Do Your Clients Have Your Number?May 24, 2012 Let’s say you’ve got this really good client. You trust and respect her and vice versa. So now that it’s Saturday and her pet’s got an issue you’d prefer to keep close tabs on rather than refer her out to the ER on a Sunday...do you give her your digits? How about the really, really good client who brings you tons of patients and even more referrals? When do you break down and offer them your contact points? Should you ever? Some of us play fast and loose with our phone numbers. I happen to work with two docs who do and (perhaps as a consequence) I’m wont to do the same. Which can be problematic, of course. Calls at 3 a.m., anyone? Anger when you don’t return calls or texts in a timely fashion? The stress of landing at a faraway destination only to face five frantic missives? Those are the pitfalls of the modern hyper-connectivity we’ve come to know and sometimes love—but mostly fear. Maybe it’s the certain knowledge that stress will happen if I give out my phone number(s) or email address that makes me think I should be more like …
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The Richest Vet In BabylonMay 21, 2012 Have you ever heard of the best-selling book “The Richest Man in Babylon?” Pop quiz: When was it written? 2000? 1990? 1980? 1970? 1960? I have heard this ultra-classic title multiple times, as you may have, and I thought it was a semi-contemporary book. Not so. I was surprised to discover that it was first published in 1926! Back then, George Clason wrote a series of pamphlets on financial topics, using parables set in ancient Babylon. They were initially distributed by banks and insurance companies. The pamphlets were eventually published in book form in 1926. The most famous story was "The Richest Man in Babylon,” and it is as relevant today as it was then. Arkad was a young, hard-working scribe—a professional copyist. As he was wondering how he could become financially independent, he met Algamish, the money lender. Young Arkad boldly asked him what his secret was, and Algamish accepted to share it. His secret? “A part of all you earn is yours to keep.” This secret surprised Arkad, who thought that all he earned was already his to keep. Far from it, replied Algamish. “Do you not …
A Walk In Your Employees' ShoesMay 21, 2012 The topic of employee pets came up recently in one of the courses I’m teaching, and I wanted to share my thoughts. A good portion of the practice's accounts receivable (A/R) is tied up in the accounts of the employees, both previous and current employees. This is not only money not being collected by the practice, but it is also a disappointment and sometimes a disgrace for employees to be taking advantage of the company if they are not at least trying to pay off the total. When it comes to current employees, most veterinary practices have a policy that states if/how the employee discount is available. There are several options, but we’ll assume (and rightly so) that they end with the employee owing the practice money. Some veterinary practices require the total to be paid off within that billing cycle, so that there is no money carried by the practice. When I was managing a practice that had this policy and my pet needed treatment, I took out a CareCredit account and paid off the practice. Then it’s up to me to handle the bill with CareCredit, but at least I haven’t left the practice out …
Do You Recommend Pet Insurance?May 21, 2012 After two weeks in Michigan State University’s Veterinary Teaching Hospital, Katie, a 5-year-old Labrador retriever with a clotting disorder, was deemed healthy and was released. Multiple blood transfusions, medications and critical care had brought her owners an $18,000 bill. Fortunately, they were among the less than 1.5 percent of U.S. pet owners who subscribe to pet insurance. Because they had it, they were reimbursed more than $14,000. With improved technology and extensive veterinary offerings, costly medical bills are fairly common—as is an owner’s inability to pay unexpected bills. This can mean euthanasia for many animals, an increasingly unnecessary and passé practice. Frustration with pursuing Plan B treatment options or euthanizing an ill animal instead of treating it are leading more practitioners to promote health insurance for pets. “With pet health insurance, there’s no need for economic euthanasias,” says Lloyd Meisels, DVM, of Coral Springs Animal Hospital in Coral Springs, Fla. “None of the insurance companies cover pre-existing conditions, but many of the companies now offer 80-90 percent payment with a client co-pay, which significantly eases the blow.” After spending more than 80 hours researching pet health insurance options, David H. Wright, DVM, of …
Learn This And Be A Life SaverMay 7, 2012If you saw an adult suddenly collapse and become unresponsive, would you know what to do? The old way to do CPR involved alternating chest compressions and mouth-to-mouth breathing. The American Heart Association (AHA) has moved away from this mantra and now recommends a simple, two-step protocol: • Call 911 (or have someone do it) • Hands-only CPR (a.k.a. continuous CPR) This new technique is easier to learn, easier to perform and more effective than traditional CPR. It’s also simpler for 911 operators to explain to people. In fact, the chances of survival are approximately doubled with hands-only CPR (23 percent vs. 14 percent). The “new” CPR concept was developed by Gordon Ewy and Karl Kern, two cardiac researchers at the Sarver Heart Center and professors at the University of Arizona College of Medicine in Tucson. Here is how they describe the technique: • Quickly place the person on their back, on a hard surface • Check for responsiveness by “shaking and shouting” • Put the heel of one hand in the center of the chest (between the nipples) • Put your other hand on top of the first • Very importantly, lock your elbows • Put your shoulder directly over the …
Let Staff Play, And They Will StayMay 4, 2012 Over the weekend I had the pleasure of joining a large veterinary practice on their annual retreat. It was in Oregon/Washington, up in the wilderness in the pine woods and hills, and it was fantastic! They had invited me to present a day-long workshop on burnout and compassion fatigue, my favorite topics! Two of their team members had seen me present on these topics at SWVC (yes, they came down from Oregon to San Antonio), and took the topics back to their leadership. A long winding road up into the hills, and six hours later, we ended a wonderful day of interaction and positive energy. (By the way, I don’t do very well on long winding roads, so I was a bit green when we arrived up there. I was smarter on the way down, and pre-medicated myself appropriately!) But enough about me; let me tell you the most fantastic part of the story. This practice, which has a long history in the Portland area, holds this staff retreat every year. They change locations from time to time, and being in Oregon, they have the luxury of having one in the hills or one at …
Equine Practice: What Clients WantMay 2, 2012Equine practitioners constantly face diagnostic challenges. Without hesitation they invest in the knowledge, resources and equipment needed to meet these challenges, because it is their passion. But very few practitioners take the time to diagnose the health of their business. Good business and good medicine must work together for practices to truly succeed. One important component of good business and client service is to understand and implement an effective services marketing plan. Sample 1 The services marketing mix considers seven P’s: product, price, promotion, place, participants, physical evidence and process. When marketing veterinary services, all seven P’s should be considered. To put this into familiar terms: • Determine the service products horse owners want; • Set the price for those services; • Promote those services; • Decide where services will be offered (in the field, clinic, race track, etc.); • Manage the participants (clients and staff); • Provide physical evidence of these services; and • Control the process of service through procedures and flow of activities Sample 2 Beyond a “Gut Feeling” One of the most important of the seven P’s is product, and in the case of veterinary medicine, services are the products sold. In …
Keeping Hospice In Veterinary HandsMay 2, 2012 Our focus with this article is on people who compulsively collect old or sick animals and proclaim themselves operators of pet hospice homes or sanctuaries. Unfortunately, most of these self-proclaimed hospice workers use little to no veterinary medical supervision. Their collected animals suffer to death without proper pain management, comfort care or the human-animal bond. They might have started out as good Samaritans, working alone or with a group, rescuing animals and keeping a few, then a few more. Over time, they develop a strong urge to “save” more old and sick animals that were “abandoned.” That urge develops into a compulsive disorder. They collect more and more old, sick and special-needs animals. When their animals die, they exhibit tearful distress, blind denial or experience a pathological enlightenment. Their compulsiveness to collect more animals winds up harming their animals, themselves, their neighbors and their communities. A certain percentage of compulsive collectors of sick and old animals can maintain their operations for a time. But eventually many find themselves overworked, in debt, depressed and overwhelmed. The tipping point is when they acquire more animals than they can properly care for and house. Another tipping point into …
Construction Loans On The RiseMay 1, 2012 Lenders dedicated to the veterinary community say construction loan requests are up in the first quarter of 2012—in some cases double that from the first quarter of 2011. This increase is in part attributed to veterinarians’ need for additional space and lack of existing practices for sale. Not only are more veterinarians asking about loans, but more banks are willing to lend. While criteria for loan approval differ among lenders, experienced veterinarians able to prove a potential for profit are given consideration. “The down economy has forever altered the criteria by which veterinarians are approved,” says Annemarie Murphy, senior loan officer for Live Oak Bank of Wilmington, N.C. “A big difference is that lenders previously willing to give practitioners who filed bankruptcy a second chance, now are not. But strength of the individual to pay bills that would be acquired with a new practice on the amount of revenue currently generated is a good start.” Murphy says some who filed bankruptcy in the past but were given another loan again filed bankruptcy when practice revenue dropped. This is a risk banks are no longer willing to take. Interest Rates Lenders say interest rates for …
How To Ensure A Successful BuildMay 1, 2012 Before any successful commercial construction project begins, an “A Team” must be assembled: lender, architect, contractor and, of course, the owner. The team will work together to ensure a successful project and support the owner in decision-making. Some critical elements of all construction financings include sufficient capitalization and budget, timelines of the build-out, and the quality and strength of the contractor and architect. When the lender “builds” the project, a number of questions must be answered. Is the contract inclusive? An experienced lender checks contingency, permits, scope of work. What is and is not included as part of the project? Landscaping, security systems and phone generally are not included in the contract. Is the property properly zoned or does it need to be subdivided? What are the timelines on zoning and permits? What fees must be paid? Many municipalities require monies up front to review drawings, go through the planning process and issue permits. What is the deadline for closing on the land or building? Many times, a lender will provide a “bridge” loan to carry the project until the permit is issued. How many months will construction take? An experienced lender will add additional …
