Finance

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

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.

Englewood, Colo.-Dr. Patricia N. Olson will lead the Morris Animal Foundation as its executive director.

Generally sales taxes apply on the sale of just about anything to just about anyone.

Dogs can't wait to get through the front door of Chanhassen Veterinary Clinic in Chanhassen, Minn. For 12 years, the clinic has been throwing free puppy parties in its reception area. And month after month the team finds that when you correct unwanted puppy behavior with a reward-based approach, you build long-lasting family bonds, and in the process, pets' bonds with the practice and with other pets. “Puppies literally come running into the clinic looking for their party pals,” says Dr. Deanne McCabe, one of three practice owners.

our practice budget is a living, breathing, vibrant part of the practice. It is the underpinning of successful implementation of the practice mission statement and business plan.

What can we say about fees and fee structure that hasn't already been said?

Hiring a practice manager can boost productivity, staff satisfaction, and practice revenue. Just ask Dr. Gail Mason, MA, Dipl. ACVIM, co-owner of Bath-Brunswick Veterinary Associates in Brunswick, Maine. She and co-owner Dr. Mark Mason, MS, Dipl. ABVP, have saved 15 hours a week combined since they hired practice manager Perian Phillips seven years ago. Between the two specialists, the practice can schedule four additional 45-minute referral appointments per day.

“Kidney disease is the No. 1 disease I diagnose,” says Dr. Arnold Plotnick, DABVP, DACVIM, owner of Manhattan Cat Specialists in New York. “And cats with kidney disease that eat appropriate diets live longer.” The key, he says, is for clients to try each of the available diets until he or she finds one the pet will accept.

Dr. Robert Esplin's client knew the value of the canine blood bank when he rushed his dog to Sylvania Veterinary Hospital in Sylvania, Ohio. The twist: the dog being rushed to the hospital was called in to donate blood to another dog in need.

“Phone scripts help receptionists educate new clients before they enter the practice,” says Tracy Dowdy, CVPM, a consultant in Dallas. In her consulting work, Dowdy introduces phone scripts that emphasize the value of basic services into practices across the country.

Few pets miss their regular test or get behind on their medications at Lost Mountain Animal Hospital in Marietta, Ga. That's because office manager Debi Cook sends out reminders to clients to make appointments for procedures, tests, and medications, such as T4 levels and phenobarbital screens every six months, heartworm medication every year, and regular dentals.

Choosing your architect is one of the most important things you'll do when building or remodeling your practice. Your architect sets the pace for the project--and you'll have enough stress without suffering from communication problems with this key player. Here's what to do.

There is a new option available to every veterinarian, whether seeking health care insurance coverage for themselves and their families or affordable options for the employees of their practice.

“I don't think we could practice medicine properly without the pumps,” says Dr. Robert Esplin, owner of Sylvania Veterinary Hospital in Sylvania, Ohio.

Washington-The government might start paying off veterinary student loans to entice new graduates to work in underserved areas.

If students begin curbing all unhealthy spending habits while in school, academic leaders say they can trim the size of their pending student loan repayment substantially upon graduation.

Dr. Karyl Ropko worked closely with the SBA to obtain a building loan. Here are some tips she learned along the way and the steps she took to smooth the road: