Finance

What are my options for saving for retirement?

Practice managers lower turnover, free up the doctors' time so they can focus more on patients and clients, and improve the owners' sanity. Could you use one of these gems in your practice?

Trenton, N.J. - Ninety-two students from seven veterinary institutions are scrambling for last-minute tuition funds following a New Jersey budget battle that axed $650,000 from the state's $1.337 million Veterinary Medicine Education Program (VMEP).

I've been with the same clinic for seven years. There's a lot of turnover, and my boss hires new graduates. Depending on my day, I'm stuck playing teacher with up to three new veterinarians. My boss isn't around much and says I'm not pulling my weight given what I'm being paid. How can I explain the situation to him?

Back in the trenches, I've realized that often we're worth more than we think. Don't undervalue your skills; the truth is that most people couldn't do your job.

Tampa, Fla. - The American Veterinary Medical Association's Group Health and Life Insurance Trust (GHLIT) has boarded the student circuit in an attempt to education future DVMs about their services.

I'm going to sell my list of 1,300 active clients to a practice located about five miles from mine.How much should I charge?

Not every client lives in a gated community. And when I look at benchmarks for fees, I think they're out of line with real-life practices-at least in our area.

The message isn't new-pets are still missing basic care. This updated data shows how the issue affects your bottom line.

Elimination of pain is an effective focus and client motivator.

25 percent of practitioners say they start seeing resistance when a bill lands between $200 and $400. But there's no way to know which clients will opt for your "A" plan.

Spend too much on wages and you could face financial trouble. Spend too little ... and well ... you get what you pay for. Use these guidelines to make sure you land on the middle ground.

Maintaining a retail area requires time, effort, and most of all, space. Is the investment worthwhile?

Maintaining some semblance of your current lifestyle in retirement doesn't have to be a "pie in the sky" idea-if you plan ahead. (Hey, 30-somethings: We're talking to you!)

Owners, you want to retire someday without worries and leave that business you built up in good hands. Associates, you want a good value for the money. These seminars help you both find the right path to a sale.

You want satisfied clients, of course. But pet owners who are emotionally plugged-in are better yet. Why? The strong relationship should mean that they accept more recommendations and refer more new business.

Relatively few clients have pet insurance, but the numbers are steadily rising. And that's a good thing for your business.

If your credit card statements are rife with odd or inexplicable charges, a few simple changes could help you save.

We currently subtract the cost of inventory from our doctors' production. Do you recommend this? Also, should we subtract payroll taxes?

The IRS allows small businesses to reimburse employees for medical expenses.

You don't have to avoid accounts receivable altogether-just be smart about when to offer credit and who you offer it to.

The cost of living creeps up and up. Does team members' pay keep pace?

I'm opening a new practice. Is a conventional loan better than a capital lease?

Take these five earth-friendly steps to minimize building costs, energy usage, and toxic materials in your facility.

Neel Veterinary Hospital in Oklahoma City, a paperless practice, prides itself on using the latest technology. "Adding computed radiography was a natural step in our practice evolution," says co-owner Dr. Tina Neel.

For too long, practitioners undervalued their services, charged too little and often gave away care for free. Though this may still be true for some, others digested the message about a healthy business supporting good medicine and raised their fees. But to make this equation work, you need to raise the level of service, too.

Use this budgeting tool to capture your revenue, expenses, and amount available for compensation and reinvestment.

Q. I'm the medical director of a newly formed emergency clinic, and the board is looking for a formula for my pay. What percentage of production would you recommend?

The first time I painted the interior of my bungalow, I got it all wrong. First, I picked bone white-a classy name, but a boring off-white just the same. Second, I used an old, wide, flat paint brush that looked like it'd been stuck in an electric socket.

This practice improved scheduling and compliance, established a solid staff management team, developed written standards of care, and more. Not only is Loving Hands Animal Clinic stronger- and ready to move into a new facility-but it made money along the way.