Practice ownership allows an individual to control one's destiny over financial matters, management matters and medical matters. Practice owners should expect a financial reward from ownership that encompasses a reward or pay for the provision of providing veterinary services, a pay for management duties and an ROI (return on investment) for the privilege of ownership.
Chances are you've peeked at your practice's expenses at least once in the last 12 months. And while it's important to track where your hard-earned revenue is going in the best of times, it's even more important when the economy's bad. So if you haven't checked your expenses lately, get to it!
There are some things you can control in life but many that you cannot. The real issue is not what you can or cannot control but how you react to disasters and how well your practice can carry out a contingency plan.
Not only does your fee schedule reflect your medical standard of care and target client demographic, it also represents the value of your services and products. And the most important thing you can do to relay that value to clients is to communicate that value to your team members – every day.
Winning teams enjoy the right combination of strong coaching and committed players. Follow this practice playbook to lead your hospital team to victory.
Relying solely on fee increases to grow revenue and improve profitability is a thing of the past. Now's the time to look for new opportunities to keep your practice moving forward. Well-Managed Practices? focus on three key areas:
The rules of marketing aren't what they used to be! I remember "back in the day," before cellphones, smart phones, or the Internet, we knew how hard we had to work to keep our clients happy if we made one unhappy.
Do you grumble every month when the reference laboratory bill arrives? Do you clench your teeth when opening the in-clinic reagent invoice?
Now that many of us have experienced how negative internet reviews can impact our practices, and have learned how to handle them, should we stop there? Absolutely not! As the expression goes: "Two can tango!"
Are you struggling to balance all your job duties as supervisor? Do you feel overwhelmed and stressed when it comes to staff issues? Are you struggling with communication and conflict?
Whether you're fresh out of veterinary school or approaching retirement, it's important to keep a close eye on your savings.
Profession confirms, expands on findings of previous pet owner survey.
Here's how you can do right by clients who can't afford the fees.
Last night, my family ordered dinner delivered from a Chinese food restaurant.
Stop stressing about what to put on your clinic walls-let local artists showcase their work.
Veterinarians haven't paid enough attention to this phenomenon when setting fees. Now they have to.
Notice that silence? It's the calm before the storm-a storm that threatens to turn into a disaster if the Internet keeps stealing your clients. But those dark clouds don't necessarily mean doom. After all, no computer can provide the level of service your practice can offer.
Lakewood, Colo. - Practice revenues across the profession increased 3 percent from 2009 to 2010, despite unique patient visits declining by 1 percent, according to a new study by the American Animal Hospital Association (AAHA).
Purveyors of the recently published data on the declining perceived value of our services would like us to know that the economic sky is falling.
Q: How can I determine how many veterinary practices can thrive in a certain city?
Small businesses are finding it harder to find a loan these days, thanks in part to increasing regulatory concerns.
Wellness plans aren't milking clients dry. They're swelling veterinary hospitals with income and helping spot patient problems. Learn what set-fee-for-service packages can do for your practice.
Veterinary fees have outpaced inflation. Make sure your clients understand the better medicine they're receiving, and tackle client pushback with bundled services, payment alternatives, and-gasp!-discounts.
Find out how to reduce or even aviod the cost of unemployment.
Your team members are what make your practice run, so give them the tools they need to succeed and to enjoy work. Here's what our veterinary architects have to say about building with your team in mind.
Q: How much should my team members know about my practice's finances?
Q. The inventory for our practice's equine work seems out of control and the payables are piling up. How do I manage inventory without losing money?
