Denise Tumblin, CPA

Many veterinary associates these days wonder whether buying a practice is still a viable option in today's economy. After all, how can they take on additional debt when they're already saddled with their student loan burden? Read on for the answer.

People have a hundred decisions to make every day: from what time to get up, the route to take to work, and what they'll focus on for the day to how and where they'll spend their hard-earned money. Many veterinary practice owners assume that clients' buying decisions for veterinary services are fairly logical.

Results of Benchmarks 2010: A Study of Well-Managed PracticesSM by Wutchiett Tumblin and Associates and Veterinary Economics reveal that a current partner, or a current or future associate is the most likely buyer in 69 percent of practices. And, one of the most important steps to take to prepare an associate for ownership is teaching them about and involving them in the business side of practice.

Whether an employee leaves by choice or at your request, turnover costs your practice. There's the obvious cost of advertising for a replacement and the time spent interviewing the various candidates. But there's also the cost of lost productivity during the interim when you're short-staffed.

Strategic planning allows for a creative big picture outlook and is well worth time time spent.

Use these questions to interview candidates for your receptionist position. These questions will hit on qualities critical to a veterinary receptionist performing his or her job successfully.

Download this PDF of a timeline of selling your veterinary practice to an inside buyer.

What makes a leader? Is leadership an inherited quality, or can it be created through education, experience, and example? There's no doubt that a few select individuals seem to be naturally endowed with those qualities necessary to become a great leader. However, for the rest of us, is there any hope of becoming an effective leader?

Making your practice more profitable and positioning it for continued success isn't about luck. You don't roll the dice and hope to meet your medical and financial goals for the year.

Veterinarians who are planning the sale of their practice often ask, "What is my client list worth?" When it comes to practice value, the short answer is nothing.

Helpful tips on the financially important topic of inventory control.

Your veterinary clients have surprisingly little worth when it comes to selling your practice, but they're absolutely priceless on a personal level.

Putting yourself in a position of playing catch up is not the way to tackle the economy.

Management consultant Denise Tumblin, CPA, points out the importance of avoiding missed charges and provides actual case study examples with some surprising figures.

Making your practice more profitable and positioning it for continued success isn't about luck. You don't roll the dice and hope to meet your medical and financial goals for the year. Being profitable is about playing the right hand at the right moment and making changes in your practice that maximize your strengths. So use these five critical steps to ensure your practice will be flush with success.

What makes a leader? Is leadership an inherited quality, or can it be created through education, experience, and example? There's no doubt that a few select individuals seem to be naturally endowed with those qualities necessary to become a great leader. However, for the rest of us, is there any hope of becoming an effective leader?

The average U.S. company loses 7% of its annual revenue to fraud, with the median fraud loss for all businesses at $175,000, and the median fraud loss for small businesses at $200,000. In fact, private companies have the highest incidence of fraud (39.1%), with public companies coming in at second (28.4%), according to the Association of Certified Fraud Examiners' (ACFE) 2008 Report to the Nation on Occupational Fraud and Abuse.

Veterinarians who are planning the sale of their practice often ask, "What is my client list worth?" When it comes to practice value, the short answer is nothing.

What's fair when it comes to associate compensation? Owners and associates want to know, and too often each party's understanding of what's fair lies at opposite ends of the spectrum.

If you're not charging the right fees, you could feel the pinch when you want to invest in new medical technology or give your doctors and staff members a raise.

Making your practice more profitable isn't about luck.

The valuation of a veterinary practice reveals a telling story about the practice and its owners and staff.

Bring your veterinary practice's fee structure to the next level by using a value-based strategy.

See what Well-Managed Practices are charging for value-based fees.

This overview of Benchmarks 2009: A Study of Well-Managed Practices shows how practices are re-examining their core services and strengths and focusing on being more efficient, effective, and productive.

According to Benchmarks 2009, non-doctor staff compensation represents 25% of revenue.

Making your practice more profitable isn't about luck.

What's fair when it comes to associate compensation?

Maintaining consistency in a multiple-doctor practice is a common challenge.

No one becomes a lean, mean, efficiency machine overnight. It takes time. Watch Denise Tumblin's, CPA, video and see how you can become more effective every day.