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flow

Flow in uncertain times

Go With the Flow

Rather than being overwhelmed by a unique and daunting situation, practices and their owners seemed to tap into their inner reserves and resources and then meet the challenges with agility.

The last few months have been unique in their level of disruption of behavior patterns, norms and lives across the globe. It’s easy to occasionally become overwhelmed by both the magnitude and rapidity of the events that unfolded and continue to unfold. So, discussing “flow” in the context of recent national and global events might […]

online pharmacy

How to market your online pharmacy

Socially Acceptable

One-and-done promotional campaigns won’t sustain a valued revenue source. Email reminders, creative social media posts and an enthusiastic practice team can bring drug sales back to you.

Online pharmacies have grown in popularity over the past decade, attaching themselves to one veterinary practice after another. It’s no surprise that the trend has accelerated in the wake of COVID-19. Yet, Diggo reported a couple of startling statistics: While 63% of veterinary hospitals have an online pharmacy, only 16% of pet owners think their […]

telemedicine

What are you waiting for?

Innovation Station

Demand for virtual care is soaring. The ever-expanding field of teleconsulting and telemedicine has options galore for any size practice. You just need to investigate and choose a partner.

Is your veterinary practice one of the estimated 32% that use some form of virtual care? If you joined the crowd due to the COVID-19 pandemic, you’re not alone — telehealth platform use skyrocketed once social distancing arrived and clinics scrambled to take care of pets while keeping their owners six feet away. But maybe, […]

financial

Did you catch a financial virus?

Financial Wellness

If your portfolio is sickly, you better have a treatment plan. A simple 10-part test can help determine whether you should get a second opinion.

As we look back to the beginning of the year — a lifetime ago, it seems — the economy was healthy and growing, the U.S. stock market was rolling along in a bull market approaching 11 years’ duration, unemployment was at levels not seen since the end of World War II, and personal income and […]

relief veterinarian

The multitalented relief veterinarian

VetPartners Corner

A visiting doctor can be more than a fill-in. Use the veterinary professional in other roles, from telehealth adviser to house call provider.

At about 4 years old, my niece was looking at one of those small collapsible tables that you set up near the TV so you can simultaneously eat and binge-watch the latest addictive series. When the small wooden bar under the table is pulled, the legs convert from a straight line to a stable “X” […]

bonding rate

Diminishing returns

Practice Smarter

A client bonding rate of 60% is nothing to celebrate. Use surveys, mystery shoppers, reminders and other tactics to get pet owners to come back to your clinic time after time.

When I present seminars, I talk about all the financial information that can be gleaned from practice management software, but do you know which benchmark I consider most important? Your practice’s bonding rate — the rate of return of clients within 18 months of their last visit. It’s your practice’s success rate. You might know […]

education

Never stop learning

Selling Points

Whether in person or online, the educating of veterinary teams by sales reps needs to remain a priority, even in a COVID world.

The business world as we know it was upended by COVID-19. It’s no longer business as usual. Practice owners, medical directors, administrators, managers and other clinic leaders have had to reinvent how we provide medical services and sell products. The idea of holding a lunch and learn is the farthest thing from our minds. What […]

employee benefits

Prized perks

H.R. Huddle

Team members and job candidates desire more than a paycheck. Benefits such as flexible schedules, paid CE and mentoring can produce happier employees.

Team members and job candidates desire more than a paycheck. Benefits such as flexible schedules, paid CE and mentoring can produce happier employees. Veterinary practices have found that they need to make the workplace as appealing as possible if they want to recruit and retain quality team members. In the past, clinics could simply advertise […]

valuation analyst

Who ya gonna call?

Money Matters

Selling a practice isn’t a do-it-yourself endeavor.

Are you thinking about selling your veterinary practice? Are you ready for retirement? In a perfect world, your hospital would be appraised three to five years before you plan to sell so that you know what your practice is worth at that moment and to give you sufficient time to make changes that could increase […]

buyer

Selling your practice in a COVID market

Legal Lingo

Making and closing a deal between a hospital owner and a buyer isn’t as easy as it once was. Skittish lenders, contract contingencies and even uncommitted clinical staff can gum up the process.

So, you’ve decided to sell your veterinary practice after a lifetime of hard work, but the COVID-19 pandemic has fundamentally impacted the process. From new contractual provisions and buyer financing delays to due diligence issues, you’ve encountered numerous roadblocks. However, with better planning and the right team in place, a sale can be successfully achieved. […]

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