Financial Management | Veterinary Economics

Financial Management

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VETERINARY ECONOMICS: Jun 01, 2005
My office manager wants to join a professional association and asked if I'd pay the annual dues. Should I? Should I do the same for other employees? Are the dues deductible?
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VETERINARY ECONOMICS: May 01, 2005
Long-range strategic planning requires making hard decisions in your practice. First, you must decide what you and your team are going to do more of. What's working? What services, activities, and products generate the most practice growth and are the most profitable? For example, are pre-anesthetic risk assessments profitable—and good medicine? If so, you may want to challenge your team to increase clients' acceptance of such procedures.
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VETERINARY ECONOMICS: May 01, 2005
Suddenly, in the midst of attempts to grow your practice, you find your cash flow dried up. And let's say your bank, no matter what you do, can't help you. What else can you do?
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VETERINARY ECONOMICS: May 01, 2005
Is it possible for a start-up to be profitable from the beginning? If so, how?
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VETERINARY ECONOMICS: May 01, 2005
I own a feline-exclusive practice. Our prices are comparable to others in the area, except for our physical exam, which is $6 to $14 lower than most of my colleagues'. I've been thinking of raising it by $6 or $8, but several members of my team think our lower-priced office visit gets clients in the door. Once they're here, they rarely decline any additional recommended services. My team feels that without the enticing exam price, potential clients might be tempted to go elsewhere. What should I do?
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VETERINARY ECONOMICS: May 01, 2005
The day you become an owner is the day you should start planning to sell. Here's why—and a look at what to consider.
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VETERINARY ECONOMICS: May 01, 2005
I read in a past issue about an equine practitioner who requires payment when services are rendered. I'd love to do that, but my clients expect me to bill them. How can I change my system this late in the game?
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VETERINARY ECONOMICS: Apr 01, 2005
I'm about to sell my practice. Is there any reason why I can't do the appraisal myself?
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VETERINARY ECONOMICS: Apr 01, 2005
A growing business adds customers, expands inventory, buys equipment, and hires new staff. The future looks great on paper, but the additional expenses bring a cash crunch, particularly if collections are slow.
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VETERINARY ECONOMICS: Apr 01, 2005
By dvm360.com staff
Dr. Brad Rosonke, owner of Hillside Animal Hospital in Scottsdale, Ariz., has little interest in dentistry. But he knows that offering dental services means better care for his patients. His solution: Hire a dental resident--in his case, Dr. Peter Bates--to visit his practice on a regular basis. "This is a win-win-win situation," says Dr. Rosonke. "Dr. Bates needs to see more patients during his residency, I'm now free to see other patients while he's taking care of dental issues, and our clients get more complete care for their pets."
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VETERINARY ECONOMICS: Mar 01, 2005
My office manager suggested that we discount hard-to-collect, 90-day-past-due accounts as an incentive to encourage patients to pay at least something. We'd offer up to 25 percent off the bill, depending on how much the patient pays. We'd require the patient to adhere to a payment schedule until the debt's paid off. Is this a good solution or does it contribute to the problem?
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VETERINARY ECONOMICS: Mar 01, 2005
By dvm360.com staff
Neel Veterinary Hospital in Oklahoma City, a paperless practice that purchased its first computer and electronic medical record system in 1993, prides itself on its commitment to using the latest technology. “Adding computer radiography was a natural step in the evolution of our practice,” says co-owner Dr. Tina Neel.
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VETERINARY ECONOMICS: Mar 01, 2005
Not all tax deductions are created equal. When it comes to building projects, the normal write-off for building costs is 39 years. However, with a little homework and the help of a builder and architect, you can accelerate deductions. The concept at work: cost segregation.
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VETERINARY ECONOMICS: Mar 01, 2005
A potential buyer will want to know what it would cost to provide the same services you offer.
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DVM360 MAGAZINE: Mar 01, 2005
I have lost count of the number of occasions when I have written in this column that partnership in a veterinary practice is very similar to marriage. The analogy is one that potential partners must ignore at their peril. Nonetheless, joint ownership of a professional practice can be much like something else as well: a couple moving in together.