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 […]
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 […]
The highs and lows of hospital heights
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 […]
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 […]