The value of waiting
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 […]
You bring value to a practice
Hospital managers have a huge say in a clinic’s financial course and whether the owner achieves an ideal selling price.
One of our primary responsibilities as a practice manager is to sustainably maximize shareholder value (profit). Whether you have full access to the accounting and play a role in major financial decisions or have limited governance over categories like human resources, inventory or marketing, your actions can shape profit and ultimately the practice’s value. When […]
Bad hire or bad hiring?
Be honest with yourself. Did you rush the job candidate through the interview? Did you miss any warning signs? Did you quiz the references? Does your onboarding and training program need an overhaul?
After you spend time and money advertising for job candidates and interviewing them — and then selecting someone you believed would be a great addition to your veterinary practice team — it can be quite disheartening when the new hire just isn’t working out. You think back through the hiring process, the resume that showed […]
Enjoy a successful investment experience
Following 10 principles will help propel your financial portfolio to the next level.
Are you confused about what to do with your investments given all the turmoil in today’s world? If so, you’re normal. Most busy veterinary professionals lack the interest, inclination, knowledge and experience to manage their investments. Those so inclined would be wise to get a second opinion. A financial adviser should be a fiduciary, meaning […]
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 […]
The business of continuing education
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.” […]
Is it time for a change?
Core training isn’t just for the athletically inclined. Bring your teams together as often as possible to talk about retail products and client messaging.
Sports fans know that their favorite teams’ seasons have a beginning and an end. Professional hockey, baseball, football and basketball leagues have a training season, a regular season and a playoff season that concludes with a championship. It’s a beautiful cycle, and all teams get a restart every 12 months. Running a veterinary hospital, on […]
Should you buy a no-lo practice?
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 […]
5 technology must-haves
Your clients take advantage of everything the modern world has to offer, and so do you. Then why is your veterinary practice so far behind?
Technology has changed how our world operates in almost every way imaginable, from the way we connect with family and friends to the ways we shop, work and live. Let’s start by looking at something universal, like shopping. A recent study predicted that e-commerce sales will balloon to $4.5 trillion by 2021, up from $2.3 […]
Be a cut above
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. […]