How best to measure team well-beingNovember 5, 2019Tracking key performance indicators (KPIs) is well-known as a best business practice in evaluating your hospital’s health.
SPONSORED CONTENTThis new food helps kittens with digestive issuesHill's Prescription Diet i/d Kitten helps ease digestive upsets with food specialized for kittens, including our ActivBiome+ Digestion formula. + Learn More
How a fixer-upper practice might be just what the veterinarian orderedMay 2, 2019It's tough out there for buyers of veterinary practices and it seems to be getting worse. Every year, a few new investors and/or corporate consolidators call me looking to spend way too much money on two-plus doctor practices. So how can you, the young, ambitious associate, compete for one of these? You can't, unless you get lucky enough to find a seller morally opposed to corporate veterinary medicine, or who likes you well enough to give up $500,000 to $1,000,000-plus on the asking price. Thankfully, there's another way. If you're willing to live in a smaller town, you could find a true gem of a clinic with little competition from other buyers. Alternatively, if you start thinking like an investor and look for a poorly performing clinic, you could build it into your dream practice. The marketplace is flooded with underperforming clinics, their owners anxious to find a buyer like you, particularly if they are retiring and want to solidify a succession plan. In this article, I'll focus on what you need to know when buying a fixer-upper with real upside potential. I'll also offer tools on how to spot and fix the most common issues that can drain …
Cornell to offer new veterinary business programApril 5, 2019Cornell University College of Veterinary Medicine has launched a new interdisciplinary program called the Center for Veterinary Business and Entrepreneurship (CVBE) to grow research, training, and outreach in veterinary business. "I'm thrilled to announce the launch of the Center for Veterinary Business and Entrepreneurship in collaboration with the Cornell SC Johnson College of Business," says Lorin D. Warnick, DVM, PhD, the Austin O. Hooey dean of veterinary medicine. "The center is the culmination of extensive needs-based assessments and planning, and will answer the urgent need in the veterinary profession to provide essential training for students, faculty, and alumni to launch, manage, and succeed in a business or organization of any kind." The CVBE will focus on four pillars: education, economics research, entrepreneurship, and intrapreneurship. The center will offer a new DVM certificate program, a postgraduate executive education, and an assortment of educational programs. Through a faculty hire and collaborations with Cornell's Charles H. Dyson school of applied economics and management, the center will launch a veterinary economics research program. "It's exciting to embark on an initiative of this scope," says associate dean for education, Jodi Korich, DVM. "We are confident this new center will position our graduates for success in …
Professionalism on social mediaFebruary 22, 2019Whether you actively use social media to market your skills or casually (as the majority of us do), every time you post on a site, you are leaving a lifelong impression. As such, what is your online outreach saying about you and your career?
What veterinarians can learn from the Sears bankruptcyFebruary 20, 2019Sears, one of America's longest standing household names, recently raised the white flag and filed for bankruptcy. Started by Robert Sears in 1886, the company bearing his name clearly struggled in the past few years. The reasons are important and somewhat universal lessons to be applied. So how can veterinarians avoid mistakes that brought a 133-year-old iconic business to its knees? Adapt or die Sears was a pioneer in catalog sales, but slow to change with the times. More recently, it struggled to compete with Walmart and other big box stores. Similarly, veterinary practices face competition from multiple "players," including low-cost vaccine businesses (e.g. farm stores, feed stores, human pharmacies, pet stores), spay and neuter clinics, and even local family practices. This has profoundly affected the profitability of practices that relied heavily on "yearly shots," instead of focusing on the importance of (bi)yearly physical exams. Sadly, this philosophy made vaccines look like commodities, which means clients are likely to gravitate to the cheaper provider. Another factor that has historically affected revenue is the development of three-year vaccines. Again, those of us who didn't stress the value and importance of a (bi)annual exam are now facing clients who feel they …
Southern Veterinary Partners creates new award to help students with debtJanuary 18, 2019A new award has been set up to help students deal with debt and create employment opportunities for the future.
Leveling the playing field with cooperatives, GPOsDecember 27, 2018It is during the maturation phase of businesses that group purchasing organizations (GPOs) and cooperatives show up, offering small fish the buying power of a big fish—in this case, the consolidated corporate veterinary practices and pet supply retailers.
Are you leading or following your practice?December 11, 2018You rush from one intense exam to the next, going home exhausted at the end of the day. This firefighter approach to running your practice may have you following, rather than leading your business. As you begin a new year, reclaim the leadership role of your practice and take actions that move your business forward.
Trupanion hits half million pet milestoneOctober 24, 2018Pet insurance provider, Trupanion, has insured its 500,000th pet.
The dedicated referralist's handbookSeptember 24, 2018Want to know the secret to a win-win-win relationship among you, your clients, and your local ER or specialist? It should come as a surprise to no one that clear, unambiguous communication, mutual respect, and a principled approach to achieving what’s best for each individual patient is the key to healthy relationships between referrings (most of you), ERs and specialists (fewer of you), and our clients. Because it’s what’s best for our patients, after all.
