What is your practice IQ?
The higher the percentage of insured patients in your practice, the more care clients will approve and the healthier your clinic will be financially.
Management consultants generally agree that establishing and monitoring meaningful metrics is a vital tool for business success. One of the more valuable metrics for veterinarians is the practice insurance quotient, or practice IQ, which represents the percentage of insured pets in the hospital’s active-patient database. Why Practice IQ Is Important Companion animal medicine is unique […]
Stay young at heart
Adjust your thinking and your hospital to appeal to millennials.
“Millennials are killing the ___________ industry!” Headlines like that are all over social media and in the news. Every day, it seems, another business model is being threatened by millennials’ way of doing things. The fact is, young people act, buy and are focused differently compared with older generations. My grown children are of the […]
Play your cards right
Take care when choosing a credit card processor or switching to another one. Fees, rates and contracts vary by company.
Just about all veterinary practices, regardless of size, accept credit cards in the tech-centric 21st century, and most take debit cards. But point-of-sale systems are not simple to set up. You see, credit and debit card transactions are not just a relationship between a business and a bank. A processor is needed to act as […]
Where ideas take root
The Veterinary Entrepreneurship Academy is training the next generation of veterinary business leaders.
Inspiration for the Veterinary Entrepreneurship Academy began in the fall of 2010 when Adam Little, then a student at Ontario Veterinary College, had an idea to help veterinary practices connect with their clients through a mobile app. While most of his colleagues were studying physiology, Little was learning about prototyping, pitching and product development. His […]
Be a number cruncher
Analyzing income-to-expense ratios will help unlock profits. A detailed chart of accounts and benchmark reports are good starting places.
When practice owners and managers want to increase profitability, one of the first things they do is analyze expenses to identify areas where more is being spent than expected. From there, the challenge is to find ways to increase revenue or reduce expenses, or both, without sacrificing quality or service. Often, the best way to […]
What’s your exit strategy?
For practice owners, slapping a “For Sale” sign on your hospital doesn’t cut it. You need to find a buyer who will pay a fair price, accommodate your needs and preserve the culture you built.
Times have changed. When I graduated from veterinary school, most of my classmates started as an associate at a practice and intended to buy in to the practice when the older generation exited. This was a great system. Senior partners would finance junior partners’ purchases, and junior partners could make their principal and interest payments […]
A crash course on auto insurance
Protect and Defend
Make sure your practice is adequately covered for different types of vehicle classifications and situations.
Does your veterinary practice own a motor vehicle? Regardless of your answer, operating a vehicle on company-related business is unquestionably one of the largest liability exposures that exist for a veterinary services organization. Over 10 million motor vehicle accidents occur each year in the United States. A statistic like that makes a comprehensive auto insurance […]
Get to the heart of the matter
All the drugs you need to fight heartworm are at your disposal. Now it’s time to educate and advocate.
As a teenager and want-to-be veterinarian working in a metro New York practice, I watched as hundreds of Difil (microfilaria) tests were performed on dogs and thousands of Caricide (diethylcarbamazine) chewables were dispensed. I don’t remember if 100 percent compliance was achieved with testing or preventives. Fast forward 10 years and I was doing an […]
Oh, what a relief it is
Fill-in veterinarians are well worth the cost. They help maintain work flow and keep clients happy, pets cared for and the staff sane.
Does anyone remember the McDonald’s advertising slogan “You deserve a break today”? The jingle frequently dances through my head as I think about my career as a relief veterinarian. The veterinary relief, or locum, niche is becoming ever more important in our profession. The need for this business-to-business service is growing along with the exploding […]
The art and science of follow-ups
What you call a return visit and how you charge for it are up to you, but its importance needs to be clearly communicated to the client.
Clients generally hate paying for rechecks after a medical procedure. They think they have paid (too much) already and that your time, staff and supplies should be free from here on out. Conveying the importance of rechecks to clients can be difficult. The veterinary profession has no universal guidelines for when they are needed, whether […]