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Millsoboro, Del. — The biggest practice management challenge for veterinarians is facing high accounts receivables, according to an expert.
MILLSOBORO, DEL. — The biggest practice management challenge for veterinarians is facing high accounts receivables, according to an expert.
Andrew R. Clark, DVM, MBA and equine practice management consultant from Oakdale, Calif., made the remarks during an Intervet-sponsored Partners in Practice presentation.
Clark's message: Get out of the credit business. "The problem lies in generating accounts receivable, not in collecting them," he says.
Clark says, "Why do we insist on loaning our clients money, usually interest free?" Clark encouraged veterinarians to adopt and enforce credit policies to reduce receivables and improve cash flow.
"Companies fail because of lack of cash flow, not lack of profit," he adds.
Clark's next teleconference is slated for Sept. 14. For more information on the program visit www.partners-in-practice.com or call (800) 441-8272.