How to double your dentistry business
A short educational program generated tens of thousands of dollars in additional revenue for practices.
Banfield Pet Hospital’s “2016 State of Pet Health Report” estimated that periodontal disease could be found in 76 percent of dogs and 68 percent of cats. A great opportunity to grow a clinic’s dentistry business, right? The problem: Only a small percentage of pet owners choose dentistry work, and too few veterinarians push it. One […]
A dying breed?
Independent veterinarians can thrive in the face of growing corporate competition if they focus on people, processes and profits.
Some independent small animal veterinarians were stricken with panic in January when Banfield owner Mars Inc. announced that it would purchase hospital giant VCA Inc. What changed in the veterinary world between Jan. 9, when the $7.7 billion transaction was unveiled, and the day before? Nothing really, except Mars now owns more than 2,000 hospitals […]
Using EBITDA can be tricky
The popular financial metric is not the most accurate method for calculating profitability or a veterinary hospital’s value.
You may hear about veterinary practice sales where the purchase price was some multiple of EBITDA. EBITDA (pronounced: ee’ bit dah) is an acronym for earnings before interest, taxes, depreciation and amortization. In other words, EBITDA represents net income with certain accounting expenses, namely depreciation and amortization, income taxes and interest expense, added back in. […]
Are you underinsured?
Protect and Defend
An introduction to the nuts and bolts of properly insuring your practice.
Finding the balance between too much and too little insurance coverage can be a challenge. How do you know where you stand? Asking your insurance company after you suffer a loss is not the way to find out. As a veterinarian now specializing in veterinary insurance and risk management, I’ve seen many cases where practice […]
Want to build a hospital?
Veterinarians tend to be good risks for lenders, so doctors with excellent credit and a detailed business plan are a step ahead.
After practicing for years in hospitals run by other veterinarians, you decide it’s time for your own place. You know where the hospital should be located and maybe what it should look like. But what now? Where do you start? Meet Dr. Kate. She’s been out of school for eight years and for much of […]
Vaccinate against fraud, embezzlement
Your practice likely has fallen victim to a thief or scam artist. Take a few critical steps to prevent a recurrence.
Business is tough. Costs are rising, but revenues are not. Transactions and new-client numbers are flat, and so is the pet population. Unprecedented competition in the pharmacy world threatens a once-solid income stream. Dr. Google is ever more prominent. Veterinarians are anxiously looking for solutions. When things aren’t going in the right direction, revisiting the […]
Dental chews promote patient, practice health
By persuading clients to give their pets VOHC-accepted chews every day, the veterinary team can boost oral health and the bottom line.
U.S. veterinary practices capture just 2 to 3 percent of dental chew sales, meaning nearly all clients buy from retailers instead. That’s a significant chunk of lost cash in the nearly $1 billion market for pet oral care products. But the biggest problem for practitioners isn’t the missed business opportunity. “The biggest opportunity you’re missing […]
How to profit on a hospital pharmacy
Be competitive with prices and communicate to clients why they should buy their pets’ drugs from you.
One of my favorite business books, “Built to Last,” compares companies that have stood the test of time with companies that have gone out of business. Among the discoveries by authors James Collins and Jerry Porras is one that may surprise you. It sums up how companies that last feel about profit: “Profit is like […]