Take control of employee health insurance costs by selecting the right plan and benefits. Self-funding, captives and a level-funded program are your primary options.
If you’re a veterinary practice owner who has decided to offer group health insurance benefits to your staff, you’ve likely done so for one of three reasons: Your practice is large enough that you’re required to comply with the Affordable Care Act’s employer mandate (more than 50 full-time-equivalent employees) and you’d rather not pay penalties […]
See the light
The smart use of natural illumination supports the health and happiness of patients, employees and clients. Artificial light has its place, too, but you should be selective.
What if I told you about a simple strategy that would make team members feel more alert, improve their attitude and attendance, and help them achieve higher goals? It also would help clients feel more relaxed and, most importantly, reduce patient stress. When implemented during a hospital’s construction or renovation, it would cost very little […]
A view from the trenches
The Vetalytix Report
Today’s business environment is more complex, more dynamic and more competitive than ever before.
More than 300 industry leaders attending the KC Animal Health Corridor’s Market Insight Seminar in August witnessed “A View From the Trenches,” our presentation about some of the most pressing issues facing today’s veterinarians. Here are a few highlights. It’s the Economy, Stupid Economic data from the first half of the year showed that 2018 […]
Protect and Defend
All hospital employees should be taught how to react in the face of a physical threat. The principles behind ALICE are a good starting point.
Unprovoked violence against groups of innocent people is frightening. Sometimes random, sometimes retaliatory, the acts are perpetrated against businesses, churches, schools, theaters and even military installations. The Occupational Safety and Health Administration requires employers to provide a workplace free from recognized hazards. The risks to veterinary practice employees traditionally have focused on bites and scratches, […]
Investing in your hospital shortly before a sale makes sense only in certain situations. Needless spending can depress the practice valuation.
With so many veterinarians considering a practice sale, either to an associate or a corporate consolidator, some owners wonder whether making further investments in the hospital or new equipment will yield a higher price. The answer? It depends. Your Facility Is now the right time for new construction or a remodel? If you plan to […]
Give it a try
When introduced and promoted properly, a telemedicine app can improve health care, strengthen the patient bond and increase revenue.
It’s no secret that technology is changing the way health care is delivered. As a veterinarian who manages two Indiana practices, Devonshire Veterinary Clinic in Anderson and Geist Station Animal Hospital in Indianapolis, I have found what works well for me and my team, so I am sometimes hesitant to change the way we deliver […]
Equipment Guide 2018
From dentistry to ultrasound: What you need to know.
The fourth quarter is when many practice owners seriously consider whether they should buy capital equipment before the year is over — not only to improve patient care and services but also for tax purposes. Section 179 of the IRS code provides incentives for the purchase of veterinary equipment, from X-ray and dental machines to […]
A balancing act
Use KPIs and financial smarts to drive your practice toward higher levels of profitability.
In case you missed my August/September article, “Uneasy Street,” I examined the difference between flying by the seat of our pants as practice owners versus leveraging financial statements and key performance indicators (KPIs) to make educated, intentional management decisions. For those readers ready for a structured, calculated management process and the benefits it brings, let’s […]
The lowdown on IRS Section 179
Buying equipment before the year is over can bring considerable tax advantages, but you must understand and follow the law.
As we enter the last quarter of the year, equipment buying season begins, practice profits are calculated and potential tax liabilities are determined. “How can I save on taxes as year-end approaches?” is the question most accountants are asked. The process of reducing taxes through year-end equipment purchases has gone on for years. So, how […]
Selling your hospital can’t be your only retirement plan
Too much can change over time for you to count on a top-dollar sales price and comfortable post-career life.
As the equity partner or sole owner of a veterinary practice, you have put many hardworking years into the growth of your craft and business. Your practice is likely your life’s work. When you evaluate your retirement plan, the practice can be a major asset and cornerstone for your golden years. However, relying on the […]