In the fast-paced world of veterinary medicine, efficient financial management is crucial for both the health of the practice and the well-being of the animals it serves. One powerful tool that can significantly enhance a veterinary clinic’s financial management is the American Animal Hospital Association (AAHA) Chart of Accounts (CoA). This framework provides a standardized […]
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Boosting online pharmacy revenue has never been more important in today’s shifting veterinary industry. Pet owners are prioritizing convenience and competitive pricing, so practices must adapt their services to meet these expectations. At the same time, fully utilizing an online pharmacy can help lower the Cost of Goods (COGs) eating up revenue and collecting dust […]
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Owning a veterinary practice is not just about caring for animals — it’s also about managing a business with complex financial and tax considerations. Whether you are buying, selling, or merging a veterinary practice, understanding the tax implications can help you make informed decisions and avoid costly surprises. Buying a Veterinary Practice One of the […]
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As we enter 2025, it’s the perfect time to set your veterinary practice on a path toward success. The new year brings fresh opportunities for growth, efficiency, and improved client care. By taking a proactive approach to your financial planning, investing in technology, enhancing client relationships, and focusing on staff development, you can ensure that […]
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As practice owners and managers, you face a million demands, making goal setting for 2025 both essential and challenging. Having grown a small practice from one DVM to a 12-DVM team, I learned that setting and achieving significant goals requires a careful balance of ambition and practicality. Here are a few tips to help you […]
A Doctor of Veterinary Medicine can take multiple career paths, all of which will likely fulfill their passion for taking care of animals. These paths may include specialization, relief work, working as an Associate, etc. However, the path toward ownership is ultimately worth consideration as well. Becoming a business owner is not only a significant […]
As a veterinarian, your main priority is to care for other people’s loved ones and enhance their future quality of life. It’s rewarding to know your work helps others in their time of need, but It’s also essential to take a step back and invest into your own future and quality of life. Retirement planning […]
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In the ever-changing competitive and demanding environment of veterinary medicine, a solid operational foundation is fundamental. From a business development standpoint, a solid operational foundation makes it easier to scale your practice as it grows. With clear processes and documentation, new branches or additional services can easily be added without disrupting the existing operations. Clear […]
Opening a veterinary practice is a very exciting time for new owners. While galvanizing, the process requires veterinarians to incur copious amounts of expenses before opening the practice doors. This means that you could be personally liable for these expenditures if business bank accounts or loans are not already secured. Thankfully, practice owners can deduct […]
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We always get the question “What should I set my base compensation at?” As an owner DVM, there can be more than one way to pay yourself – payroll, production, and through profit distributions. Although our answer may change with your goals, let’s look into two different scenarios: Scenario 1: One client is the solo […]