Why optimize your workflow?July 15, 2019Busy veterinarians and hospital staff need every spare minute they can find. Not only that, but stretched practices must watch every penny to thrive. The good news is time- and cost-saving opportunities through automation are much more widely available than ever before.
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Why give it away? Keep revenue in your clinicMay 24, 2019 The last 20 years have been the perfect storm for general practitioners in veterinary medicine. The combination of the loss of spay and neuter services, the migration of vaccinations to low-cost clinics, and the exit of in-clinic pharmacy and retail to online sellers has affected the businesses of general practitioners in a truly significant way. I have felt the strong impact of these changes in my own practice. Historically, my clinic's revenue from routine services constituted 80 to 90 percent of my income. Today, these services account for less than 20 percent of revenue. With these changes and these hard figures, how do we not only stay afloat during this tumultuous time, but also thrive as business owners and medical professionals? The key lies in understanding where our industry has been, the current state of the union, and where the strengths of our individual practices lie to differentiate and flourish. The internet takes a bite One of the hottest topics in veterinary medicine has been the rise of online pharmacy. 1 (800) PETMEDS was king, and the new prince is Chewy.com. Now Amazon is eyeing the throne and your clients' dollars. The online pharmacy race has left the general …
The business of veterinary rehabilitationMay 23, 2019 Rehabilitation is a rapidly growing field in veterinary medicine. This client-demanded service owes its success to an approach that combines a true preventative outlook, longer dedicated appointments with more frequent visits, intensive client participation, and the potential to offer alternatives to invasive procedures. But while the field is growing, turning it into a profitable business model is a challenge. While there are many possible models for a successful veterinary rehabilitation practice, these clinics excel when a rehabilitation veterinarian leads the program. In general, the various business models in veterinary rehabilitation do not simply mimic those of general or other specialty practices. This article addresses key differences and focuses on specifics, including cost structure, staff utilization and training, and marketing tips. Business costs Providing a quality rehabilitation service is a time- and labor-intensive endeavor. Due to more hands-on care and longer appointment times, staff wages represent a larger proportion of overhead costs than in general practice. Most veterinary practices strive to have a maximum of 25 to 30 percent of gross revenue allocated to payroll, while other service-based industries can expect up to 50 percent of gross revenue going to payroll. In the authors' experience, rehabilitation-exclusive practices fall closer to …
It takes four Cs to be completely competentMay 23, 2019What would you do if you could design the perfect, well-rounded, multitalented veterinarian? Which traits would be required? What skills would be indispensable? Our Dutch colleague Roeland Wessels, DVM, has found the ideal recipe.* "Veterinarians (and their team members) are like diamonds. Their worth is defined by the four Cs. Those Cs don't stand for carat, cut, color, and clarity, but for clinical, communication, cooperation, and commercial skills." Let's go over each set of skills. 1) Clinical skills You are trained to provide excellent, evidence-based, state-of-the-art medicine. You are capable of diagnosing and treating patients—or accomplishing whatever your mission is at a veterinary practice. You have vast amounts of knowledge. Regardless of your education, you still need to improve or refine your clinical skills by reading journals and attending continuing education meetings. "Yet, veterinarians usually overestimate how important clinical competence is in the eyes of a pet owner. They expect you to be great, or they wouldn't even be in your exam room," Dr. Wessels explains. Ironically, some clients will brag more about the fact their pet has a 20-cm long incision with 23 skin staples than they will gloat about a tiny spay incision with no …
Policies that make clients madMay 23, 2019Frustrated with clients who wait until the last pill is gone before requesting refills, a hospital manager implemented a $15 expedited refill charge. Some pet owners complained they couldn't afford the convenience fee on top of the cost of medications. Patients on drugs such as insulin and phenobarbital couldn't wait the 48 hours the practice required for refills. After another practice experienced several surgical cancellations, employees began charging a $50 no-show fee when the client gave less than 24 hours' notice. Now the manager is considering a similar policy for appointments. While these hospital policies may make practice owners and managers feel less frustrated, they also may put patients' health at risk, encourage clients to seek care elsewhere, and harm your hospital's income and reputation. If you want a thriving, profitable practice, undo rules that limit your success. Banish this rule: You require 24 hours to refill medications Think like a client. She can take her prescription to a retail pharmacist and have it filled while she waits, usually within 15 to 20 minutes. Although veterinarians account for 62 percent of pet medications sales, mass-market retailers have claimed 20 percent, while internet retailers have a 12 percent …
Are "team-building" exercises worth it?May 23, 2019Many people have participated in "team-building" exercises—but do they work? Let's start by defining what we mean by team building. According to Wikipedia, it is a collective term for various types of activities used to enhance social relations and define roles within teams often involving collaborative tasks. 1 Many team-building exercises aim to expose and address interpersonal problems within the group. Developing the veterinary team requires developing each individual employee, as well as helping people learn to work together constructively.2 That's the definition. However, it doesn't address the question of, "Why do it?" According to author and veterinarian, Carin A. Smith, DVM, good team development contributes to employee and client satisfaction. Happy people stick around and do a good job. Staff retention increases productivity and reduces expenses.2 Seems like a good reason to do it—teamwork is a worthy goal! Certainly, the general goals consist of getting to know your coworkers better, increasing team spirit, fostering innovation and creativity, enhancing communication, supporting each other, and the list continues. But is there more? Are team-building exercises worth it? What is your team-building ROI? To properly measure the success of a team-building session, you need to have a plan and baseline metrics. …
What happens when big veterinary merges with big dataMay 7, 2019It's not just Facebook and Google. It's also Big Veterinary Supplier, Inc. What do I mean by that? Data is a huge source of income for all three. So much so, they're making use of private information we diligently collect and, in some cases, they're using it to compete directly against us. Veterinarians are not immune As our industry becomes increasingly consolidated, it's also adopting some of the habits with which other industries are plagued. In the case of data mining, it seems they're getting more aggressive about it, and seemingly less likely to back down when confronted with evidence of their transgressions. Here's a recent example of what happened at my clinic: Until recently, I was the reluctant user of a large-scale online pharmacy, which was integrated into my clinic's website. In return for a small commission, I'd send my clients to this site when they expressed interest in buying products or medications online. To be clear, I knew the Faustian bargain I was entering into: My clients were theirs to contact and do business with for as long as I said it was OK. My reasoning was that I'd be losing out on these sales anyway. I …
Telemedicine from the frontline: A practicing veterinarian's perspectiveMay 3, 2019Over the last decade, countless interactions with clients and patients have convinced me veterinarians must embrace telemedicine, both to remain relevant as care providers in an increasingly digital world and to compete successfully in today's on-demand economy. Given the change in generational demographics, today's clients view their pets as family members and insist on immediate gratification. To survive, we must adapt, otherwise pet parents will rely on Dr. Google, rather than wait to consult their family veterinarian for advice and guidance. It was an incident with a friend and client that convinced me veterinarians, as well as pet owners and patients, can benefit enormously from the integration of telemedicine. A tale of teletriage Four years ago, I received an evening call from a family friend whose dog Bodhi, a mixed breed, two-year-old neutered male Labrador, suffered what seemed to be a mild seizure. While my friend was in transit to a nearby emergency animal hospital, I advised him the episode wasn't as serious as he feared and he could wait until the next morning to bring Bodhi to my practice. That experience of utilizing the most basic form of telemedicine—the telephone—sparked the idea of bringing the benefits of a …
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 …
10 tools every superachiever needsMay 2, 2019Without battle-tested systems, healthy habits, and proven strategies, it's difficult to grow beyond a certain plateau. To get better, superachievers typically use the following 10 tools, at the very least. Let's see how they can apply to our profession. 1) An idea-capturing device You have a brilliant idea. It's so amazing you're certain you'll remember it. After all, it's going to change lives! Five minutes later, you are wracking your brain and retracing your steps to remember it. Ideas often come at the most inconvenient time, which means you should have a way to capture them in real time as they come to you. Keep a small notebook on your nightstand or in your pocket. Surely you can download all kinds of apps, although any smartphone or tablet has a "note" function where you can jot down ideas. What about a waterproof marker in your shower? The idea is to avoid walking around with all kinds of mental clutter. Write things down so you can focus on other stuff. 2) Keep a calendar Many people have multiple calendars: one on the wall, one on their desk, an organizer, and a digital calendar. Some may even have a personal calendar …
