Equine veterinary economic study identifies pervasive financial stress
Study also examined how practices monitor finances and manage business.
A national equine veterinary economic study conducted by Merck Animal Health, Henry Schein and the American Association of Equine Practitioners pinpoints money as equine practitioners' top concern.
Financial security was the top issue that worried practice owners and associates, according to the study's results. Retirement and stress rounded out the owners' top three concerns while stress and debt were associates' other two worries.
The study also examined how equine practices' finances are monitored. Total gross revenue, total expenses and accounts receivable were the top ways respondents tracked their practices' financial health. The two most popular software tools were systems for practice management and accepting credit cards.
Practices' communication methods were also examined. Personalized business cards, texting and emailing clients, and practice websites were the most common tools used.
Recognizing that financial stress is widespread in the profession, the study authors, Drs. Ed Blach and Andy Clark, have launched IsMyPracticeHealthy.com as resource. The website provides tools for managing teams, costs, inventory, client communication and other business issues.