Business | Practice Finances

Price breaks for staff family members, hardship clients and rescue organizations are costing Dr. Reed's veterinary practice. His brilliant idea? Staff members should pay a percentage of the discount. Hold on, says his hospital administrator.

When clients won't accept your recommendation, could it be time to drop the price? Fetch dvm360 speaker Karen Felsted, CPA, MS, DVM, CVPM, CVA, encourages veterinary professionals to consider cost-based pricing.

Here's how to help prevent your veterinary practice from getting in a financial bind. Listen to this advice about the importance of securing finances first instead of hastily signing purchasing agreements.

I had a crazy idea to put your veterinary practice advertising dollars somewhere else, but I gut-checked myself with an economist first.

Here's what to think through before you sign your employment contract as a veterinary associateconsider the things that could go wrong or negatively affect your production.

The days of set it and forget it when it comes to monitoring your veterinary hospitals finances are done. You cant fly blind as an ownerso start asking questions of the financial advisors at your disposal.

Here are 4 ways to attract new clients and reach out to existing ones during those slower times.

The future veterinarians I talk to are sad and scared about their financial future in their new career. With the right planning and financial education, they shouldnt be. Whos going to join me in fighting this fight?

As the countrys economy goes, so goes the U.S. veterinary profession. A short but important presentation at the recent AVMA Economic Summit judged important indicators green, yellow or red for Americans financial future.

Try this easy challenge to help keep your veterinary practice in order.

A dive into data yields insights on pay-by-the-month preventive-care (wellness) plans undertaken by different-sized veterinary practicesand how satisfied the owners and managers were with the results.

Were living longer. That means well need more money for longer retirements as veterinary professionals. As I navigate these waters myself, here are some sobering numbers to get you thinking that maybe its time to take this planning seriously.

Spruce up your print marketing approach by trying some of these creative ideas

A dive into data yields numbers on capital improvements and investments different-sized veterinary practices made and how satisfied the owners and managers were with them.

I advocate for more early-detection diagnostics, as I think they make sense for pet health, for client peace of mind and practices bottom line.

One company's device can turn your veterinary practice trash into an inert hockey puck.

A boarding business run right can make your veterinary hospital the one-stop shop of pet services in your area. In a time of increasing competition for community clients, its time to revisit this chance to snag happy clients.

Contrary to old-school belief, word-of-mouth is not enough to market your veterinary practice. Put together a simple plan to get your team on the same page and give clients the information they want.

Disability insurance isnt exciting to think about, but worse than that is ignoring it until its too late to get it. Veterinarians should not skip out on this important insurance.

Make sure your next practice management software (PIMS) choice will help your veterinary practice avoid missed charges.

Here are the details that veterinary hospital groups nationwide shared with us on number of hospitals, company details and what theyre looking for in clinics to buy these days.

This letter writer agreed with the Certified Veterinary Practice Manager: Get the whole team on board, give wellness plans time to work, and you can see success.

If the new equipment for your veterinary clinic will make you money, improve patient care and make work easier for your team, then, yes, the Section 179 tax deduction is a nice bonus from Uncle Sam! Learn more about it here.

Heres our regular rundown of new and noteworthy veterinary products.

Here's my advice from years of helping veterinary practice buyers and sellers on financing, finding the right practice and speeding along a practice sale before it goes bad.

Before you buy a veterinary hospital, young doctor, make sure you understand the basic financials of the practice and get some expert advice on the details to make sure you know what youre paying for.

Both associates and practice owners should love clear, mutually beneficial employment contracts. They give associates clarity and peace of mind and ensure future buyers of a veterinary hospital can hold onto what makes that clinic greatthe staff.

There are pros and cons to each possible business entity you might choose for your new veterinary hospital. No matter what, talk to an accountant and remember you need medical malpractice insurance. Inc. or not, its always your license and personal liability on the line when it comes to cases.

If youre thinking of selling your veterinary hospital, focusing just on the sale price is not enough. You need to understand the tax consequences of a proposed sale.

Two smart data wonks in the animal health industry recently shared market information at an exclusive event in Kansas City. Heres the skinny on what they see coming down the pike for veterinary practices like yours.