Business

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Innovation Station

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

VetPartners Corner

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 […]

Include price for yourself in the price on the shelf

VHMA Critical Issues Summit explores value-based pricing.

The Veterinary Hospital Managers Association flexed its leadership biceps in August by hosting the Critical Issues Summit, a two-day workshop on value-based pricing. Leading the discussion was Utpal Dholakia, MS, Ph.D., a Rice University marketing professor and the author of “How to Price Effectively.” Dr. Dholakia recommends shifting the focus away from cost when determining […]

The West does best in the second quarter

The Vetalytix Report

Mid-Atlantic and Great Lakes veterinary practices had their ups and downs.

Welcome to The Vetalytix Report for the second quarter of 2018. The June/July issue of Today’s Veterinary Business reported that the first quarter proved challenging for many U.S. veterinarians as revealed by decreases in product consumption across numerous categories. With cold and snow taking a toll on business, many regions of the country were significantly […]

Made to order

Constructive Criticism

A practice owner had a tough decision to make about her growing but cramped hospital: tear up the inside, knock down some walls or move.

I fielded a call from a client who was trying to decide whether renovating her clinic would make sense. Her caseload was growing, and she had hired another associate veterinarian. Her hospital was in a professional strip center. Adjacent space that was coming available would allow her to expand the clinic by 50 percent. Coincidentally, […]

Plant a seed

Recommending cannabis for a pet, and even talking about it with clients, is tricky. When the subject is handled properly, veterinary cannabis can add to a practice’s bottom line.

My dog loves popcorn, but not just any popcorn. He loves the simple, homemade stuff — just oil, corn and salt — that I make in my grandfather’s old popcorn pot. Since Jack, my 12-year-old miniature schnauzer, was a puppy, he’d come running as soon as he heard the kernels begin to pop, jumping up […]

Damage control

Protect and Defend

Animal bailee insurance is a crucial need when you are responsible for the custody, transport or care of patients.

The hospitalization of patients, be it for a few hours or several days, is routine at every veterinary practice. In addition, many hospitals offer grooming and boarding as an extension of their services. From a business liability standpoint, the question then becomes, “What happens if an animal in my possession is injured or dies, is […]

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