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Choosing the right loan for your clinic

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They say that time heals all wounds, but in some cases too much time might cause more pain than we think. For veterinarians – no strangers to aiding in client pain management – the length of your clinic loan might harbor some hidden pain if the term is too long. Consider loan term. Until the late 1990’s, banks typically structured five year loans for most veterinary clinics. As banking relationships have evolved, that common loan duration has stretched first to seven...

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Mobile Practices, House Calls, Farm Calls, Business Errands—Off-site Work Presents Additional Safety and Liability Challenges

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Anytime you or an employee travels outside the clinic for work, there are additional safety and liability issues to consider. Whether you provide mobile or ambulatory services, farm or race track calls, or if you run a quick errand for the practice, there are four main areas to consider: auto liability, cargo theft and spoilage, insurance verification, and the Controlled Substances Act (CSA). This article provides information and action tips to help you address these four areas. Auto Liability According to the...

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ERISA and Fiduciary Fundamentals

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What is ERISA, and what is a fiduciary? ERISA stands for the Employee Retirement Income Security Act; it is a federal law that sets minimum standards for retirement plans in private industry to protect individuals in the plan. A fiduciary is any person involved with administering your practice’s retirement plan (or other benefit plans). Under ERISA law, any fiduciary can be held personally liable for the retirement plan. A court can order the fiduciary to personally restore losses or profits made...

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