Finance

The best of both worlds, the ProSal compensation formula pays associates on a percentage of production and guarantees a base salary. Find out why this method's a top choice for associates, and why you'll like it, too.

I work for a corporately owned, small animal practice on a production basis. We occasionally allow clients to make payments, and we accept checks. When a client doesn't pay or a check bounces, that amount's deducted from my monthly production total, and the client's turned in to a collections agency. If the company then receives payment, should I receive back payment for my services?

ORLANDO - 01/08/06 - Every professional practice should incorporate public relations in its marketing strategy. That was the message from Dr. Jim Humphries, whose experience when dealing with the media helped him spearhead the Veterinary News Network, a collaborative effort to represent veterinary medicine to local television and newspapers.

You're looking for improved profitability but could end up with high turnover and service breakdowns.

Q How should salary expenses for staff as a percentage of revenue differ for an emergency or 24-hour practice compared to a traditional practice?

I have an employee who regularly stays for overtime that I haven't authorized. My attorney says I have to pay her for the time, even though I didn't schedule it. What can I do to keep team members from working unapproved overtime?

... I knew this dog was more than an investment.

Starting this month, 401(k) plans can offer a Roth 401(k) provision?which could be a better option for your retirement savings.

Look beyond the price tag when you buy, then track usage and profitability carefully to make the most of your purchase.

When it's time to fix-up, remodel or redecorate the building, clinic or offices that house your veterinary practice, you will want to keep out-of-pocket expenditures to a minimum and recover as much of the funds spent as quickly as possible. Fortunately, both those veterinarians who own their own buildings and those who lease their property can take advantage of a variety of tax deductions, credits and other tax breaks to achieve those goals.

The U.S. Government Accountability Office (GAO) says that enhanced offerings, such as CD-ROMs and other instructional supplements, are driving up college textbook prices.

I'm a senior clinician getting a straight salary. My boss is changing my pay structure to base plus percentage. I'm nervous because often someone else does a workup and I'm stuck with a no-charge recheck, and sometimes we accept low-cost certificates, resulting in a lower charge.

Are your expenses dragging you down? Use this checklist to discover weak links in your finances.

Use these benchmarks set by Well Managed Practices to see how your expenses measure up.

Are you feeling the pinch of not enough revenue and too much expense? Don't wait until you hear crunching bones to make a move. There's no better time than now to start charming your practice to better financial health.

A retainer agreement should include a statement of hourly billing rates.

More than 88 percent of this year's new veterinarians graduated with educational debt averaging $88,077. Now working, they're taking home less than $44,000 a year.

I'm considering building a facility. What average revenue growth can owners expect five and 10 years after building, adding onto, or remodeling a practice?

I'm considering building a facility. What average revenue growth can owners expect five and 10 years after building, adding onto, or remodeling a practice?

How are contracts for specialists different from contracts for generalists?

How do I know how much I need to save for retirement?

Reluctant to purchase high-tech equipment because you're concerned clients can't afford costly diagnostic tests? You may be right. But consider the following facts from the recent article "Putting on the Dog" from www.businessweek.com:

Raising fees isn't the only way to fuel revenue growth. Use these strategies to customize your revenue plan.

Practitioners charge too little because they cannot keep up with the literature.

Do you feel like you're always batting at your fees without ever pinning down the perfect fee schedule? Use this advice to align your fees with the level of client service and animal care you provide.

I perform services at a discount for a local nonprofit group. Can I write off the discounts?

Lynette Ott, the practice manager at Barton Heights Veterinary Hospital in Stroudsburg, Pa., always heard that 20 percent of clients bring in 80 percent of income. Not content to blindly adopt the mantra, Ott went looking for data.

If missed charges are slipping out the door, you may be seeing a smaller paycheck and fewer benefits—and you may find it harder to offer high-quality care.