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 …
Want to own a practice?October 18, 2017Veterinarians seeking practice ownership may be fueled with passion and excitement, feeling confident with their medical know-how in their back pocket, but this drive just isn’t enough.
A tale of four paws, two veterinary practicesOctober 17, 2017You probably remember one of the defining moments of the O.J. Simpson trial, when during closing arguments, in reference to the infamous glove found at the scene, Johnnie Cochran said, “If it doesn’t fit, you must acquit.”
Generational differences and veterinary marketingOctober 17, 2017How does marketing in veterinary medicine relate to the man best known for his contributions to the science of evolution? Well, one of Charles Darwin’s principles of natural selection is that “a population will change over time.”
How squatters' rights cost practice buyers plentyOctober 16, 2017If you are thinking about purchasing a neighborhood veterinary practice, it is important to do your homework first. This involves much more than crunching a few numbers for the hospital. It involves due diligence on the land, too.
iVET360 launches Pulse operational data dashboardOctober 13, 2017Veterinary hospitals often underutilize operational and financial data, according to iVET360, a Portland, Ore.-based practice management services company. To help better leverage this information, the company has developed a digital dashboard, called Pulse. Pulse combines operational data from practice management software, financial programs, and other statistical sources, allowing for one-source conversations among veterinary hospital owners, practice managers, and their teams, the company states. The dashboard is accessible through smartphones, tablets, and computers, eliminating paper reports and saving time and resources. Veterinary offices can track such metrics as new client growth, revenue, transactions, and gross profits, 24/7. Pulse also features Benchmark Reporting, which hospitals can use to compare their metrics against their peers. Users get additional access to LearningVet.com, an informational hub that translates the data and presents it simply, and teach best practices on topics such as veterinary marketing and culture building, according to iVET360. "By having real-time data, you can adjust your strategies for hospital growth as soon as you want to," said Oliver Roller, managing director of analytics at iVET360. "Traditionally, hospitals look at key metrics monthly or quarterly, but by that time, the data is old. Pulse is automated so you don't have to think about …
UK veterinarians regularly threatened by clients over pet care costsOctober 9, 2017A new survey from the British Veterinary Association (BVA) found that nearly 85 percent of veterinarians in the UK have experienced some form of intimidation and have felt threatened by a client's language or behavior. The survey queried more than 1,600 members of the BVA. Clients are likely to pressure their pet's veterinarian to waive fees and become angry and aggressive over the cost of care, according to the report. This behavior includes swearing, shouting, threats to damage property, disparage the clinic on social media, and even threats of death, according to survey participants. Support staff, women, and younger veterinarians seem to bear the brunt of client anger, according to the survey. Other survey findings: Vets who work with companion animals or in a mixed practice are particularly likely to have experienced difficult clients, with 89% reporting some form of intimidating experience 6 in 10 vets said they or a team member experienced intimidating language or behavior at least every couple of months, while almost a third at least monthly 1 in 8 vets said they suffered intimidating language or behavior on a weekly basis Cost of treatment was one of the most …
The secret lives of vet techsOctober 6, 2017Veterinary technicians are dedicated professionals that possess very special sets of skills. However, in honor of National Technician Week, Oct. 15-21, I wanted to highlight several technicians who have developed skills well beyond those they display daily at their small animal practices. Veterinary technicians' work and personal lives run the gamut: some work in the pharmaceutical industry, for associations, and in the army. Others work at human hospitals, in journalism, and in startup businesses. Some are avid collectors or are obsessed with popular culture, and others have culinary skills impressive enough to compete on national television. Here, though, I chose to focus on a few veterinary techs who enjoy more physical hobbies. One would never guess at their passions upon first meeting them—they are humble in spite of their surprising and extreme skills. Here are their fascinating stories. Kerri "I'm very active outside of work. I gained interest in weight training about three years ago, initially as a means to get in better shape. But the more I did it, the more I enjoyed it. Eventually, it turned into a passion. I don't see it as a chore—I looked forward to it. "I've learned a lot along the way, not …
Ask yes or yes questions for positive resultsOctober 5, 2017If you’re tired of negotiating with clients over professional service and product pricing, it’s time to change your approach. Sales professionals guide their process with the “two-yes-options” technique; let’s look at how your team can turn “no” answers into “yes” decisions.
