Karen E. Felsted, CPA, MS, DVM, CVPM, CVA

For more than a decade, the rule of thumb for setting fees in veterinary medicine was simple: Raise 'em! The corollary to this rule of thumb was: don't worry about clients not wanting to pay; if you communicate the value of the procedure, they will gladly open their pocketbooks.

Part of the reason technicians, doctors and other team members choose to work in the veterinary field is because they care about pets and want to see them get the care they deserve.

One of the many unhappy lessons veterinarians and their teams have had to learn from the recession is that clients don't have bottomless wallets filled with cash to spend on veterinary care.

Your patients didn't cause the recession, and they're not responsible for your clients' money woes. But they still need essential veterinary care. It's up to you to help your clients figure out how to pay for these services̬and sometimes that means thinking outside the box.

Q: Considering the low pay of starting salaries for veterinarians, how much debt should a student take on?

Trend #1: The Recession, chapter 1 of a four-part web presentation by Dr. Karen Felsted, CEO of the National Commission on Veterinary Economic issues.

Chapter 4 of the four-part web presentation "Trends in veterinary medicine and how this impacts your practice".

Chapter 3 of the four-part web presentation "Trends in veterinary medicine and how this impacts your practice".

Chapter 2 of the four-part web presentation "Trends in veterinary medicine and how this impacts your practice".

As the temperatures turn, many veterinary clients are still struggling to pay for much-needed services. But with a little research, your practice can act as a warm refuge from the chilly economic climate.

Q&A: Talk clients through tough times to promote third-party payment plans

Your clients want convenience and low price-the same things you look for as a consumer.

Chapter 5 of the seven-part web presentation "Is Your Practice As Profitable As You Think?"

Chapter 3 of the seven-part web presentation "Is Your Practice As Profitable As You Think?"

Chapter 6 of the seven-part web presentation "Is Your Practice As Profitable As You Think?"

Chapter 2 of the seven-part web presentation "Is Your Practice As Profitable As You Think?"

Chapter 7 of the seven-part web presentation "Is Your Practice As Profitable As You Think?"

Dr. Karen Felsted says many owners aren't aware their practices are undervalued until it's too late.

Chapter 4 of the seven-part web presentation "Is Your Practice As Profitable As You Think?"

Prognoses may not be as good, but a reasonable medical option -- even if it's not the best -- is better than nothing, says the CEO of the National Commission on Veterinary Economic Issues.

How to get your team management skills up to speed.

Improved staff utilization is a more critical element of successful practices now than ever before. Practices that want to become more profitable can no longer just count on fee increases to achieve this goal.

Study after study in all walks of life demonstrate the importance of good communication.

The Brakke Management and Behavior Study empirically demonstrated the importance to practice owners of understanding the finances of their practices and how few owners really do.

Should you offer discounts?

Times are changing, and associates want to find a work-life balance. Maybe we should look to our dental counterparts for inspiration.

Face facts: Student debt affects nearly everyone in the veterinary industry.

Communication is not just verbal; your actions are also critical to getting the message across. Consider the following ways to communicate value:

How do I respond to a client when they badmouth a doctor to me?

Three factors are essential to the practice of quality medicine and surgery.