Finance

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.

“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:

Jerry Vandever sat across the table from his accountant. Herbert Johnson, CPA, had been an accountant for many years and was looking over the tops of his reading glasses at the file for Patch-a-Pet Animal Hospital.

Examination is 50 percent of the work of our profession. Examination is the key to our success or failure in the pursuit of our profession. Examination is the most botched up service performed by fully 50 percent of our colleagues in both its qualitative and quantitative aspects.

For the second time in two years, our lawmakers have created federal tax cuts designed to spur business investment. However, despite record-low interest rates, affording the funds many veterinarians require in order to acquire the property and equipment to take advantage of those tax cuts has never been harder. Into the breach has stepped the U.S. Small Business Administration.

Finding the right job takes planning; know what you want personally, professionally for longevity, satisfaction

Five years ago Pet Care Hospital in Plano, Texas, opened a doggie daycare service and the practice, clients, and dogs continue to reap the rewards. "Clients take home tired dogs, worn out from a day full of play and exercise. And over the long-term, the daycare builds the dogs' self-confidence so they aren't fearful," says Jill Vincent, a certified trainer who runs the daycare as well as the practice's dog-training classes.

State and local governments are focusing on stricter enforcement and higher fees to meet budget shortfalls. At the same time, the principals in many veterinary practices are discovering just how much government services cost their practices - and how many of those increasingly more expensive licenses and permits they do not have.

It depends how big you build--and on the site fees, appraisals, zoning fees, and interest rate. Here's help with your estimate.

To improve your chances for success, Denise Tumblin, CPA, co-owner and vice president of Wutchiett Tumblin and Associates, says you need to consider the cost and return you can expect in the first year of practice. She offers this example of the potential costs:

There's one person Dr. Dave Richards must confront every time he prepares to raise fees in practice - himself.

Congress passed and the President signed into law a $330 billion, 10-year tax cut plan that will have a significant impact on the tax bills of every veterinarian - and their practices.

Experts estimate labor costs and benefits rank as top income eaters among the nation's veterinary practices.

Uncle Sam, in the form of our tax laws, is willing to pick up a portion of the expenses of every veterinarian attending a trade show, meeting or similar event.

Answer to practice woes could be as simple as 'who's answering the phone'

The Center for Specialized Veterinary Care, a new hospital in Long Island, N.Y., is the first to offer pet owners private rooms so they can stay with their hospitalized pets 24 hours a day.

Not every profit center suits every practice. How do you decide what to add? Follow these steps from Practice Management Editor Mark Opperman, CVPM, president of VMC Inc. in Evergreen Colo., and Indianapolis.