Recession: Same ol' song and dance for veterinary practices

Recession: Same ol' song and dance for veterinary practices

Here's a look at how the economy has affected your veterinary practice, your clients, and your patients.
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Aug 01, 2010
By dvm360.com staff
Take three steps forward, then two steps back. No, it’s not a new dance craze, although it may leave you feeling like you’re going in circles. It’s the unsteady economy. While some economists report that the recession is over, regular Joes beg to differ. More than 70 percent of Americans think that the country is still in a recession, according to a new Bloomberg survey. And from the looks of your feedback on the following pages, you agree that we’re not out of the woods yet.

“People are hurting financially and are being forced to make tough choices when it comes to how they spend their money,” says Tom McFerson, CPA, ABV, a partner with veterinary accounting firm Gatto McFerson in Santa Monica, Calif. “This makes business unpredictable. You’ll have a great day followed by two awful days.”

Case in point: McFerson himself slightly misjudged where the veterinary industry as a whole was headed. “I thought we were building momentum to have a good summer, but over the last couple of months things have slid backwards, leaving the industry stagnant,” he says. And that’s most likely where it will stay, he continues, until unemployment goes down and the housing market stabilizes.
Data source: 2010 Veterinary Economics State of the Industry Study

The complete package:
Is the recession over for you?
What changes did veterinary practices make because of the economy last year?
Did you perform more euthanasias than in previous years?
Is the recession over for your clients?
What you said: The economy was on veterinarians' minds

Regardless of whether the recession is truly over, you can increase profits and protect your practice from future downturns. Mark Opperman, CVPM, Veterinary Economics Hospital Management Editor, will teach you how to unearth your veterinary practice's financial problems -- and solve them. Get his advice here.

Data source: 2010 Veterinary Economics State of the Industry Study

The complete package:
Is the recession over for you?
What changes did veterinary practices make because of the economy last year?
Did you perform more euthanasias than in previous years?
Is the recession over for your clients?
What you said: The economy was on veterinarians' minds

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