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.
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10 ways to protect your clinic's cash flowOctober 19, 2017 Veterinary clinic cash flow is challenged by several factors, but broken down, it's simple: how much comes in versus how much goes out. Here are 10 ways your practice can immediately take control of its cash flow. If your practice is hemorrhaging money, you must immediately staunch the flow. You cannot save your way to success, but you should still be conscious of what you are spending. By controlling your spending and saving on extraneous things, your practice will be able to spend more money where it counts, such as equipment and human resources. Plus, you must identify cash that is lost because it was never collected in the first place. The countdown to controlling clinic cash flow starts now. No. 10: Create a budget If you're like most, you just cringed a little when you read the word "budget." As much as they're disliked, budgets are a vital tool in your practice's path to success. Your accounting software and/or your accountant should be able to help you get started if you are unsure how to begin. Adhering to a budget allows you to project potential income and expenses, avoid shortcomings and build in a safety net …
Stay ahead of the tax-time curveAugust 24, 2017Thinking about April 15 often sends shivers down the spines of most, including owners of veterinary practices. With liability issues, increased regulatory burdens and an ever-changing tax code, many veterinarians don’t have the time to keep up with all the different financial aspects of the job, which is why most hire some sort of accountant or bookkeeper.
How to operate a first-class veterinary practiceFebruary 1, 2017Listening to the on-hold phone messages, you would think that every practice offers the best patient care and state-of-the-art equipment. Yet we all know that reality is slightly different.
How do I make sure the work I delegate gets done?October 29, 2016I’ve been a practice manager for a couple of years, and during that time my areas of responsibility have progressively increased. That’s not really a problem because I enjoy learning new things and being challenged.
Why don't more veterinary practice owners and managers use business consultants?October 18, 2016Earlier this year, I hypothesized that the business model employed by the vast majority of veterinary business consultants is no longer working for practice owners.
My employee cries every time I give her feedbackOctober 13, 2016One of the vet techs in my practice, let’s call her “Jessica,” is in her early 20s. Every time I give her negative feedback, she starts crying. In fact, as soon as I ask to speak to her, she looks absolutely terrified and by the time we reach the office, her face has turned bright red and her chin is quivering. A few minutes into the conversation, tears are streaming down her face.
How do I talk to the practice owner about not giving discounts?September 14, 2016There are four key things I believe make discounting really detrimental to the smooth running of the practice. And none of them have anything to do with the bottom line. My advice would be not to make the financial implications of discounting the focus of your discussion.
How is your veterinary practice business doing?August 18, 2016You might think that the answer to this question has to do with how up-to-date you are with the latest advances in veterinary medicine. Do you have the top-of-the-line equipment? Are your staff members trained in the latest specialties?
How well do you manage your time?July 27, 2016According to a recent worldwide study of 1,500 executives by the consulting firm McKinsey and Co., less than 10 percent of respondents were “very satisfied” with their allocation of time.
