National Commission on Veterinary Economic Issues - News Feeds

Revenue growth strategies

• 4 reasons to consider veterinary technician appointments
  No. 1 on the list: You can double your appointments with doubling your veterinarians' daily workload.
  
• ACT is dead — long live ASPP
  Tracking your annual veterinary services per patient helps you understand your practice and ensure you are providing high-quality patient care
  
• What veterinarians can learn from plumbers
  We can learn a lot from plumbers when it comes to charging for our services
  
• 4 fast ways to recapture lost income
  Recoup more than $21,000 a year with these simple tips from the CVC in Kansas City.
  
• Veterinary practices miss $64,000 in fees each year
  Take a look at the average annual missed charges for a full-time veterinarian.
  
• Is your practice as profitable as you think?
  In this seven-part web presentation, Dr. Karen Felsted examines the issue that many practices have low profitability and explains that many owners aren't aware until it's too late. Find out how to identify your practice's profitability level and take steps to correct it—before you're ready to sell.
  
• BizQuiz: Do you know enough about your practice's profitability and value?
  Many veterinary practices have a low level of profitability—and many owners aren't aware they have a problem. But the good news is that the condition is correctible. Find out if you know enough about profitability and value by answering these 10 questions.
  
• 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.
  
• The great OTC debate: Flea and tick product sales
  Many veterinary practices are worried about parasite product sales slipping, thanks to some products going over the counter. So, is this a good thing or a bad thing? Depends on who you ask.
  
• 3 steps to revisit your financial software
  Veterinary practice managers: It's back to the spreadsheets to make the most of a difficult economy.
  
• Video: Avoid the worst budget mistake
  Managers: You must follow through in order for your veterinary practice to thrive.
  
• California veterinarians see big May downturn
  Larger-than-expected revenue drops sour March's strong showing.
  
• How to compete with pet stores for flea-and-tick product sales
  Your clients trust your expertise, so show them why they should buy flea-and-tick products from your practice.
  
• Increase your veterinary practice's reach with satellites
  Secondary sites allow you to expand while still keeping overhead low.
  
• Provide cutting-edge pain relief with therapeutic lasers
  With this pain management modality, promoting healing and your bottom line is a zap.
  
• Implement service codes to crack down on missed charges
  Missed charges can result in thousands in lost revenue for your practice. But here's the good news: The solution is as simple as developing a few service codes.
  
• NCVEI: 55 percent of practices experience first-quarter growth
  This year looks better, but growth isn't guaranteed, says CEO of National Commission on Veterinary Economic Issues.
  
• Veterinarian sues Mariah Carey for $30K
  Grammy Award-winning singer allegedly skimped on paying veterinary bills; Carey lawyers plan to fight lawsuit.
  
• Sevoflurane: Is it time to switch?
  This anesthetic agent can improve patient experience, boost client compliance.
  
• New studies assess recession
  National Report — While veterinary practices may not be as recession proof as previously believed, new studies say they still fare better than many other markets.
  
• 7 steps to a profitable behavior program
  Behavior services preserve your clients' bonds with pets and generate revenue.
  
• Should you raise your fees?
  Don't compare yourself to the veterinary practice competition. You're better than that.
  
• The dvm360 Five - Episode 15
  This edition of the 5 will report on the continuing flap over flea and tick products and a man in search of the oldest living Rottweilers. We also receive advice from Denise Tumblin, CPA, and former AAHA president Dr. Michael Andrews.
  
• California practices see revenue return
  Veterinary practices are back in the black after a long drought of poor year-over-year revenue numbers.
  
• These veterinarians leverage telemedicine for practice profit
  Telemedicine offers profit and high-quality care to clients and practitioners.
  
• Veterinarians on list of 20 most profitable small businesses
  Forbes finds plenty to like about veterinarians, but also human-medicine doctors.
  
• Video: Don't panic! Be aware of money, not afraid of it
  Being concerned about finances is different than worrying about them.
  
• Lower transactions put squeeze on 2009 income
  New data shows a rough 2009 with rays of sunshine.
  
• The real costs of missed charges
  Management consultant Denise Tumblin, CPA, points out the importance of avoiding missed charges and provides actual case study examples with some surprising figures.
  
• 12 ways to prepare for a consultation
  Your time is valuable, as is your colleagues'. Present a professional image by preparing well in advance for a consultation.
  
• Root out these four flaws in your practice's profitability
  Staff training, net earnings, location, and an honest practice valuation may be holding back your practice's profitabilty.
  
• 4 ways to improve your dermatology care
  Got a thin skin about shrinking practice revenue? Offer relief for itchy patients and scratch your own itch to grow the bottom line.
  
• Q&A: When to add an associate to your team
  Are there quantifiable measures I can use to determine whether I'm able to add an associate to my practice?
  
• 4 reasons patients should see techs instead of vets
  When clients schedule appointments with technicians instead of veterinarians, everyone wins. Find out if your practice could benefit from starting technician appointments.
  
• Track parasite compliance to boost revenue
  You can make recommendations to clients, but if you're not tracking your practice's parasite compliance numbers, you could be missing out on thousands in revenue.
  
• Video: Think twice before holding a patient for payment
  Veterinary law expert Doug Jack describes a veterinary lien and cautions veterinarians about their use in the case of companion animals.
  
• BizQuiz: Are you an underearner?
  Learn how to think about compensation in a way that frees you to do your best work — and get paid for it.
  
• Bundled boarding pampers pets—and profits
  Veterinary clients opt for bundled boarding packages in greater numbers.
  
• East meets West at your practice
  Dr. Dirk Yelinek combines mainstream and holistic therapies. Find out how you can, too.
  
• Fee-setting: A look at margins
  When it comes to setting fees for professional services, we prefer a bottom-up approach.
  
• 6 ways for clients to pay
  Which client payment options are right for your practice?
  
• Q&A: Best practice financial indicators
  Q&A on financial benchmarks every veterinary practice should watch.
  
• 4 ways to fight financial failure in 2010
  This year looks like another downer, says CPA firm Lacher McDonald and Co. But these tips can help you tread water and maybe improve.
  
• Practice finances struggle in December
  The end of the year sees another dip in revenue.
  
• Fee setting: Product pricing is a balancing act
  Are you looking at the right things when it comes to setting fees?
  
• Multimodal osteoarthritis management can relieve pain on the bottom line
  Dr. Robin Downing has built a comprehensive osteoarthritis pain management system that uses a combination of modalities.
  
• Therapeutic food for thought
  One key opportunity to grow your revenue is to increase your therapeutic diet sales.
  
• Benchmarks 2009 revenue chart
  Are you on target with revenue? Use this comparison sheet to see how you stack up against Well-Managed Practices.
  
• Getting ahead of online pharmacies
  Protect your revenue by staying competitive with pricing and promotions
  
• Do you know how much your practice is worth?
  Profitability is key to determining its true value
  
• What you know + what you project = your budget
  Take the mystery out of budget planning.
  
• Reap the rewards of canine rehabilitation
  Adding a rehabilitation facility yielded unexpected benefits for this veterinarian.
  
• CVC Live: Could clients slip through the cracks?
  It's clear that the management experts speaking at CVC San Diego agree that dropping transaction numbers are an issue for practices today. Tracking clients who don't respond to reminders promptly so you don't lose track of them could help.
  
• Stop underserving your clients
  Compare your medical services to Well-Managed Practices' service percentage.
  
• Good fees, bad fees
  Avoid invoices that aggravate clients. Consider these modified service codes.
  
• Announcing the Practice Management Overhaul winners
  Two practices earned the chance to turn around their fortunes.
  
• 4 tips you can take to the bank
  Inspire yourself—and your team—by tackling a revenue-boosting tip from 100 Well-Managed Practices nationwide.
  
• Helping clients pay in difficult times (part 1)
  Analysis of veterinary market data shows that pet owners need payment options
  
• You've got to spend money to make money
  A Florida veterinarian is showing high returns on her "radical" ideas.
  
• Don't forget the expenses
  For an accurate income, you must count your expenses.
  
• As we emerge from the tunnel, fees climb only slightly
  Consumers are still cautious, but we could be approaching the end of the recession.
  
• Fee, fi, fo, fum: Smart pricing doesn't have to be a fairy tale
  Bring your veterinary practice's fee structure to the next level by using a value-based strategy.
  
• Unearth your veterinary practice's financial problems
  Buried beneath that pile of paperwork may lie a more profitable practice. Here's how to uncover it.
  
• Case studies: Make sure new equipment earns its keep
  Veterinarians share their financial success stories with ultrasound machines, dental digital radiography units, and surgical and therapy lasers.
  
• Q&A: The new realities of practice growth
  What's a good way to gauge what our current growth numbers are telling us about our practice's financial health? What growth percentage should we aim for these days?
  
• Use equipment, testing to improve cardiology diagnostics at your practice
  Tips for improving cardiology diagnostics at your veterinary practice.
  
• Growing a veterinary practice in a bad economy
  This overview of Benchmarks 2009: A Study of Well-Managed Practices shows how practices are re-examining their core services and strengths and focusing on being more efficient, effective, and productive.
  
• Manage for profit—even in a recession
  Tips to increase veterinary practices' bottom line during a recession—or any time.
  
• Veterinarians aren't singing the blues during this recession
  Eighty percent of small-animal veterinary clinics are continuing to grow, despite the economic climate.
  
• Consistent practice standards vital in current economy, expert says at CVC Kansas City
  Veterinary practices that maintain a consistent standard of care stand the best chance of surviving in today's economic climate.
  
• Comparing your value-based fees
  Use this form to help you compare your value-based fees to Well-Managed Practices'.
  
• June numbers up; California veterinary practices hopeful
  Small animal practices have another strong month. Meanwhile, specialty practices continue to struggle.
  
• Want to earn $50? Submit a Practice Tip
  You could also win a $250 portrait of your favorite pet from Pet Picassos!
  
• How to increase practice value $100,000 in one year (Proceedings)
  Increasing practice value is very easy in most practices if there is understanding of how a practice value is determined and how changes in management will affect the bottom line.
  
• Veterinarians and veterinary clients are hurting in this economy
  As we all wonder when the recession will end, you and your clients say you're feeling the hit.
  
• Examining struggling practices: How the recession has affected these real-life practices
  These days, some practice owners feel more like peasants than aristocrats. Here's a comparison of how two real-life veterinarians are dealing with the recession.
  
• Want a high-performing practice? Take yours to the next level (Proceedings)
  Gross income in a veterinary practice can be broadly classified into two categories: active income and passive income.
  
• Surviving in today's economic jungle
  There's nothing unethical about trying to increase average client transactions.
  
• Surviving the worst economy since the Great Depression (Proceedings)
  Congratulations! You are part of a very vibrant, healthy and fast growing industry.
  
• Expert opinions on the economy and its effects on veterinarians
  Two experts share their forecasts for the veterinary industry.
  
• Your greatest opportunity? Deeper client penetration (Proceedings)
  Your existing clients represent a huge, untapped resource.
  
• Plug the leaks in your bottom line! (Proceedings)
  Internal controls are a system of checks and balances that help ensure clients pay for the goods and services they receive, and the practice's assets are safeguarded.
  
• Financial strategies for the new economy – Part 1 and Part 2 (Proceedings)
  Making your practice more profitable isn't about luck.
  
• Financially beating the economic downturn (Proceedings)
  As we have moved through 2009, veterinary practices continue to feel the effects of the economy.
  
• Do you know where your internal controls are? (Proceedings)
  Fraud is defined as an intentional act of deceit for the purpose of gaining an unfair advantage that results in an injury to the rights or interests of another person.
  
• Veterinarians offer alternative payment methods to cash-strapped clients
  Some of your clients are struggling financially. Here's what you should and shouldn't be doing to help them pay for pet healthcare.
  
• Keeping tabs on technology: How equipment can pay off
  You may be set in your ways, but here's the bottom line: It's time to join your computer-savvy colleagues.
  
• Hiring a practice manager is profitable
  Find out how many practices have practice managers and how much those practices earn.
  
• How do I manage my practice to generate practice cash? (Proceedings)
  Practice management involves managing staff (the HR issues), managing client and patient care (the quality and control compliance issues) and managing the practice profit, or more importantly, managing the practice cash flow.
  
• Are you giving your best to your best clients?
  Tough talk is the basis of my column. And it's especially needed as our struggling economy flops around like a newly caught fish in the bottom of your boat.
  
• The forgotten feline: Grow your veterinary practice by attracting cat owners
  Are the cats in your practice crying out for attention? Here's how to meet their needs and attract the best cat-owning clients.
  
• Finances: Why cats are better than dogs
  A smaller animal can yield bigger profits.
  
• Ask Amy: Miffed by missed fees
  What do you do about missed fees?
  
• Endoscopy: Small incisions, big benefits
  A $30,000 investment can produce $200,000 in revenue—and minimal patient trauma.
  
• How should I price supplements, dewormers, and so on, to compete with online pharmacies? (Sponsored by Intervet/Schering-Plough Animal Health)
  The experts sound off on the attitude you should take and what practical ways you can compete
  
• 4 staples of a healthy veterinary practice
  The right levels of income, costs, fees, and clients lead to a strong, balanced veterinary clinic.
  
• Developing effective deworming programs (Sponsored by Intervet/Schering-Plough Animal Health)
  The best way to prolong the efficacy of deworming programs is to use vaccinations and sound nutrition in conjunction with the right anthelmintics.
  
• Fighting identity theft
  Washington — A federal rule requiring businesses, including veterinary practices, to have a written program to spot identification theft takes effect this month.
  
• Pets get the care they need with pet insurance
  Pet insurance helps pets get the care they need
  
• Focusing on pet insurance: The myths and truths
  Develop a crystal-clear picture of how pet insurance works.