Team member dynamics: Six things I've learned in six years of practice ownershipNovember 26, 2020About five years back, Dr. Khuly raved about practice ownership in this very column. While still bullish on practice ownership, she says she no longer has reason to gush.
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VPN Plus+ ExclusiveLighten the financial load—Why debt consolidation may be the answerOctober 20, 2020Debt is a burden many veterinarians carry. The average 2019 graduate owes roughly $150,000 in educational debt, according to the American Veterinary Medical Association (AVMA). Veterinary professionals also often juggle credit card, loan, and real estate debt from multiple creditors and lenders throughout their careers. The amount of debt you carry can affect everything from your credit score and borrowing power to your bank account and mental health. While some borrowers sought deferment or forbearance on payments due to the pandemic, this only provides temporary relief. A longer-lasting solution is needed to truly gain more control of your financial situation. If your obligations have you feeling overwhelmed, consolidation may be the answer for you. Debt consolidation is when you use one loan to pay off your other debts in full. Benefits of this include: simplifying and taking control of your finances, improving your credit profile, and providing easier management of your money. Examining what you owe It's nearly impossible to run a veterinary business without taking on some level of debt. As owners open new lines of credit and take out loans to help cover their costs, it's easy to lose sight of the cumulative amount owed, which can be …
Five ways a loan can improve your practice amid COVID-19September 1, 2020 As the coronavirus pandemic continues to impact the nation, veterinary practice owners have been challenged to change existing procedures or find completely new ways of providing animal care while ensuring the safety of their staff and pet owners. Even with these additional burdens, veterinarians remain focused on keeping their practices going. Despite the uncertainty veterinary professionals face, there are also new opportunities to make meaningful improvements to their practices. Whether you seek to make an immediate impact on your day-to-day operations or pave the path for long-term success, a business loan can help you achieve your goals. 1) Understand the value of cash flow It's true: Cash is king. When cash is tight, it can be distracting, but having working capital can empower you to stay focused on providing excellent care and ensuring business success. A cash flow injection can help you cover immediate operational and overhead costs including rent or mortgage, insurance, utilities, and payroll. Cash can be set aside into an emergency fund to cover any unexpected costs that may arise. And having extra cash on hand can help you get through any delays in client payments. 2) Consolidate debt It might seem counterintuitive to get a …
Preventive care, client payments streamlined with partnershipAugust 24, 2020VitusVet has introduced a service that splits the cost of veterinary care into multiple payments on a pet owner’s existing credit card.
What is your money personality?August 14, 2020Most people fall into five basic financial categories or money personalities. Which one are you?
Do this to get immediate revenueAugust 11, 2020Practice owners and managers urgently want to reclaim lost revenue from checkups and elective procedures that were postponed and get furloughed employees back to work.
Is more debt good for your financial future?July 28, 2020If you're hoping to buy or expand a practice, you may think your educational debt means you won't be able to get a business loan. Even if you could get funded, the very idea of adding a few hundred thousand dollars in debt may give you what is commonly, if not medically, described as the heebie-jeebies. It's time to change your thinking. Not only are you likely to be overwhelmed with lenders happy to do business with you, but owning a profitable practice is also one of the best ways to pay down your student loans in less time. That will leave you able to do things you'd like better than servicing personal debt. Think buying a home, saving for retirement or your kids' college fund, or going on real vacations. "Being in business for yourself and growing that business makes sense," says Greg O'Brien. He and his wife, Emily, own O'Brien Veterinary Group in the greater Chicago area. "Getting your mind set to do that can be challenging, even for a group of people as intelligent as veterinarians. Often, the first thing so many veterinarians need to do is examine and reprogram their relationship with money." Understanding the number …
Bill battles student debt crisisMarch 10, 2020Veterinary students interested in pursuing careers in specialized medicine may soon enjoy a financial break with the introduction of the VET MED Act.
Getting out from under debtFebruary 13, 2020These days, it’s difficult to find a colleague who does not have debt. Sure there is “good debt” and “bad debt,” but how do you get it all paid off?
How to profit from capital equipment purchasesNovember 7, 2019When I went to veterinary school, business courses were not part of the standard curriculum, and I did not have any significant business experience.
