Is your vet hospital growing as fast as the industry? Read this week's CVP Weekly

 

The big news this week is the high revenue growth showing up in the industry. We’re seeing the same trends with our family of hospitals. Some of it could be just great comparisons against last year’s results, which really suffered due to the tough winter on the East Coast. But my gut is that something more is going on. There’s a lot of wind at our backs.

If you’ve been forwarded this edition, you can subscribe here.

Michael

The Top Story
Industry News

Fast Growth Hits Small Animal Hospitals

Two news stories this week highlight the fast growth hitting our industry. VCA reported 6 percent growth at its hospitals during the 2nd Quarter, and Gatto McFerson, the west coast accounting firm, said the 175 practices it tracks in California were up double digits in June.



Read the VCA press release.

Read the Gatto McFerson press release.

More Veterinary Industry News
Regulatory Issues

Popular as ever, veterinary compounding poised for change

New guidance issued by the FDA has the potential to significantly alter the way veterinary compounding is practiced and the players and training involved.

Read the full story by VIN.

Read the pharmacy regulations for your state at the AVMA site.

Read the full guidance from the FDA.

Technology

App lets veterinarians, pet owners consult live online

A new regional mobile app is providing a virtual veterinary service allows pet owners to consult with a veterinarian at any time. But the convenience of bypassing an office visit through Vet24seven or similar apps now available might not allow for adequate animal care, some Sacramento-area veterinarians said. Participating veterinarians could violate state regulations if they offer virtual treatment for an animal they’ve never physically seen.

Read the full story at the Sacramento Bee.

Pharmacy

Zoetis Receives a Conditional License from USDA for Canine Atopic Dermatitis Immunotherapeutic

Zoetis announced that the U.S. Department of Agriculture (USDA) has granted the company a conditional license for Canine Atopic Dermatitis Immunotherapeutic, an antibody therapy to help reduce clinical signs associated with atopic dermatitis in dogs.

Read the new release from Zoetis

Read the news release from the USDA

What Your Clients Are Reading

How Advanced—and Expensive—Can Veterinary Care Get?

With the completion of a $5-million expansion this spring, an 80-year-old D.C. hospital—which already provided primary and 24-hour emergency care—doubled in size and became the only veterinary facility in the District with MRI and CT-scanning machines, an underwater treadmill for post-surgery hydrotherapy, a new intensive-care unit, and board-certified specialists in areas such as neurology and pathology.

Read the full story in the Washingtonian.

Knowing Your Client

Veterinary Clients Show High Loyalty When Considering Elective Procedures

A new study financed by CareCredit shows that 2/3 of veterinary clients will use their current veterinarian for elective procedures — a higher percentage than for dentists, optometrists and other medical professionals.

Read the full news release at CareCredit.

Read the full study.

State Regulatory Issues

Veterinarians mobilize against legislation to tax medical care for pets

Practitioners in North Carolina and Connecticut recently have rallied against legislative attempts to tax veterinary medical care.

Read the full story at VIN.

Community Veterinary Partners works with veterinarian owners who want to continue running the medical side of their practices, but want help with the day-to-day administrative and team management tasks. We help create a long-term strategy and a sustainable way for your practice to continue thriving — well into the future. Contact us to learn about how to partner with CVP and secure your financial future and the legacy of your hospital.

 


The first CVP Weekly – A roundup of the latest small animal news

 

Welcome to the very first issue of CVP Weekly — a weekly roundup of the latest news from the small animal veterinary industry. Every week, we compile a rundown of the most important and vital news in the business and deliver it directly to your inbox. We don’t just cut and paste press releases. Instead, we search for real stories that directly impact your daily work life. You can expect to dig into national reports, information on regulatory issues, news on general animal health, examinations of new products and ideas in practice management.

What do you think of our inaugural issue? Email me at michael.raphael@cvpco.com.

If you’ve been forwarded this edition, you can subscribe here.

Having trouble viewing this email? View it in your browser.

Michael

The Top Story
Industry News

AVMA delegates reject changes to veterinary school accreditation process

At the annual meeting of the American Veterinary Medical Association (AVMA) House of Delegates in July, the house voted against four resolutions related to the accreditation of veterinary schools by the AVMA Council on Education (COE).

Read the full story from DVM360.

Read the full story from VIN.

More News
Your Clients are Reading This

Why vets are getting away with murder

The veterinary profession is broken and it isn’t about to change any time soon. Our pets are being over-serviced and we’re getting fleeced. We pay for the unnecessary vaccinations, the overly-processed, synthetic prescription pet foods that contain ingredients from China, and we pay for drugs and chemicals that are damaging to the immune system.

Read the full story from Dogs Naturally

Hot Topic

What to do about ShotVet?

Many in the veterinary community are asking what can be done to stop the low-cost mobile veterinary vaccine service associated with Walgreens drug stores. The answer may be nothing.

Read the full story from DVM360.

Practice Management

Should you buy that latest, greatest piece of veterinary equipment?

Many factors are essential to the practice of quality medicine and surgery; including an appropriate range of high-quality equipment for both diagnostics and treatment.

Read the full story by Dr. Karen Felsted.

Veterinary Schools

Foundation donates $100,000 for Penn Vet scholarships

The University of Pennsylvania School of Veterinary Medicine said the Thoroughbred Education and Research Foundation, or TERF, will donate $100,000 to create an endowment for student scholarships.

Read the full story from the Daily Local News.

People

Texas A&M veterinarian to lead AAVMC

Dr. Eleanor Green, the Carl B. King Dean of Veterinary Medicine at the Texas A&M University College July 24, of Veterinary Medicine & Biomedical Sciences, has begun her term as president of the Association of American Veterinary Medical Colleges (AAVMC).

Read the full story from Bovine Vet Online

Opinion

Dr. Robert Marshak: Long live the veterinary teaching hospital

The proliferation of veterinary colleges with limited or no research base, existing outside of a community of scholars, and pursuing a distributive model of clinical education, not only undermines the fabric of American veterinary medical education but also the economic status and future of the profession.

Read the full story from VIN.

Regulatory

FDA takes steps to prevent sales of unapproved kidney drugs for dogs and cats

The United States District Court for the District of Nevada entered a consent decree of permanent injunction against Bio Health Solutions LLC, of Las Vegas and its manager and co-owner, Mark Garrison, for selling RenAvast, an unapproved animal drug.

Read the full story from the FDA

Regulatory

Four Multistate Outbreaks of Human Salmonella Infections Linked to Live Poultry in Backyard Flocks

CDC, public health, veterinary, and agriculture officials in many states and the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (USDA-APHIS) are investigating four multistate outbreaks of human Salmonella infections linked to contact with live poultry.

Read the full story from the CDC.

And there’s this

41-pound cat loses over half its weight

A former 41-pound cat dubbed Skinny has lost more than half of his weight to become the darling of a Dallas veterinary clinic.

Read the full story from the NY Post

Community Veterinary Partners works with veterinarian owners who want to continue running the medical side of their practices, but want help with the day-to-day administrative and team management tasks. We help create a long-term strategy and a sustainable way for your practice to continue thriving — well into the future. Contact us to learn about how to partner with CVP and secure your financial future and the legacy of your hospital.

Copyright © 2015 Community Veterinary Partners, All rights reserved.

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CVP Welcomes Manhattan Cat Specialists to Their Family of Partners Hospitals

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Community Veterinary Partners is proud to announce a new partnership with Manhattan Cat Specialists and Arnold Plotnick, DVM, MS, ACVIM.  Located in New York City’s Upper West Side, Manhattan Cat Specialists is CVP’s first feline-only veterinary partnership.  “At CVP we are extremely excited to partner with Manhattan Cat Specialists and Dr. Plotnick” Says Scott Kirker, Vice President of Finance. “Their level of service and devotion to the cats of New York City is truly one of a kind, and we can’t wait to see what the future holds for our partnership.”

Dr. Arnold Plotnick received his veterinary degree from the University of Florida in 1988 and then completed an internship in small animal medicine and surgery at the University of Pennsylvania.  He worked as an associate veterinarian at the Cat Hospital at Towson in Md., and then returned to academia and completed a residency in small animal internal medicine at Colorado State University.  Dr. Plotnick became board certified in internal medicine in 1997.  He served as chief of staff of VetSmart Pet Hospital in Columbia, Md., before returning to his home town of New York City to become vice president of Animal Health at The ASPCA.

Dr. Plotnick is also a well-known writer. He authored CatFancy’s “Ask the Veterinarian” column for many years and is a frequent contributor to Catnip magazine. He is a co-author of The Original CatFancy Cat Bible, and is the current author of “Body Parts” in Catster magazine. He is also the writer of the popular blog “Cat Man Do.” Dr. Plotnick is extremely passionate about veterinary medicine as well as New York, “After the tragic events of September 11, 2001, I was inspired to play a part in the renewal of New York by founding Manhattan Cat Specialists in January 2003.” Says Dr. Plotnick, “I have devoted myself solely to feline medicine since then, and Manhattan Cat Specialists has blossomed into the premier feline-only veterinary practice in New York City.  I am proud to move forward with Community Veterinary Partners.”

About Community Veterinary Partners
Community Veterinary Partners invests with veterinarian owners who want to continue running the medical side of their practice, but want help with the day-to-day administrative and team management tasks. CVP currently has 14 partner hospitals in its family. Find more information about Community Veterinary Partners and its family of veterinary hospitals at www.cvpco.com  


Aston Veterinary Hospital Is Hiring A Groomer!

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We’re Looking For An Experienced Groomer!

Our partner hospital, Aston Veterinary Hospital, is seeking an experienced professional groomer to join their team. Aston offers a great environment, team and a flexible schedule. If you or someone you know is interested, please call Karen Moyer at 610-494-5800! http://www.astonvet.com/


CVP Member Network Shows Q3 Revenue Improvement in 2014

Each fiscal quarter we ask our Member Network hospitals to share their financial results with us. We then pull the data together and produce a benchmarking report. Benchmarking is a great way to see how your hospital is performing compared to your peers.

For the third quarter of 2014 (from June through September), our Member Network hospitals showed a strong recovery from a slow first half of 2014 Of the 25 hospitals in our group, 14 reported growth vs. the prior year. Across the network, the median change in revenue was 4 percent vs. Q3 2013 and ranged between -13% and +13% (for non-startup veterinary practices.)

Q3 Member Network Revenue Chart

 

 


Visit Community Veterinary Partner’s Booth #4118 At NAVC 2015!

Will You Be Attending The NAVC 2015 Conference in Orlando?

Stop by booth 4118 for a FREE “Meet The Experts Series” featuring some of the nation’s leading veterinary business experts. Join us at our booth to sit down with one of five outstanding professionals in the fields of practice management, accounting, finance and business strategy. You’ll get answers to your questions, learn about new resources and more! NAVC 2015

 

 


Finding the Best Person for the Job: Making Better Hiring Decisions At Your Veterinary Hospital

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Written By: Katina Palm- Community Veterinary Partners: Field Operations Manager

Finding the right person for the job is key to your hospital’s success. As hospital owners and managers, we tend to be naturally drawn to applicants that are similar to our own strengths and weaknesses. Sometimes, this may lead to a hire that isn’t the perfect fit for the position.  Don’t be afraid to hire someone unlike yourself. Instead, strive to hire someone that can provide the skills that you require- the differences may be just what your hospital needs to successfully fill this position.

To get you started:

Before you build your job ad, start by updating the job description to insure that the role you are trying to fill is highlighted. Be as specific and clear as you can. Mentioning specific tasks and situations that the role may encounter can help a prospective candidate see if they are a good fit. Sometimes job ads can be generic when they should be much more specific. Don’t be afraid to ask for what your want in your candidate.

For example:

If you are seeking a manager, you will want to attract a certain person.

– A generic job ad could say something as simple as: “Looking for strong managerial skills”

– A more in depth ad should say “Seeking an experienced manager who has at least two years of management experience in a customer service based industry.

If you are seeking a receptionist, consider using similar phrases:

– “We strive to provide excellent customer service and we depend on our reception team to lead this process. Customer service experience is required.”

– “Veterinary experience is recommended, but not required.”

Remember that veterinary information can be taught, but personality is less likely swayed with training.

Success is measured by skill and personality. Take the front desk for example. Your selection of a Client Service Representative should be someone outgoing and comfortable working directly with people. Hospitality and good customer service are essential skills that will make your clients feel welcome. This person should also have an eye for detail and an ability to think outside the box to maximize the client experience.

Your technical team will vary depending on their area of expertise.  Exam room techs should connect easily with the clients and patients. Your client’s perception of his or her visit is primarily based on an emotional response since how they feel is critical. Surgical and laboratory technicians will likely have a different demeanor as they are more specialized in tedious tasks. For smaller hospitals, it is sometimes necessary to find techs that are able to adapt to wearing many hats and this requires good communication during your interview process to find the right fit.

You should have a job description for each role within your hospital. Use this tool to clearly spell out your expectations to candidates to determine their skill level. These are also great to refer to when you are reviewing resumes and interviewing.

Wait until you find the right fit for the job! In a future blog, I will discuss how to set up new hires for success.


Do You Know What Your Veterinary Practice Real Estate is Really Worth? Part 1

Do You Know What Your Veterinary Practice Real Estate is Really Worth?

Part 1- Creating Liquidity and Building Improvements

Written By: Daniel Eisenstadt and Ian Widensky of Calico Real Estate

Thirty years ago nearly every owner of a veterinary practice owned (or wanted to own) the real estate where his or her practice was situated.  While this continues to be the norm for many owners, like so many other aspects of veterinary medicine, “the times they are a changing.”  Today, more practice owners are recognizing that their practice and building are different assets and that viewing each separately can create greater financial value and more flexibility.

In many other healthcare fields (dentistry, physical therapy, etc.) practice owners rarely own their own real estate, choosing instead to focus on building the business of their practices.  Most owners enter into long-term leases for well-equipped facilities in good locations.  In fact, most corporate groups that acquire veterinary practices utilize the same principles and negotiate long-term leases as part of a purchase agreement.

Similarly, certain consultants and advisers have come to view the separation of practice and property as a good way of creating options for owners.  Says Dr. Karen E. Felsted, CPA, MS, CVPM, president of PantheraT Veterinary Management Consulting, “Traditionally, practice owners have sold their real estate when they’ve sold their practice.  This is a good option for some practice owners but not necessarily for all.  An opportunity to cash in on the value built up in the real estate without having to sell the practice gives veterinarians more financial choices and the ability to customize their succession plan to their individual needs.”

Although no situation is alike, there are several scenarios where value can be created by viewing and treating the practice real estate as independent from the practice:

Creating Liquidity

After years of building a successful practice, many owners are content to practice for another decade (or more) and enjoy the stability of owning a healthy business.   But many admit to feeling a financial crunch as their children grow older and head off to college.   Many want to buy a second home or travel more, but feel unable to do so.

Some veterinarians may be concerned that selling the practice real estate separate from the practice may make a future sale of their veterinary practice less attractive.  In fact, as long as a lease is assignable by the practice owner to a future buyer of the practice, the sale of the real estate will not restrict the sale of the practice.  And, though some associates may be interested in buying real estate few associates and no corporate buyers will pass up the chance to buy a good practice because the facility is leased.

For most veterinarians their practice represents their largest financial asset.  But without selling the practice, many see no easy way to create liquidity.  Some veterinarians in this situation work harder to meet their increased personal financial needs while others put off personal needs and/or the responsible preparations for retirement.  For these veterinarians, a sale of their real estate to a landlord that will lease the property back to the practice can be a creative solution to address this financial need.

Building Improvements

After years in the same building, many practice owners recognize the value (or the impending need)  of renovating and/or expanding their physical plant.  But many of those same owners choose to defer these large-scale projects for financial reasons or because they don’t want to take on additional debt late in their careers.  Regrettably, the decision not to renovate can compromise their ability to recruit quality associates or future buyers, detract from the customer and patient experience, and  lead to a deterioration in the practice’s value.  Few consider the option of selling their building to a landlord who will invest and manage a renovation project and integrate these costs over the course of a long-term lease.

Coming Soon: Part 2 of “Do You Know What Your Practice Real Estate Is Really Worth?”- Diversification and Maximizing Value. 


We're hiring a Marketing Manager

We’re on the lookout for an entrepreneurial marketing manager. Here’s the full job description where you can also apply for the position.


Our Hospitals (and we) are Hiring

We have several openings for veterinarians, technicians and (at CVP) a senior accountant.

Check out our employment page for more details.