National Commission on Veterinary Economic Issues - News Feeds

Expense control strategies

• Equipment: To lease or to buy?
  The sales rep may promise the world, but what's really better for your practice?
  
• Take time for veterinary team training
  The benefits of continuing education—a more qualified team and motivated employees are among them.
  
• 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.
  
• You need to outsource your practice payroll if ...
  Before ditching in-house checks, consider the cost savings, quality of services, and the expertise of the payroll company.
  
• Provide cutting-edge pain relief with therapeutic lasers
  With this pain management modality, promoting healing and your bottom line is a zap.
  
• 8 veterinary practice financial myths busted
  No-lo practices don't work. Vaccines don't matter. Here's why none of that is true.
  
• The Four Tier compensation formula at work
  Here's how the three owners of practice are paid.
  
• Save money by making your own laundry detergent
  Tired of shelling out cash for name-brand soap every month? Make your own, and you could save hundreds of dollars each year.
  
• Theft prevention: Are you internally controlled?
  Assessing risk, segregating labor and reviewing financials are crucial to stopping embezzlement.
  
• Video: Don't panic! Be aware of money, not afraid of it
  Being concerned about finances is different than worrying about them.
  
• Stop costs from gobbling up your revenue
  Bloated inventory, excessive staffing, and missed charges take big bites out of your practice's success. It's time to put these gluttonous money-wasters on a diet.
  
• 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.
  
• Dreaming of building? Establish concrete goals
  Ask yourself these questions, and answer honestly, to make sure your vision is feasible.
  
• Arm your leases against inflation
  Today's veterinary practice owners wisely are devising short-term strategies for managing operational expenses such as payroll and supply costs.
  
• Take control of your expenses
  The challenge for veterinarians is to look at the short- and long-term economic landscape and adjust our expenses accordingly
  
• Practice finances struggle in December
  The end of the year sees another dip in revenue.
  
• What's fair compensation?
  Keep employees happy and engaged with competitive compensation and benefits.
  
• What you know + what you project = your budget
  Take the mystery out of budget planning.
  
• 5 reasons you should use a payroll service
  In a time when cutbacks are necessary, don't skimp on this valuable commodity.
  
• BizQuiz: Where does the money go?
  Test your financial knowledge with this short quiz, and find out if you really know where the money goes.
  
• You've got to spend money to make money
  A Florida veterinarian is showing high returns on her "radical" ideas.
  
• Q&A: Make smart purchasing decisions
  How can we make sure we're buying high-quality equipment and medical supplies? Manufacturers' materials don't always tell the whole story.
  
• Health-care reform: what it means to practice owners, associates
  Several new health-care reform bills are circulating and require individuals to carry insurance and businesses to offer it. A look at three of the leading ones and how they would impact veterinary practice owners and associates.
  
• Minimum wage increase should have minimum impact
  Veterinary practice owners likely won't see much of an impact from the latest federal minimum wage increase.
  
• Now's the time to overcome your technophobia
  Rethink your strategy to using technology in your practice, and things might run more smoothly.
  
• Want to earn $50? Submit a Practice Tip
  You could also win a $250 portrait of your favorite pet from Pet Picassos!
  
• Why technology is your friend
  This practice cut labor costs and improved efficiency by investing in practice software.
  
• 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.
  
• Q&A: Scope out hidden equipment costs
  I'm buying dental equipment. What additional costs do I need to be aware of?
  
• Inventory training tip
  Combine staff training with an inventory count.
  
• The new economic reality
  Get a grip on expenses.
  
• Will raising fees ease your financial strain?
  How much a client will pay for a given service follows a time-tested formula.
  
• Should technicians earn $70K?
  Here's what a few experts think.
  
• Past NAVTA president speaks up
  Julie Legred, CVT, talks about the overwhelming need for veterinary technicians.
  
• Audio tip: How salaries relate to overhead costs
  Practice management consultant Shelia Grosdidier, RVT, explains the relationship between overhead costs and employee salaries.
  
• Give your practice an inventory intervention
  Solve inventory problems with this nine-step guide.
  
• Q&A: In case of fire
  Veterinary practices should have enough coverage to replace all pets in the hospital.
  
• Get informed about team uniforms
  Don't expect employees to pay for required special attire.
  
• Thinking of converting a building into a clinic?
  The prospect of building an all-new practice facility is a daunting one, especially for veterinarians who have not owned a practice before.
  
• Digital radiography fee-setting spreadsheet
  Use this form to see how your current DR fees stack up.
  
• Nine ways to survive a recession
  How to thrive in the upcoming year despite a tough economy.
  
• Audio tip: Don't discount services
  Mark Opperman explains why you shouldn't discount your veterinary services.
  
• A new lease on the practice
  Skilled negotiation can lead to your benefit when entering into new leases, restructuring existing ones -- or getting out of a current one.
  
• Reap rewards from sales reps
  Use your relationship with sales reps to gain valuable information, favors, and freebies.
  
• Tax breaks in the bailout bill
  Talk about last-minute changes in tax laws that will affect veterinarians.
  
• Tracking the economy: NCVEI reports 5% growth for veterinary practices; down from last year
  A new system to track the impact of the recession on veterinary practices reports a 5 percent growth rate this year.
  
• DVM salaries up since 2005, but trend could be slowing
  Veterinary salaries are growing at a higher rate than inflation, according to a new AVMA report.
  
• Monitoring your practice in today's economy
  Paying attention to demographics, finances, diagnostics yields benefits.
  
• Q&A: Practice design on a dime
  Sprucing up your practice's exterior is easier and cheaper than you might think.
  
• Video: Don't discount your software's inventory module
  Gary Glassman, CPA, talks up the benefits of letting your practice software watch your inventory.
  
• Make product sales a profitable piece of your practice
  Clients need the products you offer to provide the care their pets need. And when it all works right, product sales benefit your bottom line, too.
  
• Tips for tracking compliance with software
  Leverage your software to help you track compliance. Here's how.
  
• Video: Is the veterinary industry recession-proof?
  Veterinary consultant Mark Opperman, CVPM, discusses the industry's outlook.
  
• Q&A: To buy or not to buy equipment
  I want a digital radiography system. How do I decide if it's financially worth it?
  
• Save the Earth, one computer at a time
  Follow these five simple tips to cut down on power consumption.
  
• Mark your calendars to utilize finance reports
  Feeling a little uninformed about your veterinary practice's finances? A regular peek at daily, monthly, and annual reports can change all that.
  
• How can solo practitioners secure better terms on business loans? (Sponsored by Intervet/Schering-Plough Animal Health)
  Providing a good explanation for your request and backing it up with a business plan is a good way to obtain favorable terms on a loan.
  
• How to gauge your rent payment
  What are the rules regarding veterinary practice rent?
  
• We have lots of inventory: So what's wrong with that? (Proceedings)
  Inventory is one of the most profitable and vulnerable segments of income generated within a veterinary hospital.
  
• Financial management and budgeting: Parts 1 and 2 (Proceedings)
  Just like a yearly pet's physical, your practice should have a look under the hood at least yearly.
  
• Self-financing may be your best option
  A surprising number of principals in veterinary practices depend on themselves for their financing needs. With conventional financing increasingly more difficult to obtain, it's now the No. 1 form of financing used by small business owners. It's quick, doesn't require a lot of paper work and often is less expensive than conventional financing.
  
• Roaring against the recession
  Practitioners in Michigan say their troubles are what the whole profession will see soon.
  
• Tackling turnover
  Lakewood, Colo. — Associate veterinarians are jumping jobs faster than the average American worker, according to a new study, and salaries that don't keep pace with inflation could be partly to blame.
  
• Financial management and budgeting: Part 3 (Proceedings)
  What kind of things will veterinary owners need to do for the development of the business owner's skill set?
  
• Financial management and budgeting: Part 4 (Proceedings)
  Budgets should an integral part of your overall financial plan.
  
• Calculating the annual cost of labor
  A wake-up call might be in order when we study the profit-and-loss ledger for the year. What might look like a 25 percent labor cost is really 33 percent. A huge difference.
  
• The color of aggravation? Yellow
  I'm no longer feeling mellow about the Yellow Pages after its colossal mistake.
  
• Build it, but will they come?
  Weigh your options before constructing a new clinic.
  
• The most common financial mistakes veterinarians make (Proceedings)
  Many veterinarians pay their bills too quickly.
  
• The R word: Recession
  With a possible recession looming, a wave of financially struggling clients may be cresting at your door. Are you ready?
  
• Know what you can — and can't — write off as a home-office expense
  A DVM must know all components of the deduction, and how much was spent for each.
  
• Examine costs, stick to budget to ensure fiscal heatlh
  It's good to know the true 'cost' of money, and what every aspect of every service is costing you.
  
• Evaluating an equipment purchase
  Will that new piece of equipment pull its weight in your practice?
  
• Coping with credit cards
  Yes, credit cards make it easier for clients to pay. But the costs add up. Use these tips to balance the fees and turn credit card use to your benefit.
  
• State mandates push employee health coverage
  The IRS allows small businesses to reimburse employees for medical expenses.
  
• Computer training: A risky business?
  Q. To help my team members improve their computer skills, I'd like to pay for training classes. But I'm afraid a team member might leave soon after and I won't get a return on my investment. Should I take the risk?
  
• Keeping count of consumables
  How should we control our consumables, such as bandage and suture materials and other hospital supplies that we use but seldom charge for?
  
• Remodel and deduct: Tax-law changes shrink deduction timeline for capital expenses
  When it's time to fix-up, remodel or redecorate the building, clinic or offices that house your veterinary practice, you will want to keep out-of-pocket expenditures to a minimum and recover as much of the funds spent as quickly as possible. Fortunately, both those veterinarians who own their own buildings and those who lease their property can take advantage of a variety of tax deductions, credits and other tax breaks to achieve those goals.
  
• Controlling unauthorized overtime
  I have an employee who regularly stays for overtime that I haven't authorized. My attorney says I have to pay her for the time, even though I didn't schedule it. What can I do to keep team members from working unapproved overtime?
  
• Figure the true cost of equipment
  Look beyond the price tag when you buy, then track usage and profitability carefully to make the most of your purchase.
  
• Taking shortcuts in financial management can cost you big
  Even small businesses create hundreds of transactions during a month. And when you add your personal banking to the mix, it's easy to become overwhelmed, especially if you don't like bookkeeping.
  
• Do your homework—and get estimates
  In the past year, I've learned that a little laziness and a lot of assuming can cost big bucks. First it was our radiology badges—I assumed we all paid about the same price for this service. But when an astute colleague asked about the going rate in our area, I learned I was paying four times more than some of my colleagues!
  
• Health savings accounts new option for controlling health care costs
  There is a new option available to every veterinarian, whether seeking health care insurance coverage for themselves and their families or affordable options for the employees of their practice.
  
• Government will pick up portion of travel expenses
  Uncle Sam, in the form of our tax laws, is willing to pick up a portion of the expenses of every veterinarian attending a trade show, meeting or similar event.
  
• Unreimbursed medical expense plans provide little known alternative
  Qualified plans simple to administer; offer benefits to employees, owners
  
• IRS updates offer deductible medical expenses
  Most veterinarians are used to client jokes about deducting the family pet on the personal tax return.