2019 was a pretty good year
The Vetalytix Report
Veterinary practices administered more vaccines than in 2018, although sales of flea and tick preventives suffered in the face of a competitive over-the-counter market.
Welcome to The Vetalytix Report for the fourth quarter of 2019. In the tables that follow, we shed light on the unique economic characteristics of U.S. geographic markets and reaffirm a consistent theme that veterinary practices serving those markets face unique challenges. For a practice leader to think strategically, measure objectively and thrive in today’s […]
The business of continuing education
Now is the time for CE providers and users to demand more from learning experiences and work together to raise the standards.
Creative Disruption columnist Dr. Bob Lester wrote in the last issue about the state of most in-person continuing education. (Read “Always Be Learning” at http://bit.ly/2ZMT7qt.) A lot of CE, he stated, is delivered in dark rooms and 50-minute chunks by a sage on the stage, a format he described as “arguably, the worst adult learning modality.” […]
Should you buy a no-lo practice?
Don’t automatically rule out a profit-challenged hospital. The problems, from a less-involved owner to poor inventory controls, might be easily correctable.
With so many practices being sold to corporate consolidators, private practice veterinarians might have a harder time finding a hospital to buy. If the asking prices for the “best” hospitals are out of your comfort zone, should you consider purchasing a no-lo practice? The VetPartners Valuation Council coined the term “no-lo practice” to describe practices […]
Be a cut above
Planning a top-notch surgery suite requires attention to detail. Only after you figure out what you truly need can you fine-tune the budget, complete the design and start construction.
Just about every veterinary hospital does surgery, yet there is no-one-size-fits-all surgery suite design. This article will assume you are constructing a new surgery suite, though most of my advice will apply to a renovation or expansion. As with any construction project, the first step is defining the what, where, how much and how long. […]
Let there be light
Laser therapy improves patient care, boosts clinic revenue and can deliver an excellent return on investment.
Therapeutic lasers have come a long way since their introduction to veterinary medicine over a decade ago. Back then, so many yet-to-be-studied beneficial claims were made that veterinarians commonly responded with dubiousness. “There is far less skepticism whether it works now because there has been confirmation that it does, both peer to peer and in […]
The price is right
The Pet Owners Economic Value Study reveals what pet owners are willing to pay for veterinary care. Clients ages 19 to 29 are an attractive customer segment.
No matter what we, the veterinary profession, want to charge for veterinary care or think we deserve to be paid, the ultimate decision is made by pet owners, who take into account the value they see in the services we provide. What pet owners are willing to pay can be influenced by education, a better […]
A balance of power
The relationship between pet owners and veterinarians is a two-way street. The digital age and the transparency it created has turned clients into pet care partners.
If you’re old enough to have been raised without information and technology at your fingertips, then you remember the days when consumers had blind faith in medical professionals. Today, however, as the digital-age generation takes over, instant access to information about pet health is having a huge impact on how clients engage with veterinarians and […]
So far, so good in 2019
The Vetalytix Report
Overall clinical volume was positive in all regions during the third quarter.
Welcome to The Vetalytix Report for the third quarter of 2019. In the tables that follow, we reaffirm the theme that no two markets for veterinary medicine are identical and that the practices serving those markets face unique challenges. For the independent practice to thrive in today’s hypercompetitive environment, it’s critical to understand the definition of […]
Building a case for a builder’s risk policy
Protect and Defend
You should purchase additional insurance coverage whenever your practice is under construction or undergoing a facelift.
Are you considering building, expanding or remodeling your veterinary hospital? Before starting any construction or renovation project, make sure you have the proper insurance coverage in place. Your property will be at risk of several exposures significantly different from those associated with an operational veterinary facility. Many of these exposures are typically not covered by […]
The next frontier
The move toward biomarker testing is an example of the expansion of preventive, predictive, personalized and participatory animal health care.
Thought leaders in human medicine like Leroy Hood, Ray Kurzweil and Daniel Kraft have been talking about the four P’s of medicine for decades, but only recently have we seen a growing awareness of predictive, preventive, personalized and participatory forms of medicine within veterinary medicine. In particular, at the Veterinary Innovation Summit in April, Jon […]