Dispelling myths about entrepreneurship and practice ownershipNovember 7, 2017I had the rare opportunity to speak with Michael Gerber, management guru and best-selling author of The E-Myth Revisited and the E-Myth book collection, who recently co-wrote The E-Myth Veterinarian with Peter Weinstein, DVM, MBA, executive director of the Southern California Veterinary Medical Association.
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Restrictive covenant: Mobile veterinarians and their vehiclesNovember 7, 2017 Like most domesticated animals, Maine coon cats require periodic care and treatment from a veterinarian. For my first Maine coon cat, I drove to the veterinarian's office, which was a stand-alone fixed brick-and-mortar location. However, for my second cat, my veterinarian brought her office to me in a vet mobile, a full-service veterinary hospital on wheels. This type of moving mobile practice can present some challenges when trying to construct and enforce reasonable and enforceable geographic restrictions for a noncompete or a nonsolicit. Wherever I may roam In Heiderich v. Florida Equine Veterinary Services Inc. (2012), an equine veterinarian entered into a one-year employment agreement that included a two-year post-termination noncompete. Dr. Heiderich was prohibited from owning, managing, being employed by, assisting, participating in, or having any material interest in any business or profession engaged in a general equine veterinary practice, located within a 30-mile radius of her former employer's place of business (a fixed, brick-and-mortar location). Heiderich resigned, opened her own office outside the 30-mile radius, but traveled to treat horses located within the 30-mile radius. The trial court issued a temporary injunction against her. It found that her office outside the 30-mile radius was of "no …
AVMA delegates adopt amended telemedicine policyOctober 20, 2017“Unanimous” with 140 “yea” votes is how Lori Teller, DVM, DABVP, American Veterinary Medical Association (AVMA) board member, described the vote by members of the house of delegates (HOD) as they adopted a new telemedicine policy at the 2017 Convention in Indianapolis.
Brave new digital worldOctober 20, 2017When queried bout telemedicine, veterinary practitioners and professionals will differentiate between its two schools of thought: Telemedicine used for consulting with specialists, and the type where a practitioner looks at video of a patient’s limp sent by a client via smartphone.
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.
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.
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 …
