For more than a decade, the rule of thumb for setting fees in veterinary medicine was simple: Raise 'em! The corollary to this rule of thumb was: don't worry about clients not wanting to pay; if you communicate the value of the procedure, they will gladly open their pocketbooks.
Budgets should an integral part of your overall financial plan. With budgets in place you are more likely to control the financial destiny of the practice.
Do you divide your staff responsibilities? By dividing responsibilities you reduce the opportunity of potential stealing from your hospital. Basically you should never have one person handle all aspects of a task. For example, the receptionist who handles money directly shouldn't be the person who prepares and makes the bank deposit.
Part of the reason technicians, doctors and other team members choose to work in the veterinary field is because they care about pets and want to see them get the care they deserve.
One of the many unhappy lessons veterinarians and their teams have had to learn from the recession is that clients don't have bottomless wallets filled with cash to spend on veterinary care.
Understanding profitability in a veterinary hospital can be like understanding a Chinese puzzle. Defining profitability can be confusing based upon the entity type.
Don't just sit around waiting for good things to happen. Go out and make your own luck.
Your financial health is just as important as your veterinary practice's. Use this advice to make sure you're well off now and in the years ahead.
Learn how to record your business travel expenses correctly to avoid an audit-or survive one if you're targeted.
One veterinarian retires in flush times, and two need to wrestle with the recession. See where they end up with different choices.
You can shake your Magic 8 Ball as hard as you want, but even that can't tell you for sure whether you should sell now or hold out. But here are a few indicators that the veterinary practice sale market is poised for growth.
What to do with an overcompensated employee
Every one of your team members might work hard, but taking a one-size-fits-all approach to doling out raises isn't fair to your best performers. So pump up your superstars' salaries by using one of these proven strategies instead.
Three dozen attorneys, lenders, accountants, brokers, consolidators, and consultants who are actively involved in buying and selling veterinary practices weigh in on the future of veterinary practice sales.
Don't let your emotions get the best of you-whether you're a buyer or a seller
National Report - Prices are rising across the board, from food to gas. What do these escalating costs mean to veterinarians?
National Report - While the cattle herd has shrunk over the years as grazing space dwindles, there are new signs of optimism in the market.
Chicago - Dues will be going up gradually over the next five years fo American Veterinary Medical Association (AVMA) members.
Frankfort, Ky. - A bill introduced in the Kentucky House of Representatives Jan. 7 could make many food-animal medicines tax exempt.
Madison County, Ill. - A plan to have veterinarians collect rabies certification fees for the county is drawing ire from area practitioners.
National Report - In the last three years, James Dee, DVM, has seen visits steadily drop in his hollywood, Fla., practice. In fact, the appointment calendar is wide open. "Anybody can be seen within a day," he says.
Jackson, Miss. - A newly mandated computerized prescription monitoring system in Mississippi might be funded prescribers if the state Senate has its way.
New tax laws make it easier than ever to collect deductions on new veterinary equipment.
Are the winter storms done for good? If not, it's time to find out whether your roof can handle another round of snow.
Q: Our practice is doing OK financially, but I'd like to eliminate needless spending. What are some of the most common financial oversights in veterinary practices?
National Report - Consumers still reeling from the economic fallout of the past few years continue to tighten their belts and rein in spending.
Find out what the 2010 Tax Relief Act means for you and your veterinary practice.
Adopting a pain management culture can benefit all stakeholders involved in patient care.
Low-cost spays and neuters fill a crucial need. Veterinarians: Don't begrudge your colleagues who help.
It's never too early to prepare for veterinary practice loan application. Follow these tips and avoid roadblocks on your road to ownership.
