Finance

Build on the groundwork you've already laid to cross the marketing finish line with style.

A DVM must know all components of the deduction, and how much was spent for each.

Veterinarians who learn that a client filed for bankruptcy often wrongly assume that the practice has no options.

You know that a comprehensive analgesic protocol is necessary for your patients. But these drugs have a noticeable side effect-a financially healthy practice.

Q. I'm concerned about my hospital's liberal employee discount benefit. Are there any guidelines I can offer the owner to keep him and the rest of the team safe from tax liability?

Think about your practice's identity and how you want to connect with clients before embarking on a marketing campaign.

Metairie Small Animal Hospital in New Orleans has its own in-clinic pet shop: Silver Collar Pet Boutique.

Relax and reinvigorate your reception area with feng shui

It pays to think through your options when you're borrowing.

Polish up your approach to providing these five services, and show clients you're all about good medicine.

Q. I discovered that the owner of the practice I work at has been changing my invoices. Flea medications, shampoos, and glucosamine supplements are being charged to an over-the-counter charge, even though I sold them to the client at the time of the exam. Shouldn't those items fall under my production?

It's good to know the true 'cost' of money, and what every aspect of every service is costing you.

How much of your income is due to your performing surgery? Perhaps 15 percent? Even 20 percent?

Does your team know the practice starts out every day $900 in the hole?

Q. How will inflation and taxes affect my cash needs during retirement?

To increase parasite prevention and control compliance, make sure the doctors are in agreement about the standards of care and team members know what to say to clients.

Everybody loves detailed estimates. It's just that practices cannot afford them. The labor is just too costly.

Testing, treatment, and public health all play a part.

For many years, the risk of a tax audit was barely on the radar for most veterinarians, but today the chances that the Internal Revenue Service (IRS) will flag a practitioner's tax return for an audit are noticeably greater.

Q. I'm an associate who's paid on production only. Does this system discourage me from taking unpaid vacation days? Do I really even have any vacation time?

Don't let tax season strike fear in your heart. Play by the taxman's rules, and if he shows up for an audit, you'll be ready.

You've put it off long enough. Make time to check your numbers so you can make smart financial decisions for your practice.

Q. I'm looking to retire in a couple of years. How long would $600,000 last me if I withdrew $31,000 annually?

Any practice or veterinarian who fails to pay a required installment faces penalties.

If you're on the hunt for a new job, don't forget about the tax deductions you may be eligible for.

A colleague of mine was audited, fined, and required to pay back taxes for not claiming discounted employee pet care as taxable income on employee paychecks. He said that anything over a 20 percent discount must be taxed and listed as employee income. I checked with my accountant and he confirmed that I've been doing it wrong. How do I make changes in order to comply with IRS standards without upsetting my staff?

The giant retailer is honoring veterinary prescriptions and offering customers in 49 states a 30-day supply of more than 300 generic drugs for just $4.

You've admired those beefcake practices from afar. You envy their solid client growth and muscular marketing techniques. Well, here's how to supercharge your practice's growth.