Business

directors and officers

Don’t manage without it

Protect and Defend

Directors and officers liability insurance protects a veterinary practice’s executives and leaders from themselves and their bad decisions.

Does your veterinary practice operate under a board of directors? Do you serve on the board or as an officer responsible for management decisions that have a direct financial impact on others associated with the organization? If so, directors and officers liability insurance, often referred to as D&O insurance, should be an important component of […]

financial recommendations

Let’s talk money

Clients welcome conversations about the cost of care. While they won’t always say “yes” to your recommendations, you can improve the chances by better communicating the value to the pet.

Few things create as much anxiety for veterinary teams as talking about money with clients. Studies have shown that a client’s economic limitation is the primary factor behind feelings of burnout in veterinarians working at small animal general practices. A survey I conducted at a work-life integration workshop hosted by the American College of Veterinary […]

business growth

Ready, set, grow!

Elevating your hospital from the status quo to something really fabulous requires an honest assessment of where you stand and then formulation of a detailed action plan. 

Is the time right to expand your veterinary practice? Here’s what some hospital owners are doing: Hiring another veterinarian. Making home visits to older clients and to clients who want a more compassionate euthanasia experience. Purchasing an expensive, yet medically valuable, piece of equipment to fill an unmet need. Installing a drive-through window for pharmacy […]

profitability

The value of waiting

Money Matters

Should you sell your veterinary practice while prices are high, or does a better option exist?

Ten years ago, the U.S. economy was beginning to recover from the Great Recession. If you wanted to sell your veterinary practice back then, finding a buyer was time-consuming and sales prices were stagnant. Today, the market has changed entirely. Hospital owners are inundated with inquiries from consolidators large and small offering higher prices than […]

2019

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 […]

continuing education

The business of continuing education

Innovation Station

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.” […]

no-lo practice

Should you buy a no-lo practice?

Money Matters

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 […]

veterinary surgery room

Be a cut above

Constructive Criticism

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. […]

laser therapy

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 […]

veterinary value

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 […]

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