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
“Business is all about solving people’s problems — at a profit.” — Paul Marsden I’ve been a general practitioner all my life. There’s no shame in that – I’m proud to have been able to provide value to a variety of clients with a wide range of needs. However, these day, the profession is changing … Continue reading The shrinking middle
Total quality in a veterinary practice rests on a foundation of good business practices. You can’t sustain and grow your business if you don’t generate, grow and protect your resources – capital, personnel and brand reputation. It’s easy to overlook this center of excellence because much of our business training came on the job. Many … Continue reading Quality: Taking Care of Business
The public scrutiny of pet prescriptions and the re-introduction of the so-called Fairness to Pet Owners Act has led many veterinarians to worry about the long-term viability of this revenue line. My advice is don’t despair – but that’s a topic for another day. The spillover is that many clinics are rethinking the value of … Continue reading The Skinny on Nutrition and Profit