What are you buying exactly?
If you’re considering practice ownership, learn the differences between an equity purchase and an asset purchase.
One of the most important aspects to understand when you buy a veterinary practice is whether you are getting the business’s assets or equity in the existing company. I know I’m asking you to understand accounting terms, but this is important and pretty easy to grasp. When you buy the assets, you get all the […]
Virtual care is the reality
General practitioners, specialists and even students have a role to play in the evolution of telehealth and the elimination of barriers to veterinary services.
Lots of stuff is going on in the world of virtual care as its utilization shifts from innovators to early adopters and becomes more mainstream. Recent articles have shown increased client demand for telehealth services and satisfaction with its use. This past spring, the American Veterinary Medical Association hosted the Veterinary Virtual Care Summit, which […]
Protect and Defend
What if a client blamed you because her car was dented in your parking lot? Or if the photo you posted on your website violated copyright law? Take the time to understand liability and common conditions in commercial insurance policies.
In the June/July 2019 issue, I discussed Section I: Property of the standard commercial insurance policy. In this issue, I will review sections II and III: Liability and common policy conditions. Section II: Liability A commercial general liability policy protects the identified business against claims for bodily injury and property damage arising out of the […]
Lenders working with the Small Business Administration provide government-backed funding to veterinary professionals looking to acquire, open or expand a practice.
Owning a veterinary practice can deliver significant professional and financial advantages because of the autonomy and opportunities involving compensation and profits. However, substantial costs are associated with practice ownership, whether you’re buying an established clinic or building one from the ground up. Finding the right loan to finance costs associated with acquiring or opening a […]
Food for thought
Therapeutic diets are a great way to treat pet obesity. Veterinary teams need to remember the three keys: patience, flexibility and creativity.
Pet obesity is a huge problem, with nearly 60% of all U.S. dogs and cats classified as overweight or obese in 2018. The Association for Pet Obesity Prevention, which I founded, conducts yearly prevalence surveys each October to measure not only the number of affected pets but also the attitudes and opinions of pet owners […]
A room dedicated to ultrasound or endoscopy — or both — requires thoughtful layout and certain fixtures to ensure efficiency.
Some diagnostic and treatment procedures once found only in specialist facilities are turning up in a wider range of practices because of greater equipment options and higher standards of care. In the last issue of Today’s Veterinary Business, I discussed planning a dedicated dental procedures space. This month, I will cover how to design rooms […]
You can’t afford not to
Solutions are available for clients who lack the means to pay for veterinary care. Whether the answer is insurance, crowdfunding or something in between, the outcome is comforting for the pet, the owner and the soul.
As a brand-new veterinarian in 1963, I thought of myself as a reasonably well-trained animal mechanic. This opinion resulted from me being raised in a household supported by my father’s skills as an electric motor repairman. While my incentive to become a veterinarian was more grounded in a love for animals, my self-image was that […]
Sharing details about your practice’s performance builds trust in your employees and can help make your business even more successful.
Open book management (OBM) has been part of the business vernacular since the mid-1980s, yet it continues to be viewed with healthy skepticism. A 2017 article in Forbes magazine reported that most companies increase profitability and productivity by 30% in the first year after implementing OBM. So, knowing that, what is OBM and would how […]
By popular demand
Now’s the time for veterinarians to claim their share of the pet health supplement pie.
Spurred by the promise of cannabidiol (CBD) and the millennial population’s emphasis on wellness and preventive care, pet health supplements are enjoying unprecedented popularity, with U.S. sales growing by 5% in 2018, according to the market research firm Packaged Facts. Veterinarians and industry leaders say it’s time to get proactive about this previously downplayed treatment […]
The not-too-distant future
The Veterinary Innovation Summit showed that pet health care is moving from reactive and acute to proactive and preventive. You can thank telehealth, wearables and other technology-driven ideas.
When a person blinks or a dog scratches his ear and the event isn’t recorded, it’s a moment in time likely to pass unnoticed and unaccounted for, one in an endless series of moments that have no beginning and no end. But what happens when that moment is recorded and someone is paying attention? When […]