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 …
SPONSORED CONTENTThe clear reco for hidden stressOur therapeutic nutrition targets underlying stress in cats with GI or urinary issues — helping provide relief to pets and their humans. + Learn More
New resource keeps COVID out of the workplaceJuly 21, 2020As part of an ongoing effort to ensure the health and safety of veterinary teams amidst the pandemic, the American Veterinary Medical Association (AVMA) has shared a new resource for veterinarians and practice managers.
VPN Plus+ ExclusiveWhy offering a 401(k) plan is a good ideaJuly 16, 2020As a veterinary practice owner, taking care of your employees is paramount to hiring and keeping wonderful staff around. By offering great benefits, you are showing they matter to you both in and out of the office. One extremely valuable benefit to offer is a 401(k), which allows your employees to put away money for retirement. In the past, practice owners may have felt a 401(k) was too costly or complex for small veterinary clinics to provide, but that's no longer the case. With the modern 401(k), you don't need to worry about having extensive investment knowledge, or even a lot of time to manage the plan. You'll get access to features that can make it both easier and less expensive for both you and your employees. How a modern 401(k) can help your practice According to a recent survey by Capital One, 94 percent of small business owners who offer a 401(k) plan say it helps with their recruitment and retention of employees. By providing this benefit, you show you value their contribution and want to help them invest in their future. Setting up a 401(k) can sound daunting, but it doesn't have to be. Here's what you can …
VPN Plus+ ExclusiveWhat is website accessibility and could you be at risk for a lawsuit?July 14, 2020Most business owners are familiar with the Americans with Disabilities Act (ADA) and the requirements this law imposes on them to make their facilities accessible to those with disabilities. For businesses that are "places of public accommodation" (e.g. veterinary practices), access includes providing on-site features including wheelchair ramps, handicap accessible bathrooms, and parking spots. In the past few years, there has been increasing debate around whether a company's website is an extension of a place of business and must be accessible just like its physical counterpart. The ADA does not speak directly to this question and the Department of Justice (DOJ), which is responsible for interpreting the act, has not weighed in on the matter. This ambiguity in the law has led to a wave of litigation, suggesting businesses with "inaccessible websites" are violating the ADA and are subject to penalties. While it is difficult to identify out-of-court settlements, according to the ADA, the maximum civil penalty for a first violation under title III ranges from $55,000 to $75,000. For a subsequent violation, the new maximum is $150,000. In 2019, there were thousands of lawsuits filed against businesses and tens of thousands of legal demand letters. In the fall of …
VPN Plus+ ExclusiveThe pee line: How to plan for and respond to leg lifters in your practiceJuly 9, 2020As industry professionals, you do everything you can to keep your clinic sparkling clean. However, there is one particular situation that poses a unique challenge... dealing with those notorious little leg lifters! Everybody knows accidents happen, but whether the patient is large or small, urine of any kind is still extremely damaging to certain materials, interacting negatively with your floors, walls, and other areas. This article provides tips, tricks, and methods on how you can protect your clinic against the damages of pet urine... because let's face it, when you've got to go, you've got to go! A smelly situation Dog urine poses a significant threat to surfaces due to its chemical makeup. While all urine is primarily water (with inorganic salts and nitrogen-rich by-products, such as uric acid and creatine), dog urine is highly concentrated, and therefore, much more destructive. (Did you know dog urine can even etch stone?). To make things worse, pee can soak through wall and floor materials, and get trapped out of reach of your cleaning efforts. Through absorption, it penetrates the core of porous surfaces, and that is where the real problem begins. As urine breaks down and dries, it becomes more challenging to …
VPN Plus+ ExclusiveIs it time to upgrade your payment system?July 7, 2020Many veterinarians are content using outdated payment systems in their practices, rather than dive into the unknown of adopting a new platform. However, using older technology (i.e. legacy systems) can negatively impact your bottom line, putting your practice or hospital at a competitive disadvantage and preventing you from optimizing efficiencies and/or growing your business. Not only that, but given the current situation with COVID, ensuring your system encourages contactless payment is critical to maintaining a safe workplace environment. Legacy systems can be costly to your practice, as hardware or software requires regular maintenance. Most IT experts will tell you that providing adequate support for outdated platforms is expensive, and in some cases, impossible. There also is the issue of security. When systems enter legacy territory, companies stop supporting and updating them. This can put your veterinary practice at higher risk for costly and disastrous data breaches. Despite these concerns, there is still reluctance among veterinary practices to update their payment systems. How do you know when it is time to turn in your old equipment? How do you select the right system for your practice? If your clinic is experiencing any of the following issues, it may be time to …
What's next for cloud software? Better mobile accessJuly 6, 2020The mobile app/cloud software combination is designed to give veterinary practices the most flexibility possible, allowing for maximum efficiency within different workflow preferences.
How are you and your team doing?July 6, 2020The more you can focus on your self-care and the well-being of coworkers, the better you can take care of your clients and patients.
Ready to reopen? How you see appointments will changeJune 25, 2020Creating structured guidelines for reopening based on local jurisdiction and safety protocols lets clients and employees feel confident you’re minimizing risks.
VPN Plus+ ExclusiveSurviving a pandemic as a veterinary professionalJune 24, 2020By Patty Khuly, VMD, MBAIf you're a veterinary professional and you feel like you're being squeezed from every direction, welcome to my pandemic-warped world. It's gotten so bad that sometimes I feel like a Cuban sandwich, all thin slices of ham, cheese, baby pork, and pickles smushed between two halves of buttered baguette, which is then compressed by an industrial press so powerful the edges of the bread burn and the cheese sizzles while the bread soaks up the excess. Further indulge my Miami metaphor by envisioning our suppliers as the bottom half and elite specialty providers as toppers. We, the tender baby pig (arguably the least equipped to tolerate the pressures), are becoming but a smear of protein. To be sure, it's delicious in the end. Nevertheless, it's still kind of sad the bread ends up with more than its share of all the butter. Culinary fantasies notwithstanding, it's clear things are getting tougher for the average veterinary practice. Increased ER income is keeping specialty services humming, while as many as a third of the practices in my area have temporarily shuttered, possibly never to reopen. This rearranged game board has given an edge to the larger, more established practices, along with …
