Consider this a public service announcement for veterinary practice owners (or small business owners in general actually): Have you ever gotten an “invoice” in the mail for a phone book advertisement that you either couldn’t remember placing or that looked awfully suspicious? We have. In fact, we estimate that our practices get them several times … Continue reading Don’t get conned by a yellow pages scam
For the last couple of years, VPP has led full-day continuing education workshops in partnership with MWI, BI & AAHA. The basic premise behind the day is that when a practice owner looks at the universe of “advice” out in the veterinary market, there is a large swath that comes from the consultant community. We’ve … Continue reading VPP’s CE Workshops: A Year in Review
Several years ago, the promised panacea for dwindling patient visits was wellness plans. “Look at how successful Banfield is!” the consultant community raved. Headfirst many practices dove, launching plans, signing up clients, and then the excitement faded. Reality set in. The truth of the matter is, wellness plans are painfully difficult to do well and … Continue reading Wellness Plans: Why Banfield Succeeds and You Won’t
When a veterinarian examines a pet, there is an accepted approach that all Veterinary Schools teach regarding evaluating their health that includes a SOAP. How about when evaluating your practices financial health? There seems to be no standard way to assess the financial health of your practices. After reviewing hundreds of financial statements of practices … Continue reading Examining Your Practice’s Financial Health
Historically, practice ownership for veterinarians has been the best avenue to wealth creation, and today that continues to be the case. A life-long associate at a general practice can make a decent living, but will likely never accumulate significant wealth – especially with student debt payments stretching well into their career. So how does an … Continue reading New Avenues for Associates interested in Ownership
How often have you heard organizations proclaim that their employees are their most valuable resource? How often do they behave that way? There was a time when every job in a veterinary practice required a very specific skill set that was chiseled in stone. You were either a receptionist, assistant, technician, veterinarian or the owner. … Continue reading The Most Important Thing Every Practice Should Do to Attract and Keep the Best Employees
At VPP, we’re very proud of the fact that our partner practices have, on-the-whole, enjoyed phenomenal revenue growth. Our practices have enjoyed 12 consecutive quarters in which they collectively exceeded 10% year-over-year growth! Oftentimes, at our CE workshops (learn more about those here), practice owners inquire as to the secret to this sustained outperformance of … Continue reading The Magic (or lack thereof) of Marketing Success
It’s a busy Monday morning – your front desk is trying to catch up with weekend messages, patient admissions, regular appointments and all the telephone lines are ringing. Then the print server decides to stop working and everything grinds to a halt. I bet that James Herriot never had to manage a printer melt-down in … Continue reading DVM or Executive Technology Officer? In today’s world, it’s both.
Over the past 10 years, the availability of traveling surgeons, internal medicine and other specialists has been growing significantly. It is likely due to the supply of certain specialties starting to outgrow the ‘demand’ at specialty hospitals for these specialties – so boarded veterinarians are building practices with the support of general practices. We frequently … Continue reading Traveling Specialists: A Growth Opportunity for General Practices?
The veterinary industry is undergoing consolidation at an unprecedented rate with Mars acquiring three major players — VCA, Blue Pearl and Pet Partners — in the past 2 years and other consolidators (NVA, VetCor and others) acquiring practices at an accelerating pace. These changes will have a profound impact on the industry and the changes … Continue reading The Driving Forces Behind Veterinary Consolidation