Why the lab is your goldmine

October 27, 2017
Gary I. Glassman, CPA
Gary I. Glassman, CPA

Gary I. Glassman, CPA, is a member of the Veterinary Economics Editorial Advisory Board who has worked exclusively with veterinarians for more than 20 years. He specializes in accounting, tax planning, and practice transitions and is a partner with Burzenski and Co. P.C. in East Haven, Conn.

Cost-cutting is not where the gold in your team's success lies. Look to diagnostics for the biggest boost in revenue AND patient health.

You can analyze the overall profitability of your practice from two angles, according to Veterinary Economics Hospital Design Conference speaker Gary Glassman, CPA. The first is expenses. But as Glassman points out, typically 75 percent of veterinary clinic operating costs are fixed. This means the best chance of improvement lies in the area of income. Glassman suggests identifying the most lucrative income streams first.

More bottom line revenue, less "at the bottom"

Diversify your services (and boost your profit) with laser therapy.

So, do YOU doggie daycare?.

Dr. Kathryn Primm reveals that she was her her practice's profit hole.

"Your lab or diagnostic area is the most profitable center in your hospital. If you're looking to create that change in profitability, start there," he says.

Glassman points out that products will be the next most profitable center and that these two together constitute an excellent starting point.

Click the video for more.