Do your homework now and love your decision later

Do your homework now and love your decision later

Don't be hasty when introducing new veterinary products and services.
source-image
Aug 01, 2012
By dvm360.com staff

Veterinary Economics Editorial Advisory Board member Gary Glassman, CPA, says that some products or services may be easier to offer than others, depending on the time commitment and financial resources it takes to get them up and running.

He recommends asking yourself these three questions before you get started:

1. What resources are necessary? How much will it cost? Will staff need to be trained or will you need to hire additional staff to support the activity? For a new service to be financially successful, the benefits must outweigh the costs—both in human capital and in dollar amount.

2. What is the additional revenue possibility to the practice? You should always consider not only the sales potential of the activity but also the profitability. Will it be a profitable activity and how does the activity improve the quality of medicine for the practice?

3. Are my associates and staff in favor of adding the new service or product? It’s best to survey all members of the medical team to make sure everyone is on board. Too often practices add a piece of equipment that one associate has an interest in, but when that associate leaves, the service disappears and the practice is stuck with equipment that no one has an interest in or knows how to use.

Hot topics on dvm360

Pol on defense as Michigan veterinary board discusses negligence charges

Controversial reality TV veterinarian calls his approach 'common sense.'

Photo gallery: The top 10 veterinary schools in America, according to U.S. News

U.S. News & World Report ranks programs for the first time since 2011.

Front Desk Disasters, Episode 3: Dude looks like a lady

Everyone's favorite receptionist is at it again. Would you handle this situation differently?

Video: Flea hideouts in the house

Parasitology expert Michael Dryden, DVM, MS, PhD, reveals prime hideouts for fleas—and gives tips to clear them out of clients' homes for good.

Veterinarians: Your clients are going to Google with these cat questions

You might be surprised by what your clients are researching. Plus, get an educational client handout.