Finance

Before you buy a veterinary hospital, young doctor, make sure you understand the basic financials of the practice and get some expert advice on the details to make sure you know what youre paying for.

Both associates and practice owners should love clear, mutually beneficial employment contracts. They give associates clarity and peace of mind and ensure future buyers of a veterinary hospital can hold onto what makes that clinic greatthe staff.

There are pros and cons to each possible business entity you might choose for your new veterinary hospital. No matter what, talk to an accountant and remember you need medical malpractice insurance. Inc. or not, its always your license and personal liability on the line when it comes to cases.

If youre thinking of selling your veterinary hospital, focusing just on the sale price is not enough. You need to understand the tax consequences of a proposed sale.

Gaining a bunch more veterinary hospital space is fantastic. But make sure youre ready for the growing pains that come with increased size.

Two smart data wonks in the animal health industry recently shared market information at an exclusive event in Kansas City. Heres the skinny on what they see coming down the pike for veterinary practices like yours.

Im worried that todays corporate consolidators arent an answer for solo practices who cant find associates to buy them.

This happens in the contractor submittal process of your veterinary clinic redesign or new build, and its why you should keep your architectural team involved until the end of the project. Especially when it comes to installation of new products.

When the budget on your dream veterinary clinic project gets tight, here are some strong opinions from an architect and team with an award-winning hospital on how you can cut to still keep your design intact.

One veterinary lender at HospitalDesign360 conference revealed some of the questions to ask before you lock in financing for that new remodel, renovation or new veterinary hospital building.

Do millennial veterinary associates have the same needs as any other associate you've hired in the past? Well, yes and no says Dr. Eva Evans.

USP 800 is very important in how your faculty handles compounded drugs, says veterinary architect Vicki Pollard, CVT, AIA, at HospitalDesign360 conference.

When your veterinary hospital looks like a badly aging 1980s movie franchise, its time for the reboot: Take an honest look around and imagine what a little elbow grease and a few tweaks could do to get your place the audience (and clients) it deserves.

Its well known that veterinary professionals undervalue their time and services, but your clients might notif you play your cards right.

Selling to an associate shapes the future of the veterinary profession. In this era of corporate buyouts and growing multipractice chains, dont give up on selling to a smart millennial quite yet.

To secure the best price from a veterinary consolidator, sellers need to hire associates wholl stay on after the transition.

After your hospitals veterinarian has explained the need for a product or pharmaceutical, dont hand off your clients to websites, pet store employees and big-box aisles and aisles of competing products. If this is the right product for this pet, carry it. The sales will follow.

Before you show up to talk to your accountant, your architect, your builder or your engineer at the Hospital Design Conference or your own town, you need these. Nothings worse than an, oh, thats at home! conversation to start off your big hospital build.

If you want more transparency in your veterinary hospitals design, plan ahead to avoid distracting patients.

Veterinary practice owners: Here are five things you or a trusted practice manager can watch regularly to make sure raising prices isnt the only way your practice survives.

Every veterinary practice buyer has different needs and wants, but if you nail these 12 items, yours is a hospital anybodyd love to buy.

Many veterinary practices have seen their pharmacy sales for oral and topical drugs shrink. Have you explored all the injectables on the market?

How much of the local veterinary business is your practice capturing compared with your competitors? If you don't knowor if it's not a pretty picturethis AVMA tool can help you pin down a plan toward greater success.

Use this equation to estimate general costs for your new building or leasehold.

The pool of potential cases for rehabilitation services in general veterinary practice is much bigger than you think, says Fetch dvm360 speaker Dr. Matthew Brunke.

A lesson in spending for veterinary professionals.

There are lessons to be learned from the many companies that have disappeared in recent years.

While its true that Disney reigns supreme when it comes to delivering superb customer service, that fact is that not all customer service models can be equal. Heres how the Disney model hurts our professionand what we can do about it.

Heres an in-depth explanation of what you need to look at when searching for your dream site for your future veterinary practice, and why.

Building and opening a veterinary practice is a marathon experience that requires slow, steady and consistent effort. While you may have to sacrifice your time (and sanity) during the process, the payoff is well worth it.