Practice Management

Contents

Preface ix

R. Reynolds Cowles Jr

Current Economic Trends in Equine Practice 413

Andrew R. Clark

Current economic trends in equine practice are trends of weakness. Mostpractices, after a decade of double-digit growth, have migrated to survivalmode within a few months. Understanding that all regions and disciplinesare affected differently, using the Porter five forces model, we can identifychanges that must be made in our business models first to survive andthen to position ourselves to prosper when the recession ends. If we areto avoid long-term damage to our practices, we must use cost controland work efficiency in addition to price concessions.

Customer Service in EquineVeterinary Medicine 421

Edward L. Blach

This article explores customer service in equine veterinary medicine. It be-gins with a discussion about the differences between customers and cli-ents in veterinary medicine. An overview of the nature of the veterinary-client-patient relationship and its effects on the veterinarian’s servicessheds light on how to evaluate your customer service. The author reviewsa study performed in 2007 that evaluated 24 attributes of customer serviceand their importance to clients of equine veterinarians in their decision toselect a specific veterinarian or hospital. The article concludes with anoverview of how to evaluate your customer service in an effort to optimizeyour service to achieve customer loyalty.

Gender Shifts in EquineVeterinary Practice 433

Marsha L. Heinke and Carol Sabo

This article examines gender shifts in equine veterinary practice. A signif-icant gender compensation gap continues across the spectrum of profes-sions, including veterinary medicine. Many styles of practice serve thedisparate and sometimes conflicting goals of financial well-being, patientcare, and physical family presence.

The Transition fromVeterinary School to Equine Practice 445

Katherine S. Garrett

The transition from veterinary school to equine practice can be challeng-ing. This article provides suggestions and advice for new graduates inareas that include internships, associate positions, financial consider-ations, balancing personal and professional responsibilities, mentorship,continuing education, and professionalism.

Contentsvi

Ethics in Equine Practice Economics 455

Terry D. Swanson

Ethics is a valuable standard for the structure of equine practice. It relies onsound moral character, beginning with the leaders in the practice. Theleadership in each practice regularly needs to review its role in promotingethical standards. This is not new information but deserves to be revisitedwith emphasis at this particular time in our society. Nothing less than com-mitment to grass root stability offers any hope to reverse those actions.

Marketing Your Equine Practice 463

Robert P. Magnus

The take-home message in marketing your equine practice is simple: un-derstand your position in the target market and the buying behavior of yourcurrent and prospective customers. Time well spent on analysis and eval-uation of options can maximize customer value in the services and prod-ucts you offer. This allows you to capture profit and to attain yourpersonal and professional goals as an equine practitioner.

Design of a Multifaceted Referral Equine Hospital 475

Peter C. Bousum

There is no simple recipe for designing a multifaceted practice. However,keys to any design are the devotion of the people involved and proper po-sitioning of such people in the organization. Anyone designing such a prac-tice also must pay keen attention to details and a keep a finger constantlyon the pulse of the business to ensure that it maintains a sound financialfooting and a consistent vision. Little money is made from savings or push-ing financials. Profits come mainly through building additional sales, main-taining a clear vision, and making shrewd investments. Like for every smallbusiness, success in the multifaceted practice is clearly tied to such fac-tors as financial acumen, forward thinking, technology, lifestyle, vision,and a willingness to take a calculated risk.

Design of an EquineAmbulatory Practice 489

F. Richard Lesser and R. Reynolds Cowles, Jr

In this article, the author discusses the design of an equine ambulatorypractice. He suggests a more systematic approach to the design of an am-bulatory practice that should answer the needs of group and solo prac-tices. Today’s practitioners must actively manage their practices so thattheir resources can be leveraged in such a fashion that a return can be re-alized on their capital investment and the hours spent in practice.

Medical Records in EquineVeterinary Practice 499

Susan H. Werner

Quality medical records are the cornerstone of successful equine veteri-nary practice. The scope and integrity of the information contained in

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a practice’s medical records influence the quality of patient care and clientservice and affect liability risk, practice productivity, and overall practicevalue.

EquineAssociate Employment Agreements from the Employer’s Perspective 511

Gerard Lacroix and Charlotte Lacroix

This article discusses equine associate employment agreements from theemployer’s perspective. It should also be of interest to prospective equineassociates. The substantive issues and questions are the same, and nei-ther employers nor employees are likely to get far unless they ‘‘walka mile in the other’s moccasins’’.

Practice Evaluation and Sale Transactions: PreservingValue ThroughEconomic Turmoil 527

Denise L. Tumblin

There are several options to value a veterinary practice (market approach,asset approach, and income approach) and several methods within theseapproaches. Examples of an income-based approach include excessearnings, discounted future returns, and single period capitalization ofearnings. A qualified valuator will use his or her professional opinion andexperience to determine the most appropriate method for one’s practicesituation. This article outlines the excess earnings method for which wherethe principal components of value are net assets and goodwill.

Mergers and Acquisitions Involving EquineVeterinary Practices 537

Brad R. Jackman and Owen E. McCafferty

This article discusses mergers and acquisitions involving equine veterinarypractices. Combining practices can be professionally and economicallyadvantageous but requires a great deal of thought, planning, and imple-mentation. If due diligence is performed and true business teamwork is un-dertaken, the benefits can be enormous and rewarding.

Erratum 543

Index 545