Not long ago in a Midwestern town, the owner of Wylie Animal Hospital, a two-doctor practice, called our office for help. The caller, Dr. Rudy Wylie (a composite character based on real practitioners), was an established practitioner whose companion animal practice had always been able to pay its bills, give staff members an annual raise, and maintain its client base.
The American Jobs Creation Act of 2004 created billions of dollars of tax breaks.
With the help of a patient-care coordinator, Veterinary Medical Clinic in Tampa, Fla., is seeing double-digit growth for the first time in years--and patients are enjoying even healthier lives, says practice owner Dr. Eddie Garcia. "The patient wins because it gets a better follow-up on what the doctor recommends and a better quality of life, and the client gets to enjoy the pet longer. The clinic wins because we're providing the service and making the income," he says.
Financial planning early in your career is perhaps the most important thing you can do to make sure you accomplish your personal and professional goals. In fact, the day you leave school would be a great time to start planning. But regardless of your age or career stage, it's never too late to gain value from a hard look at your financial situation and advice from a financial advisor who can help you identify and implement your financial plan. Here are the essential components of a financial plan:
We're having trouble monitoring the counts of specified items, calculating an accurate budget for inventory costs, and staying within that budget. We've identified our A, B, and C inventory items. What more can we do to get inventory under control?
The Internal Revenue Service (IRS) cares about accurate classification of employees and independent contractors, but so does your state unemployment tax department. No one ever thinks he or she will get audited, and many practitioners are surprised to learn that state unemployment departments often audit more frequently than the IRS.
Small business owners are particularly vulnerable to the risks of a prolonged illness or disability, because they're often the business's main asset. In other words, the business's success often depends on the owner's ability to earn income. As a business owner, you need to protect both your personal and business income. And the right insurance provides that protection.
After Veterinary Economics published "Caught in the Middle: Business vs. Compassion" in June 2004, we received several letters fueling the discussion. One in particular, from Dr. Lowell Novy of Valley Veterinary Clinic in Simi Valley, Calif., provided an interesting solution: Start a nonprofit organization to help cover costs.
Cleveland-Though many veterinarians fret about student loans prohibiting them from buying a practice, the real killer is revolving credit, such as credit cards and car loans.
In the past year, I've learned that a little laziness and a lot of assuming can cost big bucks. First it was our radiology badges-I assumed we all paid about the same price for this service. But when an astute colleague asked about the going rate in our area, I learned I was paying four times more than some of my colleagues!
Is it reasonable to charge a holiday surcharge for boarding pets? Hotels charge more during holidays. I want to be fair to my clients, but I also want my clients to be fair to us!
What do I do with a relief veterinarian who doesn't stick to my fee schedule?
How much am I expected to contribute to my associates' retirement plans? Does this count as part of the compensation my associate earned based on production?
I don't want to leave staff members jobless when I sell my practice. Can I include a clause in the contract requiring the buyer to retain my employees?
Women now buy half of all practices sold in some parts of the country, and prospective women buyers are on the rapid rise nationwide. The Northeast, mid-Atlantic and the Southeast contain the largest concentration of female buyers, according to brokerage statistics, and national trends have begun to mirror the general doctor population, too.
Do you back up your QuickBooks file regularly? If not, you risk losing your data. Follow these tips to make sure your information is there when you need it.
My partner recently received information about her Social Security benefits. Should I have received a statement too?
CLEVELAND-Almost half of women associates surveyed cite an interest in practice ownership/partnership despite speculative fear that the next generation will avoid the management headaches.
The IRS has the power to recharacterize a related-party transaction.
Hospital tours are a great way to attract new clients and cement your bond with existing ones. "We like to take the mystery away," says Dr. Lisa Barlow of Centennial Valley Animal Hospital PC in Louisville, Colo. "We think hospital tours help clients feel better about leaving their pets here."
The doctors at Bowman Animal Hospital and Cat Clinic, Inc. in Raleigh, N.C., see an average of four to five behavioral consultations per month, says Monica Dixon Perry, CVPM, the practice?s hospital administrator. Of these behavioral consults, the vast majority lead to diagnostic testing to determine whether there are any underlying medical reasons for the behavioral issue, says Audra Alley, DVM, CVA. "If a cat or a dog is urinating abnormally, we start with a urinalysis to determine whether there are any abnormalities. If the results of the urinalysis are positive, we treat the medical problems first and then re-evaluate the behavior," Dr. Alley says.
Every veterinary practice must continue to capitalize the costs of acquiring intangible business assets.
Maximizing profit means stripping the practice of capital by a variety of means...
Dr. Bill Swartz, owner of Clocktower Animal Hospital in Herndon, Va., says his six-doctor practice saves nearly $36,000 a year through a buying group.
At Seaside Animal Care in Calabash, N.C., Dr. Ernest E. Ward Jr. knows that 20 percent of his canine patients will develop osteoarthritis at some point. To combat this statistic, Dr. Ward conducts a comprehensive senior arthritis program designed to lengthen the lives of his patients and improve their quality of life, strengthen the bond at his practice, and bolster his bottom line.
Osteoarthritis survey
You can create a small, successful exotic ward with no more space than an unused storage room and boost the service you offer owners of exotic pets, says Dr. Jennifer Graham, Dipl. ABVP. "Clients are beginning to ask, 'Are the exotics kept separate from the other pets?' and 'What special treatment can you provide?' " Dr. Graham says. "Clients know these issues are important and will evaluate the practice on team members' responses."
Senior wellness screenings reveal abnormalities in 23 percent of dogs and 17 percent of cats with normal physical exam results, according to a 1999 study conducted by Antech Diagnostics. Dr. Daniel Brod, co-owner of Deer Creek Animal Hospital in Littleton, Colo., uses this statistic during wellness exams to communicate the importance of annual senior testing to clients. He says that in about one of four senior dogs he tests, he identifies early disease processes, such as renal, liver, or thyroid disease-that's about 15 percent higher than in younger dogs at his practice. And he says that the study results mirror his findings in senior feline patients as well.
All doctors who plan to build hear from colleagues who've been there before that they should build bigger than they think they need to. Drs. Kate Knutson and Steve Barghusen took those words to heart--working in an extra 3,700 square feet for future expansion.
Teaching proper dental care is part of the program at Pet Crossing Animal Hospital and Dental Clinic in Bloomington, Minn. And they aren't just teaching their staff members. Co-owners Drs. Katherine Knutson and Stephen Barghusen are using a dental lecture series to help practices statewide improve their standard of dental care and improve client compliance.
