Smart ways to handle too much business

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The old-school way of practicing veterinary medicine has changed and is evolving rapidly with the introduction of new technologies, such as artificial intelligence. Clientele and business vary dramatically depending on the location, and some practices are so busy that they need to turn away clients and are just about overwhelmed with what to do next. In taking on this new challenge, there are many possibilities where you can continue to expand and grow or decide that you are happy where you are. Most of the stress that veterinary professionals experience is due to the demands and unclear expectations they put on themselves when things may be perfect as they are. Let us discuss options for addressing the challenge of too much business or deciding to stay in the status quo.

Mission and vision for the practice

When veterinarians start a practice, they often tire of working for someone else and feel stuck with practicing medicine differently from what they believe is best. The owner starts or purchases a practice with little business acumen, and one of the top stressors they experience is earning enough money to keep the doors open. As the practice continually experiences a full schedule, there are concerns about what to do next. Most practice owners become stressed because their personal and business goals are undefined and unclear. This can be a horrible situation because the decisions could be shortsighted and negatively impact the owner. A practice’s vision and mission help clearly define where it is trying to go regarding practicing veterinary medicine, becoming a premier care provider in the region, or even expanding to multiple locations throughout the state. The owner should know the plan to sell and transition ownership to where they can continue living a lifestyle they were accustomed to before selling.

Reconsider how many days the practice is open

The worry most owners experience is the lack of support staff and veterinarians. This can be a huge factor in determining which hours and days the practice is open. When staffing is the biggest problem, this is a good time to analyze what is causing the problem. There are opinions galore about shortages, but at the core, something could be wrong with the practice’s culture. The environment starts from leadership and permeates throughout the practice. Lack of communication, timeliness, feeling valued, and even having a purpose for working at the practice beyond helping animals could be ignored. If staffing is not an issue but the practice is open 5 days per week, consider opening another half day or a full day. This can be easier said than done, especially when 1 veterinarian staffs the practice. There are work-arounds such as bringing in a relief veterinarian or making that extra day the practice is open a wellness day where technicians are needed.

Expand, expand, expand

There are times when the practice is at full capacity. This means all veterinarians’ calendars are packed, examination rooms are used all day, and there is no way to bring on more business even if there were more staff. This is the time to consider adding more examination rooms through a build-out, opening another location, or potentially moving the practice to a new location that can support the demand. Some veterinary hospitals with poor layouts could support a redesign to efficiently see more patients, with an office being turned into another examination room or larger rooms being reduced to accommodate more examination rooms. For those maxed out based on square footage, this is the time to consider opening another location or moving the existing practice. The options are finding another location in a strip mall to lease or purchasing land to custom build. All these options should depend on the owner’s longterm goals personally and with the business. If they all align, sometimes we must get comfortable being uncomfortable and take the leap.

Stop stressing and accept the business as is

There are practice owners perfectly content with the way their practice operates. They may turn away business sometimes, but they are doing their best with the circumstances in front of them. These owners have accepted that they are content with what they offer and that other practices can fill the gaps. Society does a great job of making us feel like we should do, buy, and expand more. This is the ideal progression for most, but not all. The practice might be highly profitable, as well as practicing high-quality medicine, and that is just what it is. Maybe the owner has not considered the possibilities and the shortfalls they could experience when they sell to continue a similar lifestyle. This is a fantastic opportunity to review everything to determine whether expanding is unnecessary. If the opposite is true, then take a deep breath, create a plan, and start taking one step at a time to get to that next level.

Bringing it all together

Practice ownership is a huge responsibility. Every day is a new experience; we all face difficult decisions depending on the environment. The best thing we can do is take a deep breath, focus on what is truly important, and design a road map to help support the most important things. Each example above is not a solution but a way to think bigger. Take the next step in your most appropriate direction and do not look back.

Seeko has worked with practice owners and veterinarians since 2014. He is the cofounder of Florida Veterinary Advisors, which works with veterinarians throughout the US. He is also a certified exit planner (CExP), a business and personal financial adviser, and cohost of the Smarter Vet Financial Podcast.

DISCLAIMER: Tom Seeko, CExP, is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. California Insurance License #0K80141. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. 2024-176685 Exp 6/26