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Business

Brush up on workers’ comp

Protect and Defend

Your practice’s injury history goes a long way in determining insurance costs, but a good risk-management program can pay off down the line.

Workers’ compensation insurance is a form of no-fault coverage developed specifically to provide medical and wage-replacement benefits to employees who are injured or become ill on the job. In addition, injured employees might be eligible for temporary or permanent disability, vocational rehabilitation or death benefits. In exchange, employees surrender their right to bring negligence claims […]

hospital

The highs and lows of hospital heights

Constructive Criticism

Single- and multistory buildings have their pros and cons. Do you know which design is generally the best?

A reader question came up regarding the viability of multistory hospitals. Given a choice, is it better for a clinic to be on a single floor or on multiple levels? Practice owners, of course, have nowhere to go but up in some instances. Think small sites and locations in dense urban areas where ground floors […]

financial charts

2018 was a year of regional disparity

The Vetalytix Report

Whether clinical volume went up, down, sideways or back and forth depended mostly on where a veterinary practice did business.

Welcome to The Vetalytix Report for the fourth and final quarter of 2018. Throughout the year, we have highlighted the significant variation in economics and market dynamics that impact veterinary communities across the nation. We observed sluggish volume in the first part of 2018 in many areas, followed by significant improvement and growth as the […]

compensation

Your fair share

Money Matters

How hospital owners are paid — and how much — depends on the responsibilities they hold and the budgets and policies that are in place.

Veterinary practice owners often see their hospital as more than an investment. For many, it is a passion, a calling or a life choice. Few private buyers acquire a hospital with a primary goal of making as much money as possible. The money is important, of course, but creating a legacy is sometimes of equal […]

telehealth

Get on board or get out of the way

Innovation Station

Whether you support it or not, telehealth is here to stay.

An important moment passed us by without much fanfare. At the Connexity conference in September 2018, the American Animal Hospital Association and the American Veterinary Medical Association jointly produced a how-to guide on telehealth. “The Real-Life Rewards of Virtual Care” outlines step-by-step instructions for implementing telehealth tools, what to consider in terms of technology and […]

dental care

You can’t handle the tooth!

A gap exists between how we usually approach pet dental care and what we ultimately can achieve. The opportunities to improve patient health and boost practice revenue are huge.

You’ve read about it in this and other veterinary publications. You’ve heard about it from clinicians and consultants. And you might have learned about it in veterinary school. But the numbers do not support that you have accepted it. What is “it”? The huge patient care, client care and practice care opportunities that exist in […]

client

We need a compliance alliance

Pets and their owners are best served when the practice is united on flea and tick solutions and committed to a terrific customer experience.

We are in a unique industry. Our ultimate customers, the ones who receive our services, play no part in deciding whether to see us, pay for the visit or recommend us to their friends. That’s why pet owners matter. Without their saying “yes,” we can’t perform to our oath: Always do what is best for […]

7 security essentials

Are your computer systems protected from viruses? Backing up data is smart — if done correctly — but it cannot be the only precautionary step.

Veterinary practices have become more and more dependent on computers and computer networks as they go paperless or paper light. Because of this dependency, having an information technology security strategy is a must to ensure your hospital’s computer systems stay functional so that you can schedule appointments, provide medical treatments, and charge clients for your […]

The economics of telehealth

Innovation Station

Do you know who your clients are calling after hours? You can concede the business to someone else or you can take an active role in meeting their needs.

While the telehealth conversation has largely centered on telemedicine and whether a veterinarian can diagnose a case through digital tools, after-hours triage care — nights, weekends and holidays — is an important but often overlooked consideration for practicing veterinarians. The American Association of Veterinary State Boards recently voted on a new model act of practice […]

Secure your financial future

The lease terms agreed to when you sell a practice but keep the property can make a big difference in the final proceeds.

Thirty years ago, nearly all veterinary practitioners owned or wanted to own the real estate where their hospitals were situated. But times are a-changin’. Today, as institutional capital flows into the veterinary industry and clinics continue to be purposely built for specialized care, the decisions that practice owners make related to their real estate are having […]

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