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.


We're Hiring a Senior Accountant

Community Veterinary Partners has an opening for a senior accountant. This person is responsible for accounting and administration solutions for our veterinary practices as well as our management group. Accounting duties include, but are not limited to, management of account reconciliations, cash management, accounts payable, month-end closing, financial reports and related analysis. In addition to the accounting responsibilities, this person assists with new investment analysis, conducts due diligence of potential investment opportunities, and other special projects.

The ideal candidate will have a college degree and 5+ years of experience using Quickbooks and Excel. Working knowledge of generally accepted accounting principles (GAAP) is desirable.

The successful candidate should have a proven track record of being able to adapt to changing priorities, ability to work under pressure and meet tight deadlines as well as be able to demonstrate professionalism with superior communication skills at all times.

Send a resume and cover letter to Marc Nathan at mnathan@cvpco.com to apply.


Our New Senior Advisor: Dr. Karen Felsted

For the past few months we’ve been lucky enough to work with one of the preeminent figures in the veterinary world, Dr. Karen Felsted. Dr. Felsted is probably best known for her work on the ground-breaking Bayer Veterinary Care Usage Study. Since its publication last year, the study has been discussed and dissected by every part of the veterinary community. The document is now the basis and business plan for many veterinary hospitals as they cope with the changing business of animal care.

Dr. Felsted has been sharing her observations with us and also some of our partner
hospitals. We are also happy to announce that Dr. Felsted is joining us as a
Senior Advisor and will be writing a series of blog posts for the site with
some of the more important conclusions from the study.

“I’m thrilled to be part of the team,” Dr. Felsted said. “I think CVP offers veterinarians a great option to both gain some business expertise to help with continued practice growth as well as a unique succession planning alternative.”

In addition to her work on the Bayer Study, Dr. Felsted has an impressive resume. She began her career as a CPA and later earned her doctor of veterinary medicine degree from Texas A&M University.  After practicing small animal and emergency medicine for several years, she worked as a financial and operational consultant to general and referral veterinary practices for fifteen years.

She then spent three years with the National Commission on Veterinary Economic Issues as CEO before returning to business consulting, both with private practice and the animal health industry.

She has written an extensive number of articles for a wide range of veterinary publications and speaks regularly at national and international veterinary meetings.  She is the current treasurer of VetPartners, a past member of the Veterinary Economics’ Editorial Advisory Board, a member of the CVPM board of directors and the current treasurer of the CATalyst Council.

In 2011, she was awarded the Western Veterinary Conference Practice Management Continuing Educator of the Year.

Dr. Felsted, we’re thrilled to have you on the team.


Our First Investment

A few weeks ago, we made our first investment in the veterinary world, buying a majority ownership stake in the Animal Hospital of Dauphin County. We’re very excited about this news. Continue reading…