5 tips for new veterinary clinic construction financingJune 26, 2018Whether you have outgrown your existing building, are expanding into new service areas, or are just ready to own your own space, you've made the decision to build a veterinary clinic from the ground up. The first step to turning your new dream clinic into a reality is to determine the type and amount of financing you require. This will lay the groundwork for everything you do moving forward, from site selection to equipment purchases. For veterinarians, it's important to speak with a lending expert who understands the unique needs of your practice. In addition to conventional loans, there are several Small Business Administration (SBA) loans available to veterinary practices, each offering different benefits. A lender that specializes in veterinary financing will help you select the right loan and oversee all the financing details, so you can focus on the construction of your new clinic. When reaching out to a lender, there are several steps you can take to ensure the loan process goes smoothly so you can get the construction of your new veterinary clinic underway as quickly as possible: Establish a budget. Going to your lender with a comprehensive budget will save time and help curb potential …
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AVMA Economic Summit highlights veterinary income, job marketDecember 15, 2017At the fifth American Veterinary Medical Association Economic Summit, held Oct. 23-24 in Rosemont, Ill., the latest AVMA pet demographic survey highlighted interesting findings regarding ownership and veterinary income. According to the report, which will be released in 2018, the number of dog-owning households is the highest since the AVMA began measuring pet ownership, the number of cat owners has dropped drastically, horse and pet bird ownership are declining, and backyard poultry ownership is increasing. In the scheme of ups and downs, Frederic Ouedraogo, Ph.D., assistant director of the AVMA Veterinary Economics Division, said that real veterinary income has been declining for more than seven years. Further, veterinarians are likely to experience peak income of about $125,000 annually by age 59, and those who become practice owners soon after graduation earn more than those who become owners later in their career. "If you're not an owner after 10 years postgraduation, continue being a nonowner," he said. "Owners make money in the first years after graduation … nonowners have low income initially, but after 30 years, their income is equal to owners'." Charlotte Hansen, a statistical analyst in the AVMA Veterinary Economics Division, compared the value of …
Next-gen clinicsNovember 14, 2017Today's veterinarians seek to create diverse hospital models that meet growing clinic and client demands. We look at how a progressive practice embraces facility upgrades and fosters an enhanced customer experience.
How do top practices increase profitability?October 19, 2017Veterinarians have a bleak outlook of their current state of financial affairs and of their future prospects, according to a 2013 landmark study* that presented financial health data of practitioners at different ages and phases of their careers.
Want to own a practice?October 18, 2017Veterinarians seeking practice ownership may be fueled with passion and excitement, feeling confident with their medical know-how in their back pocket, but this drive just isn’t enough.
Many happy returnsSeptember 19, 2017The task of determining the best return on investment (ROI) on veterinary clinic equipment isn’t easy. Myriad variables enter into purchasing decisions, including cost and tax savings from depreciation; whether to pay cash or finance; operating costs, maintenance, and service plans; personnel costs to operate the equipment; staff training; projected frequency of use; and client charge structure.
Mars Inc. completes VCA Inc. acquisitionSeptember 12, 2017What started in January is a done deal, as Mars Inc. has announced that its acquisition of VCA Inc. is now complete. VCA will operate as a distinct and separate business within Mars Petcare, alongside Banfield Pet Hospital, BluePearl Veterinary Partners, and Pet Partners. Bob Antin, co-founder and CEO of VCA animal hospitals, will remain at the helm at its Los Angeles headquarters. "I welcome the 25,000-plus VCA team members to the Mars Petcare family of companies," said Poul Weihrauch, president of Mars Global Petcare. "VCA's partnerships with veterinarians and pet care providers, as well as their breadth and expertise in veterinary services, diagnostics and technology, will position all of us to deliver more comprehensive care and continue on our journey supporting our purpose: a better world for pets." Mars, which reports approximately $35 billion in sales per year and operates in more than 80 countries, produces Pedigree, Royal Canin, and Whiskas pet food brands, in addition to owning Banfield, BluePearl, and Pet Partners. VCA delivers pet health care services through more than 800 small animal veterinary hospitals in the U.S. and Canada; Antech Diagnostics, a nationwide clinical laboratory system that services all 50 states and Canada; animal diagnostic …
National Veterinary Referral Group FormsMarch 25, 2015Four founding members of the MOON veterinary collaborative have agreed to merge their referral groups, creating a 13-hospital company with locations in San Diego, Chicago, Denver and the Northeast. The as-yet-unnamed company will be made up of InTown Veterinary Group, Premier Veterinary Group, Veterinary Specialty Hospital and Wheat Ridge Animal Hospital. Each group will retain its local identity, said Matt Tompkins, DVM, the CEO of Premier Veterinary Group and president of MOON’s board. “We intend to build a national company with local culture,” Dr. Tompkins said. “Our name will reflect that philosophy.” The merger was announced Tuesday and is expected to close in the second quarter of 2015. The financial terms were not revealed, but Tompkins said each group will be represented on the company board. The marriage sprouted from the relationships the groups developed under MOON, which offers networking and education as well as preferred pricing from selected vendors. “Over the past several years, MOON has provided the opportunity for our members to collaborate,” Tompkins said. “We now have the opportunity to create a truly innovative, collaborative organization.” Several MOON members did not take part in the merger. They include Affiliated Veterinary Specialists in Maitland, Fla.; Atlantic Street Veterinary …
Abaxis Sheds Veterinary Reference LabMarch 19, 2015Abaxis Inc., a manufacturer of in-clinic blood analysis machines, has agreed to sell its veterinary reference laboratory to Antech Diagnostics Inc. for $21 million. The acquisition was announced today and is expected to close by the end of March. Antech, a division of the VCA Inc. animal hospital chain, is a leader in veterinary reference laboratory services along with Idexx Laboratories Inc. Los Angeles-based VCA reported laboratory revenue of $360 million in 2014 compared with $9.8 million at Abaxis Veterinary Reference Laboratories (AVRL). Antech operates more than 50 diagnostic reference laboratories, offering more than 300 tests to 16,000 veterinary hospitals across the United States and Canada. AVRL’s work is done in Olathe, Kan. Abaxis, based in Union City, Calif., viewed the sale as a chance to go back to the company’s roots. “AVRL was an exciting venture for Abaxis, and we are pleased that we had the opportunity to enter the reference lab market,” said President and CEO Clint Severson. “This transaction will allow us to return our focus to our state-of-the-art point-of-care analyzers and with our Antech relationship, now enhanced by distribution, to offer a complete laboratory solution to customers.” Abaxis hinted at layoffs at AVRL. The company estimated pre-tax …
Distributor MWI Sold to AmerisourceBergenFebruary 25, 2015AmerisourceBergen Corp. officially entered the veterinary distribution channel Tuesday with the takeover of MWI Veterinary Supply Inc. The transaction was completed just six weeks after the companies announced AmerisourceBergen’s intention to purchase all outstanding shares of MWI common stock for $190 each. The total price was estimated at $2.5 billion. Numerous law firms launched investigations into whether MWI investors were shortchanged. At least one of them, the Delaware firm Andrews and Springer, declined to take action. “We have not filed a case against MWI and are not going to,” attorney Craig J. Springer said. The San Diego-based Shareholders Foundation reported Feb. 10 that it sued on behalf of an investor. A spokesman could not be reached to comment on the status of the lawsuit. MWI went from a standalone company based in Boise, Idaho, to a wholly owned subsidiary of one of the world’s largest distributors of human drugs. MWI’s management team, led by President and CEO Jim Cleary, remained in place. AmerisourceBergen President and CEO Steven H. Collis hailed the MWI executives. “With our combined knowledge of manufacturer and provider services, our global reach and partnership philosophy, we will bring the next generation of superior customer service and …
