Five ways a loan can improve your practice amid COVID-19September 1, 2020 As the coronavirus pandemic continues to impact the nation, veterinary practice owners have been challenged to change existing procedures or find completely new ways of providing animal care while ensuring the safety of their staff and pet owners. Even with these additional burdens, veterinarians remain focused on keeping their practices going. Despite the uncertainty veterinary professionals face, there are also new opportunities to make meaningful improvements to their practices. Whether you seek to make an immediate impact on your day-to-day operations or pave the path for long-term success, a business loan can help you achieve your goals. 1) Understand the value of cash flow It's true: Cash is king. When cash is tight, it can be distracting, but having working capital can empower you to stay focused on providing excellent care and ensuring business success. A cash flow injection can help you cover immediate operational and overhead costs including rent or mortgage, insurance, utilities, and payroll. Cash can be set aside into an emergency fund to cover any unexpected costs that may arise. And having extra cash on hand can help you get through any delays in client payments. 2) Consolidate debt It might seem counterintuitive to get a …
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Ultrasound and telemedicineMay 27, 2019Don't just send him an ultrasound image and think he'll do business with you. "I will not read ultrasound images unless I've taught the person through doing the ultrasound," said Anthony J. Fischetti, DVM, MS, DACVR, department head of diagnostic imaging at the Animal Medical Center in New York, and president of Veterinary Ultrasound Society of the American College of Veterinary Radiologists (ACVR). "If I'm just reading still images from someone I haven't trained, I won't read them. I won't take their money, I won't try to make a diagnosis, and I kind of wish my colleagues would do the same," Dr. Fischetti said. Why? There's just too much to get wrong, he said. "You can make so many things look abnormal with ultrasound if you don't know the orientation of the probe or how the image was made," Fischetti said. In human medicine, often a relationship is already developed between those performing the ultrasound and the radiologist, so there's a level of trust and comfort. "We're just not there with veterinary medicine yet, and I'm personally against most telemedicine ultrasound," Fischetti said. Building relationships to improve trust and communication is also of utmost importance for Nathan C. Nelson, …
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 …
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 …
Fire employees and hire stakeholdersApril 12, 2019Which one of the following scenarios is more likely to take place at your practice? Scenario 1 John needed to makes copies of the anesthesia log. He placed the document in the copier, pressed the "start" button and… nothing happened. He walked away, cussing at the stupid piece of (junk), and ended up using the last copy of the anesthesia sheet. "Somebody should finally do her job and get us a new copier," he mumbled. Scenario 2 At a different clinic, Joy wanted to make copies of a consent form. She positioned the master copy in the machine, pushed the "copy" button and… nothing happened. She went to the practice manager and reminded her that, according to the repairman, it was time to get a new copier. Two days later, a new copier was installed. The good news: it was on sale. The bad news: it was a terrible choice. Receptionists hated it. Technicians hated it. Doctors hated it. People complained about it for years. But the practice manager felt good about doing her job. Scenario 3 At yet another hospital, Mary had to photocopy the travel sheet. She put the document in the copier, pressed the green button …
Merck Animal Health joins AAHA in workplace culture initiativeJanuary 10, 2019Merck Animal Health is joining the American Animal Hospital Association’s (AAHA’s) Healthy Workplace Culture Initiative.
How kennel design can help boost clinic revenueDecember 19, 2018To maximize short- and long-term boarding potential, it helps to understand the various kennel designs and materials, gate options, and available accessories. One of the first decisions to make is whether the kennel will comprise an on-the-floor system with a drain or an above-the-floor system. Generally speaking, the former can provide more flexibility to configure the kennels to fit a building’s footprint and it also is usually less expensive than an above-floor design. There are situations, though, that sometimes require an above-floor system, particularly when digging drains is not an option.
Are you leading or following your practice?December 11, 2018You rush from one intense exam to the next, going home exhausted at the end of the day. This firefighter approach to running your practice may have you following, rather than leading your business. As you begin a new year, reclaim the leadership role of your practice and take actions that move your business forward.
