Practice Management

Exploring the Cost of a Veterinary Medical Education

  |   Practice Management

The Association of American Veterinary Medical Colleges has developed this Cost Comparison Tool to help prospective students further develop a financial plan for veterinary school. Data is presented from all 30 US colleges and 12 Canadian and International colleges. The visualization presents the total cost of attendance (tuition, living expenses, and loan interest accumulation) for 2019 graduates. It includes data about whether students can establish residency for the purpose of playing discounted tuition and the average scholarship awards made to DVM students at each college. The...

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Avoid Common Pitfalls with Your Employee Benefits: Pitfall No. 4 – Paystubs

  |   Practice Management

This is the third in a weekly series of four articles by financial expert Mackenzie Martin. The first article focused on pitfalls in employee insurance benefits and article number two outlines retirement plan pitfalls. Article three focused on pitfalls in other employee benefits. PAY STUBS Pitfall #1: What is Your Tax Withholding? Your tax withholding numbers are usually small and hidden somewhere in the corner of your pay stub. Look for something like “M-0" which means married, claiming no deductions, or...

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Avoid Common Pitfalls with Your Employee Benefits: Pitfall No. 3 – Other Benefits

  |   Practice Management

This is the third in a weekly series of four articles by financial expert Mackenzie Martin. The first article focused on pitfalls in employee insurance benefits and article number two outlines retirement plan pitfalls. Articles 4 will focus on pitfalls in paystubs. OTHER BENEFITS Pitfall #1: Health Savings Account (HSA) Or Flexible Spending Account (FSA)? Both types of accounts allow you to set aside pre-tax money. A health savings account (HSA) is money specifically set aside for health care, while a Flex...

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Avoid Common Pitfalls with Your Employee Benefits: Pitfall No. Two -Retirement Plans

  |   Practice Management

This is the second in a weekly series of four articles by financial expert Mackenzie Martin. The first article focused on pitfalls in employee insurance benefits. Articles 3 and 4 will focus on pitfalls in other types of employee benefits, and pitfalls in paystubs.  RETIREMENT PLANS Pitfall #1: Not Understanding How Employer Contributions Works Example from a small, privately owned, animal hospital:  The practice has a SIMPLE IRA which means there are two options (per the IRS) for matching contributions. The first option...

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Avoid Common Pitfalls with Your Employee Benefits: Pitfall No. One – Insurance

  |   Practice Management

This is the first in a weekly series of four articles by financial expert Mackenzie Martin. The first article focuses on pitfalls in employee insurance benefits. Articles 2 -4 will focus on pitfalls in retirement benefits, pitfalls in other types of employee benefits, and pitfalls in paystubs.  The intricate, complex world of veterinary benefits and compensation is full of landmines and pitfalls. All employers are unique, and each employee situation is highly individual, creating a lot of space for mistakes and...

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New Hire Process for Success

  |   Practice Management

A study on new employees from the Academy of Management Journal found that the first 90 days of employment, often referred to as the probationary period, is pivotal to building rapport with the company, management and coworkers. When support levels were high from the team and leaders, new hires often had more positive attitudes about their job and worked harder. When support and direction were not offered, the inverse occurred, leading to unhappy and unproductive employees who didn’t make it...

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The client service mindset

  |   Practice Management

Parasite season is a busy time for most veterinary hospitals. It’s the time of year when the client experience is most likely to suffer due to competing demands on staff time.  But it’s also a great opportunity to impress a large number of clients with amazing service. There are seven traits that great client service providers need to have to deliver a superior client experience: Empathy – Empathy is the capacity to understand, be aware of and sensitive to the feelings,...

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WSVMA introduces new event aimed at practice managers

  |   Practice Management

The WSVMA is hosting what we hope will become a regular series of events for practice managers. The intent of WSVMA’s Practice Managers: Peer to Peer – A Collaborative Learning Experience is to have interactive discussions regarding common management issues. Managers will be able to present issues they are currently dealing with and provide feedback and advice in a safe and collaborative setting. We will also provide speakers on relevant practice management topics that promote discussion and interaction. The first event...

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DEA warns of alarming increase in scam calls

  |   Practice Management

The Drug Enforcement Administration urges its DEA-registered practitioners and the public to be cautious of telephone calls from criminals posing as DEA or other law enforcement personnel threatening arrest and prosecution for supposed violations of federal drug laws or involvement in drug-trafficking activities. DEA continues to receive reports from the general public and practitioners indicating that they have received calls threatening legal action if an exorbitant fine is not paid immediately over the phone. The callers typically identify themselves as DEA...

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There’s Always Time for Fun

  |   Practice Management

“We don’t have time for fun around here.” Those were the sentiments shared by one practice manager at a recent clinic visit. There should always be time for fun in the workplace and if there isn’t, it probably isn’t a place many people would like to work.  ‘Fun’ isn’t just a great day riding roller coasters at a theme park - it can be as simple as working in a team environment with an upbeat attitude and positive energy. Creating an...

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