Chapter 6: Tales from the COVID-19 front lines
The new normal for veterinary practices is a work in progress given the state of affairs from state to state.
This week: Optimism is the word of the day within some quarters as the Payroll Protection Program begins to pay off and some veterinary professionals express confidence that “We’re almost done.” Others aren’t so sure. Read other installments in this series: Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 7 Chapter 8 […]
Chapter 5: Tales from the COVID-19 front lines
As veterinary practices adjust to the new normal, client frustration grows over visitation guidelines and hospital owners encounter hurdles when applying for government aid.
This week: Tiny acts of gratitude, courtesy of bosses, clients and industry reps, can lift the spirits of veterinary teams during the COVID-19 pandemic. Also, Dr. Peter Weinstein reports: “The debacle of trying to get federal funding continues with some practices getting lucky and some getting totally frustrated.” Read other installments in this series: Chapter 1 […]
April starts poorly for veterinary practices
iVET360 finds declines in revenue, transactions and new-client numbers.
Data collected by the practice management services firm iVET360 shows double-digit declines in business at many veterinary hospitals during the COVID-19 pandemic. The Portland, Oregon, company reported that on April 8, for example, revenue was down 16.2% across 735 U.S. hospitals compared with the same weekday, Wednesday, in early April 2019. Transactions fell by 19.8% […]
How the government is helping practice owners
A paycheck protection loan and an economic injury grant are two of several business-friendly programs available to veterinarians.
Veterinary practices nationwide have suffered financially during the COVID-19 pandemic. Here are some of the best programs available that can help keep your hospital afloat and your employees employed. Paycheck Protection Program (PPP) This U.S. Small Business Administration program helps cover the cost of retaining employees. If revenue has declined, you might have cut staff […]
Chapter 4: Tales from the COVID-19 front lines
“I try to remind anyone in this profession that we should be so proud to be veterinarians now more than ever.”
This week: Exhaustion and stress have become commonplace as veterinary practices adapt to the new normal. At some hospitals, business is fine; at others, it’s not so good. Read other installments in this series: Chapter 1 Chapter 2 Chapter 3 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter […]
The banker’s role in a practice acquisition
You can’t afford to skip any critical steps when buying a veterinary practice.
As the coronavirus pandemic grinds the U.S. economy to a halt, putting downward pressure on demand for pet health care services, acquisitive veterinarians should wait for conditions to stabilize. When the pandemic lifts, however, many smart acquisition opportunities will be available. Acquiring a practice is a complex and potentially competitive process — acquirers range from […]
Forecast is grim for veterinary services in 2020
Packaged Facts expects a pandemic-related thrashing of the U.S. pet market over the short term.
The coronavirus pandemic will batter the U.S. pet market in 2020 and especially the animal care sector, where revenue from veterinary services is forecast to plunge by 30%, according to the market research firm Packaged Facts. The company’s newly released report, “U.S. Pet Market Outlook,” predicts a 20% rebound in veterinary services in 2021, rising […]
HVAC systems do more than just adjust the ambient air temperature. They’re also crucial for controlling odors, humidity and the spread of pathogens.
When clients walk in the door, you want them to sense that the hospital environment is of the same quality as the medicine you practice. Do they notice odors and noise, or is the clinic clean, bright and fresh? How your hospital performs and how it is perceived by clients and team members is influenced […]
Two experts explain what is known or uncertain about cannabidiol and what veterinarians need to be aware of legally when considering the use of CBD in practice.
If there’s one thing generating a buzz in veterinary medicine these days, it’s cannabidiol (CBD). No, not that kind of buzz — CBD derived from hemp containing less than 0.3% tetrahydrocannabinol (THC) is a non-psychoactive agent. Rather, the buzz is coming from clients asking whether the purported human benefits of CBD might help their pets […]
Lost and found
Missed charges can cost a veterinary practice tens of thousands of dollars a year. Using audits, better protocols and safety nets will help you keep more of what you truly earned.
Missed charges are an unfortunate fact of life at veterinary practices. Even if they have the best of intentions, few hospitals can claim a 100% capture rate. Billing mistakes are guaranteed to happen from time to time. But what makes missed charges such an insidious problem is how easy it is to underestimate the scope. […]