Technology. Funny how this word can conjure up so many mixed emotions. Fear: "Technology changes every year, and sometimes more often than that. How can I possibly keep up with it?" Excitement: "The new gadget that came out this week will increase convenience and productivity!" Annoyance: "Technology just shortens attention spans. We're better off without it."
Relying solely on fee increases to grow revenue and improve profitability is a thing of the past. Now's the time to look for new opportunities to keep your practice moving forward. Well-Managed Practices? focus on three key areas:
Not only does your fee schedule reflect your medical standard of care and target client demographic, it also represents the value of your services and products. And the most important thing you can do to relay that value to clients is to communicate that value to your team members – every day.
Chances are you've peeked at your practice's expenses at least once in the last 12 months. And while it's important to track where your hard-earned revenue is going in the best of times, it's even more important when the economy's bad. So if you haven't checked your expenses lately, get to it!
Whether an employee leaves by choice or at your request, turnover costs your practice. There's the obvious cost of advertising for a replacement and the time spent interviewing the various candidates. But there's also the cost of lost productivity during the interim when you're short-staffed.
Results of Benchmarks 2010: A Study of Well-Managed PracticesSM by Wutchiett Tumblin and Associates and Veterinary Economics reveal that a current partner, or a current or future associate is the most likely buyer in 69 percent of practices. And, one of the most important steps to take to prepare an associate for ownership is teaching them about and involving them in the business side of practice.
People have a hundred decisions to make every day: from what time to get up, the route to take to work, and what they'll focus on for the day to how and where they'll spend their hard-earned money. Many veterinary practice owners assume that clients' buying decisions for veterinary services are fairly logical.