Finance
Simple ways to improve practice profitability
May 1st 2005Long-range strategic planning requires making hard decisions in your practice. First, you must decide what you and your team are going to do more of. What's working? What services, activities, and products generate the most practice growth and are the most profitable? For example, are pre-anesthetic risk assessments profitable—and good medicine? If so, you may want to challenge your team to increase clients' acceptance of such procedures.
CASE STUDY: VISTING SPECIALIST WINS CLIENTS, REVENUE, AND TIME
April 1st 2005Dr. Brad Rosonke, owner of Hillside Animal Hospital in Scottsdale, Ariz., has little interest in dentistry. But he knows that offering dental services means better care for his patients. His solution: Hire a dental resident--in his case, Dr. Peter Bates--to visit his practice on a regular basis. "This is a win-win-win situation," says Dr. Rosonke. "Dr. Bates needs to see more patients during his residency, I'm now free to see other patients while he's taking care of dental issues, and our clients get more complete care for their pets."
Address legal threats before buying into a practice
March 1st 2005I have lost count of the number of occasions when I have written in this column that partnership in a veterinary practice is very similar to marriage. The analogy is one that potential partners must ignore at their peril. Nonetheless, joint ownership of a professional practice can be much like something else as well: a couple moving in together.
Case Study: Investing in Digital Radiography Systems
March 1st 2005Neel Veterinary Hospital in Oklahoma City, a paperless practice that purchased its first computer and electronic medical record system in 1993, prides itself on its commitment to using the latest technology. ?Adding computer radiography was a natural step in the evolution of our practice,? says co-owner Dr. Tina Neel.
Ducks in a row? Hitting the $1 million mark
January 1st 2005Not long ago in a Midwestern town, the owner of Wylie Animal Hospital, a two-doctor practice, called our office for help. The caller, Dr. Rudy Wylie (a composite character based on real practitioners), was an established practitioner whose companion animal practice had always been able to pay its bills, give staff members an annual raise, and maintain its client base.
Case Study: Patient-Care Coordinators Improve Compliance
January 1st 2005With the help of a patient-care coordinator, Veterinary Medical Clinic in Tampa, Fla., is seeing double-digit growth for the first time in years--and patients are enjoying even healthier lives, says practice owner Dr. Eddie Garcia. "The patient wins because it gets a better follow-up on what the doctor recommends and a better quality of life, and the client gets to enjoy the pet longer. The clinic wins because we're providing the service and making the income," he says.
The essential components of a financial plan
December 1st 2004Financial planning early in your career is perhaps the most important thing you can do to make sure you accomplish your personal and professional goals. In fact, the day you leave school would be a great time to start planning. But regardless of your age or career stage, it's never too late to gain value from a hard look at your financial situation and advice from a financial advisor who can help you identify and implement your financial plan. Here are the essential components of a financial plan:
Attaining accurate inventory counts
December 1st 2004We're having trouble monitoring the counts of specified items, calculating an accurate budget for inventory costs, and staying within that budget. We've identified our A, B, and C inventory items. What more can we do to get inventory under control?
State unemployment tax audits: Employee or independent contractor?
December 1st 2004The Internal Revenue Service (IRS) cares about accurate classification of employees and independent contractors, but so does your state unemployment tax department. No one ever thinks he or she will get audited, and many practitioners are surprised to learn that state unemployment departments often audit more frequently than the IRS.
Case study: Creating a nonprofit spay and neuter program
November 3rd 2004After Veterinary Economics published "Caught in the Middle: Business vs. Compassion" in June 2004, we received several letters fueling the discussion. One in particular, from Dr. Lowell Novy of Valley Veterinary Clinic in Simi Valley, Calif., provided an interesting solution: Start a nonprofit organization to help cover costs.
Do your homework-and get estimates
November 1st 2004In the past year, I've learned that a little laziness and a lot of assuming can cost big bucks. First it was our radiology badges-I assumed we all paid about the same price for this service. But when an astute colleague asked about the going rate in our area, I learned I was paying four times more than some of my colleagues!