Veterinary News

The Veterinary category is for all Veterinary related posts.

Keep a Monthly Practice Report Card

By |January 13th, 2014|

Hopefully you’ve set goals designed to achieve practice growth and greater profitability in 2014.  Monitor your progress with a monthly practice report card.  A simple practice report card that puts information from your practice management software reports and your profit and loss statements all in one place will help you track the performance of your practice.  Key areas to monitor include:  revenue; cost of goods sold (inventory expense) as a percentage of your revenue (20-22% is desired); support staffing costs as a percentage of your revenue (20-22% is desired); new clients; and your practice ATC (average transaction charge) and/or the ATC of each of your doctors if yours is a multi-doctor practice.  In addition, look at the percentage of the revenue you derive from each of the following service categories:  dental care; laboratory services; diagnostic imaging and surgical services.  It is fairly simple to create your own “report card” on an Excel spreadsheet.  In the numbered vertical column, list [...]

Happy New Year!

By |January 1st, 2014|

Happy New Year from Live Oak Bank! As we enter into 2014, it is a good time to set goals for your practice. What is it that you hope to accomplish in the new year? Do you want to expand your practice? Do you want to launch a marketing campaign to increase your revenues? You should always re-access with each new year and determine how you can be a more successful business owner.

I encourage you to pay frequent visits to our website. Here, you’ll have access to tips and advice from our two veterinarians,  Dr. Carol Hart and Dr. Jessica Trichel, who are on staff full-time at the bank. Please visit our resource center as well for helpful articles, presentations and videos. We provide these resources because we want to see your business thrive. We wish you continued success in 2014!

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    Live Oak Bank’s 2013 contribution to the ASPCA helps save 441 animals

Live Oak Bank’s 2013 contribution to the ASPCA helps save 441 animals

By |December 11th, 2013|

Wednesday, December 11, 2013 – Wilmington, NC – Earlier this year, Live Oak Bank teamed up with the ASPCA® (The American Society for the Prevention of Cruelty to Animals®) to support their Animal Relocation and Transport Initiative, which works with local animal welfare organizations to move animals from overpopulated shelters to destination shelters where they have a significantly greater chance of being adopted.

In May, an initial transport of 70 animals was orchestrated from Louisiana to Florida. Over the summer, 121 animals were moved from a shelter outside of Los Angeles to Oregon and Washington State. Most recently, twelve transports were completed by Leech Lake Legacy in Minnesota, saving 157 dogs, 91 cats and 2 ducks. In total, 441 animals have been saved through the relocation partnership between Live Oak Bank and the ASPCA this year.

“Initially, Live Oak Bank provided financing solely to the veterinary community,” stated Travis York, General Manager for Live Oak Bank’s veterinary division. “Our employees are [...]

ASPCA-Live Oak Bank Grant provides transport of 250 animals

By |December 11th, 2013|

In mid-September, we received word from the ASPCA (with funding provided by Live Oak Bank) that we had received a $2,500 grant to assist in the cost of transporting animals from Leech Lake and Red Lake reservations to our partner shelters and rescues. Leech Lake Legacy collaborates and partners with Red Lake Rosie’s Rescue on transports from northern Minnesota to the cities. Weekly transports often include animals from Red Lake and Leech Lake reservations, Bemidji Impound, Fosston Impound and Roseau Impound.

Between 9/13/2013 and 11/27/13, the grant money has funded 12 transports from Leech Lake and Red Lake reservations and a total of 250 animals (157 dogs/puppies, 91 cats/kittens and 2 ducks)! We are extremely grateful to the ASPCA/Live Oak Bank!

And today, the final transport funded by the ASPCA/Live Oak Bank grant was for an emergency transport to bring a 12 week old pup named Grant to the cities. The sweet little boy was one of a litter of 3 picked up by [...]

Veterinary Practice Goal Setting for 2014

By |December 10th, 2013|

Where would you like your practice to be next year?  If you want to see revenue growth, check reports in your practice software for opportunity areas.  Are you and your team committed to offering quality care for every pet that walks through your door?  Speaking of your team—is your group solid or do you need to make some changes—perhaps in leadership? Does your facility need some upgrades to make it fresh and inviting for clients?  If so, set a realistic budget and a time frame to get the job done. Did you market your practice effectively in 2013?  Are you making commitments to get out in your community?  Does your website need upgrades?  What about on-line listings for your practice such as on “Yelp”–are you putting your best foot forward?  Finally, let’s not forget about fees—if you haven’t revisited them in the last six months, it may be time to make some adjustments to keep pace with your rising [...]

Is your veterinary practice successful?

By |November 13th, 2013|

Success can be measured in a number of ways.  On the business side, a practice is successful if it is profitable.  Profit equals revenue less expenses.  If you are seeing revenue growth year over year your profits should grow.  If cost of goods sold and staff wage percentages each are within 20-22% of gross revenue, you are managing your most significant expenses well and should be profitable.  If you see net income (what you have realized after paying all expenses and compensating yourself appropriately) growing year over year, your business should be successful.
What about the intangibles associated with a successful practice?  Do you have a good quality of life?  Are your employees happy and do they find fulfillment in their work?  Are your clients happy?  Are you delivering quality care to all your patients?  Are you building your client base?  If you can answer “yes” to all these questions, you are successful and should be congratulated.  If not, [...]

How to Make the Right Marketing Choices

By |November 1st, 2013|

Trying to decide which marketing expenditures are most effective, where to spend money and finding the resources to devote to marketing can be a daunting challenge. Since effective marketing can affect practice profitability it is wise to identify which marketing initiatives are most beneficial.
Strategic and Marketing Planning

Strategic planning includes a situational analysis and the formulation of strategies to achieve practice goals. The situational analysis or SWOT analysis refers to strengths, weaknesses, opportunities and threats of the business. Strengths and weaknesses involve an internal assessment of the business while opportunities and threats involve an external focus on the competitive environment. A thorough SWOT analysis can help practices focus on developing appropriate and effective marketing objectives. For example, if the practice determines that client service is a weakness due to some communication problems, then marketing efforts should center on improving service to pet owners. Likewise, if a potential threat to the business includes dwindling new client numbers due to increased [...]

Buying a Practice? Your History and Clinics Are Key

By |October 29th, 2013|

Lenders take a hard look at personal credit scores and debts, a business’ cash flow and the asking price.
In today’s market, many veterinarians consider practice ownership an avenue to securing their financial future. There is security in being the boss, dictating medical protocols and having the long-term opportunity to be rewarded for your hard work and time. Often, the key question is not whether to own a practice, but instead how to accomplish the goal.
Lenders will ask some key questions as they consider financing a practice acquisition. A lender will review seven primary items related to the individual borrower as well as the practice. They are personal credit score, personal debt obligations, personal liquidity, business and personal collateral, experience, business cash flow, and whether the purchase price is supported by standard business valuations.
Credit Score and Debt Obligations
These individual factors are not influenced by the practice targeted for purchase. Potential practice owners can start to build [...]

Drive the Success of Your Practice with Positive Leadership

By |October 24th, 2013|

Veterinary practices with positive leadership are more likely to have effective management, rewarding cultures and productive teams. Although some individuals have natural talent and excellent leadership skills, all practice owners and managers can learn to become better leaders.

Roles of the Leader

Make sure you fulfill the following critical roles of a leader to drive the success of your practice.

Provide a Vision.

Providing a vision for the entire healthcare team is the single most important role of the practice owner. Employees cannot be expected to participate in a common effort if they don’t know the goals of the practice. When team members know the vision and goals of the practice, they are more focused and understand how their individual role helps to drive the success of the business.

Establish Effective Organizational Structure and Communication Protocols.

Set up a clearly defined organizational structure which includes an organizational chart outlining the chain of command and protocols for effective communication. Members of the healthcare team need to [...]

Enhancing Employee Engagement and Job Performance

By |October 24th, 2013|

Wikipedia’s definition of employee engagement states that “…an engaged employee is a person who is fully involved in, and enthusiastic about, his or her work.” During slow economic times, team members may be faced with more clients who cannot afford care. As a result employees may have difficulty staying upbeat and job performances may suffer. When employees are not engaged, job satisfaction, productivity, and client service can all decline.

The level of employee engagement is critically important in the delivery of veterinary medical care and client service. Partially engaged employees may not be accountable and may not be as efficient and productive as they could be if they were fully engaged. Disengaged employees don’t have the inclination or passion to cater to the needs of pet owners and often don’t work well with other employees.

Strategies to Improve Employee Engagement

Use the following strategies to help improve employee engagement resulting in greater job satisfaction, increased efficiency and productivity, and enhanced client service. [...]