Is My Practice Healthy?

“Is My Practice Healthy?” That is a question I am asked much more often than prior to the ‘great recession’.   We have developed a web-based platform to help veterinarians learn how to assess the health of their practices and perhaps more important, develop strategy to improve the health of those practices.

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Front Row Seat

I often pass on knowledge, wisdom and experience in the form of a story.  I come from a western background in which oral history has a central role in the learning experience.  As Dr Ed Blach and I launch ismypracticehealthy.com, I am really looking forward to the site making a positive difference in your practice.  I’m anxious to hear the success stories you generate as you reinvigorate your practice into its new, more profitable version.

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Finding Opportunity III Look For Opportunity in Your Service Mix

Equine practitioners, like most people, are creatures of habit.  We do what we do because we do what we do because we’ve always done it.  Perhaps we should look for opportunity in our service mix.  Let’s ask ourselves a few questions.

  1. Unless you are a full service equine referral hospital, should you do less of something and more of something else?
  2. Does the revenue generated by a service justify the overhead cost of providing the service (is it profitable)?
  3. If you seek training in a new low overhead technique or modality and change your service mix, can you generate more profit?
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Question of the Week

Dr Ed Blach and I have specifically designed ismypracticehealthy.com to provide simple, accessible, and searchable business education for veterinarians.  We’ve received very positive reviews from many practice owners.  Many smaller practices have specifically indicated that there is a big need for the education and tools we offer.  We plan to initiate a year-long agenda late this year with daily new, brief content focused on the highest impact areas of helping grow profitability of veterinary practices.

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Learn to Read the Financial Story of a Practice

Imagine financial statements as a 3 to 12 page book that tells the financial story of a business.  Everybody has time to read and understand a 12 page book!

The table of contents for the book looks like this:

Chapter 1 – Profit and Loss Statement (also called Income Statement)

Chapter 2 – Cash Flow Statement

Chapter 3 – Balance Sheet

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Treat Your Practice Like a Patient

When you look at lab results on a veterinary patient, you look at a summary page that you can scan efficiently to make your diagnostic or treatment decision.  You don’t look at a batch of individual results on multiple pages.  Fortunately, someone in the clinical pathology world understood that if lab results were not presented in a dashboard/summary format, many veterinarians would not take the time to get maximum value from the results.

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