey reported that 11.38 […]