Business

business metrics

A decent start to 2019

Middling clinical volume aside, the veterinary marketplace is showing promise with canine and feline vaccines. Flea and tick? The competition is exerting influence.

Welcome to The Vetalytix Report for the first quarter of 2019. While 2018 was a positive year for many practices, fourth-quarter data suggested a mild slowing of clinical volumes through the veterinary channel. As 2019 began, many veterinary practices were hoping to avoid the extended winter weather that impacted multiple areas of the United States […]

pet dental cleaning

Sink your teeth into it

Getting pet owners to agree to a dental cleaning takes a commitment on your part. Show the evidence of disease, prepare handouts and talk about the ill effects of poor oral health.

Ever since I graduated from veterinary school in 1987, the importance of oral health has grown as we learned more about the incidence and significance of periodontal disease. We rarely cleaned pet teeth in veterinary school, and I don’t recall an actual lecture or lab devoted to the topic. In people, periodontal disease, causing systemic […]

business agreement

Manage your expectations

Money Matters

A variety of factors helps determine what your practice is worth and what a buyer is prepared to pay. The market today isn’t all about consolidators.

While specialty practices and referral centers historically have sold for high prices, general practices were not the darlings of corporate takeovers until now. Some owners of companion animal practices have received generous purchase prices, much higher than we would have imagined five years ago. “EBITDA” (earnings before interest, taxes, depreciation and amortization) and “multiples” have […]

pet dentistry

Add bite to your dental business

Constructive Criticism

A well-equipped and well-situated suite will help a hospital capitalize on the fast-growing service of oral care.

Veterinary medicine has enjoyed healthy growth for a number of years in the range of services offered. For many general practices and specialty hospitals, income and caseload growth are powered by expanded diagnostic and treatment modalities. Carving out space for special procedures has become standard in both new and existing clinics. Clients are looking to […]

diagnostics

Problem-solving

Do too many clients reject your diagnostic recommendations? Poor staff buy-in and communication shortfalls might be why.

We all know that successful treatment outcomes start with knowing what we are battling. The key then is having the client, who controls the patient and the credit card, say “yes” to our diagnostic recommendations. The steps I will discuss in this article have proven successful in my hospitals. But first, let’s briefly discuss what […]

office software

Hidden gems

Veterinary hospitals get more out of their practice management systems, and generate more revenue, when they tap into underutilized software features.

Who remembers managing a veterinary practice before the era of computers? Using paper, sticky notes and whiteboards to keep track of patients, prescriptions and billable services added up to missed opportunities. Enter the computer and practice information management systems. Today’s PIMS come in a variety of forms, including cloud-based, server-based, freeware and custom-built. They remain […]

veterinarian visit

Revisit vaccinations

Don’t promote routine exams as merely a time for shots. Use the occasions as an opportunity to practice preventive medicine and to detect early signs of disease.

Vaccines have been the subject of so many articles over the last 50 years. We and our pets are living longer and healthier because of vaccines. Think of all the diseases we no longer see because of the use of modified live and killed vaccines: distemper, rabies, polio, tetanus. Without vaccines, our careers would be […]

pet insurance

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 […]

veterinary exam room

Stay young at heart

Constructive Criticism

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 […]

credit cards

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 […]

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