Insure your property properly
Protect and Defend
Extensions. Deductibles. Exclusions. Not understanding the terms of your commercial policy could leave you short on coverage.
Practice owners view a commercial insurance policy the same way a veterinary textbook appears to a layperson: lots of pages, small type, indecipherable words. One can only hope that in the event of an insurance claim, appropriate coverage is found somewhere within all the verbiage. Though understanding everything in your commercial insurance policy isn’t practical, […]
Telemedicine nears a crossroads
Politics and Policy
Much has been accomplished to this point. Now it’s time for lawmakers and state and national organizations to step up.
It’s time for a checkup. Not for my pets, but for a certain item called veterinary telemedicine. Every reader of Today’s Veterinary Business knows that you cannot attend a local, state or national veterinary meeting without seeing telemedicine on the agenda. It’s been that way for the past 2½ years. The NAVC’s January conference, VMX, […]
Pipelines and pathways
Veterinary professionals can do more inside and outside of the practice to expose young people to potential careers in animal health and plug the leakage of talented students to other industries.
Annual studies conducted by the Association of American Veterinary Medical Colleges find that prospective veterinary students routinely express interest in the profession before age 10. In those 10 short years, they develop a love of animals and a desire to help them. The profession, however, can seem one dimensional to young people: Veterinarians take care […]
How to support your doctors
Managers should take the lead in finding ways to pay veterinarians more and get them additional free time. Their well-being is at stake.
Practice managers and veterinarians share the goal of producing healthy patients, happy clients and team members, and a thriving business. However, their starkly different vantage points sometimes leave managers and doctors struggling to understand one another. The recently published Merck Animal Health Veterinary Wellbeing Study quantified and gave insight into why veterinarians experience lower levels […]
Ready for departure
Severance agreements can be worthwhile when cutting ties to a team member, but employers need to be careful with the terms and cognizant of applicable laws.
Have you ever terminated an employee? Whether the act was related to performance, a practice reorganization or another issue, navigating the process can be challenging. In these situations, a severance agreement can be a helpful tool for employers, but many don’t understand how or when to use them. Here are answers to eight commonly asked […]
Take the fear out of diagnostics
If your procedures leave pets petrified, isn’t it time to try something else?
I vividly remember a Tuesday morning many years ago. I woke up incredibly sore and tired, and I had no recollection of why I felt that way. I hadn’t worked out recently and, although I had two heavy toddlers, the previous days were the same routine — no heavy lifting or theme park toting. And […]
Harness your inner strength
Adhere to five core principles to build a resilient veterinary team and practice.
To survive and thrive in today’s fast-changing, volatile, uncertain, complex and ambiguous world, veterinary practices need to be resilient. We are living with a new set of rules regarding the way we work. To survive and thrive, practices must be purposeful, agile, tenacious and balanced. They must be nimble and adaptive, always reinventing to remain […]
The veterinary industry has a lot going for it, starting with the historic role pets play in everyday life. Staffing issues and the cost of care deserve attention, however.
Sailors are familiar with the phrase “fair winds and following seas.” The saying refers to ideal conditions for steering a ship. Our profession is enjoying both fair winds and a few rough seas. With that in mind, I’ve been thinking about our profession’s tailwinds and headwinds. Ever the optimist, I’ll start with tailwinds, which in […]
Upon further review
You have several options when online critics go public about your practice. You can ignore them, fight back or learn from the experience.
Many people today use social media accounts to keep in touch with friends, read the news, scroll through pages of cute animal pictures, and more. We also use online resources to make everyday decisions such as selecting a doctor, restaurant or movie. Service providers, whether a hair dresser or plumber, are chosen in many cases […]
Manage your expectations
A variety of factors helps determine what your practice is worth and what a buyer is prepared to pay. The market today isn’t all about consolidators.
While specialty practices and referral centers historically have sold for high prices, general practices were not the darlings of corporate takeovers until now. Some owners of companion animal practices have received generous purchase prices, much higher than we would have imagined five years ago. “EBITDA” (earnings before interest, taxes, depreciation and amortization) and “multiples” have […]