Finance

Your inventory costs to gross should be 14-16%

Technology. Funny how this word can conjure up so many mixed emotions. Fear: "Technology changes every year, and sometimes more often than that. How can I possibly keep up with it?" Excitement: "The new gadget that came out this week will increase convenience and productivity!" Annoyance: "Technology just shortens attention spans. We're better off without it."

Internet pharmacies are well funded, very profitable and have cannibalized our customers and there's no sign of stopping. Metzger Animal Hospital has utilized several strategies to minimize the staffing problems and financial impact of this formidable threat to veterinary medicine. We will share our successes and failures in hopes to help practices with similar problems.

We're sure by now many of you have mastered certain techniques aimed at attracting clients into your offices. However, due to our current economic trends and an extremely competitive marketplace, these new clients are unfortunately not tearing our doors down.

When it comes to achieving financial success as practicing veterinarians, we are definitely our own worst enemies. I can't believe that according to national averages, a pharmacist and an optometrist earn more than a veterinarian! That is really sad! Why? Because most of us are afraid to charge what we are truly worth.

It's been a number of years now that your clients have alternatives to purchase their veterinary drugs and supplies. First it was the catalogue houses and then the internet. The first to feel the effects of the change in distribution channels were the large animal practitioners.

What makes the Ritz Carlton THE RITZ CARLTON? Why do they consistently provide the gold standard in customer service? Let's find out!

Marketing in today's practice plays an important part of a practice way to generate new business and keep existing clients happy. If you look at the way at how new clients determine who to pick their veterinarian it comes from one of four main ways: referrals, location, signage and your internet presence.

Production is defined as fees generated and collected for services the doctor is formally involved in the delivering.

Consider developing a monthly statistical analysis report for your practice. Take a pulse of your practice by understanding the monthly statistics that are important and track them in a comparative format; month to month, year by year.

As a full-time practicing veterinarian with the typical type A personality, I haven't given myself ample time over my 27 years to actually venture out - to be adventurous. Adventurous to me?

Tax laws are forever changing and this year is no exception. Since taxes can take a significant amount of our earnings, it pays to know and understand the tax laws that are important for you and your practice. This clear understanding can save you money and keep you out of tax trouble.

The Big Question – Should I Extend Credit?

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.