Finance

Being concerned about finances is different than worrying about them.

Dr. Laurie Hess worked for months to create a veterinary hospital tailored specifically for exotic animals. Here's a peek at the result.

New data shows a rough 2009 with rays of sunshine.

Look inside the construction of an exotics hospital from start to finish.

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

Choosing the correct structure for your veterinary practice is an important decision with consequences reaching far into the future. Selecting your practice structure is definitely not a "do it yourself" project. Substantial tax, legal and accounting expertise is required. Veterinarians nevertheless need to stay active in the process to ensure the experts' narrow technical proposals get folded into a coherent plan that reflects your needs and goals.

Competition between veterinarians and veterinary practices has never been more intense, nor have so many opportunities been available to become successful. That may seem like a paradox but many practices are becoming more successful in the face of more and more competition. More 2 person practices are able to reach the $1,500,000 level than ever before.

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.

Co-ownership issues often arise when veterinary practitioners enter into a partnership with other owners, or when two or more associates jointly venture into practice acquisition. In most aspects co-ownership of a veterinary practice is akin to marriage, and it is vitally important to agree on the principal terms governing the relationship before getting hitched.

Buying or selling a veterinary practice generally is a long and arduous process. Preparation and a good lawyer are key to smoothing the bumps along the way.

The economic slump has caused many to realize they must focus less on gut feelings and more on measurement. Whether your hospital is doing well or has flat growth, you must measure your current and future status in order to effectively grow. Evidence-based management is the key to your success.

Our profession has had its ups and downs over the years. We have seen periods of perceived shortages and excesses of practicing veterinarians. We have moved from a profession of mostly male, large animal practitioners to one of mostly female, companion animal practitioners.

Bloated inventory, excessive staffing, and missed charges take big bites out of your practice's success. It's time to put these gluttonous money-wasters on a diet.

Staff training, net earnings, location, and an honest practice valuation may be holding back your practice's profitabilty.

Your time is valuable, as is your colleagues'. Present a professional image by preparing well in advance for a consultation.

Got a thin skin about shrinking practice revenue? Offer relief for itchy patients and scratch your own itch to grow the bottom line.

A new online Profitability Estimator tool offers owners new financial insight.

You had better. The federal government is auditing 6,000 businesses for independent contractor compliance.

The Five looks at changing trends in veterinary medicine, a policy change at a major university, and efficiency tips for practice managers.

Are there quantifiable measures I can use to determine whether I'm able to add an associate to my practice?

Improve your financial situation now and in the future.

When clients schedule appointments with technicians instead of veterinarians, everyone wins. Find out if your practice could benefit from starting technician appointments.

Careful planning can save you cash when the IRS comes knocking.

Dr. Andrew Rollo shares personal finance advice for associate veterinarians.

Today's veterinary practice owners wisely are devising short-term strategies for managing operational expenses such as payroll and supply costs.

You can make recommendations to clients, but if you're not tracking your practice's parasite compliance numbers, you could be missing out on thousands in revenue.

Ask yourself these questions, and answer honestly, to make sure your vision is feasible.

There is little doubt that we, as a profession, are suffering the multiple effects of not-enough-self-­interest.

This photo tour, developed by veterinary architect Mark Hafen, AIA, gives you a glimpse at 11 different exam rooms. Find inspiration in the shape, materials, and functionality of these great examples.

Hideaway table