When one of our team members comes to us and says they’re pregnant, I bet the majority of us groan internally and say ‘congratulations’ with a strained smile. It’s not that we’re not happy for the new, growing family, but selfishly, that means we’re down an employee while they’re on maternity leave, and we have […]
Read More… from Supporting Pregnant Employees: Tips for Veterinarian Employers
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 […]
The advice “raise your prices and see more clients” is no longer sufficient for running a healthy veterinary practice. The latest VetWatch® Weekly Insight Report shows a year-to-date revenue increase of 3.5 percent compared to the same period last year at veterinary practices across the country. However, unique clients were down 1.3 percent, total invoices […]
Read More… from It’s Time to Revisit the Basics & Focus On Client Reminders
We’ve all heard the saying “don’t discuss money, politics or religion in polite company” but I think there’s something to gain by sharing some of your practice’s financial insight with your team. I’m not saying you need to have an open-book policy, but there can be several benefits to divulging a few key numbers. Communicating […]
Read More… from Sharing Financial Information With Your Team
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 […]
The veterinary industry is rapidly evolving, rather than being reactive, successful practices are embracing these changes and taking a progressive approach when it comes to recruiting new DVMs to the team. These practices are evaluating whether traditional paradigms of employment are still appropriate. One of the most significant questions practice owners are asking is whether […]
As credit card processing fees continue to rise, there’s lots of industry chatter about passing on charges to our veterinary clients. While passing on credit card fees might seem like a way to offset costs, it can have negative consequences for your practice in terms of revenue and customer perception. You could add an additional […]
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 […]
The winter season can be a hectic time with all the holidays flooding our busy schedules. Before heading into December, it is imperative to ensure that tax planning strategies adopted throughout the year have been implemented before year-end quickly approaches to avoid any unexpected tax liabilities come April. Have you been waiting for the right […]
Income comes in all different types, and each type is taxed differently. For practice owners who also own the real estate that they operate out of, there is a tax election to group rental and business income to treat it as one type. Typically, people who aren’t real estate professionals are faced with an additional […]