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FEE FATIGUE SETTING IN?

As a practice gets busier and busier and its # of transactions increases, there can be a situation where DVMs start to hit a wall of exhaustion that can result in fees being missed or just waived entirely due to lack of time to fully resolve the concern with clients who object. This can add up and result in a factual dent in your income. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses how to keep on top of this so that you aren’t losing out.

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Joel Parker

ENDING THE PRO-SAL DEBATE

Pro-Sal or straight salary? This years old argument has been the bane of many DVMs. The owners don’t want to pay too much yet want to retain good talent and avoid those who don’t pull their weight. The associates on the other hand can become hyper competitive which leads to cherry-picking of big cases and leaving re-checks and minor procedures to less aggressive colleagues. So how do you keep a high level of moral yet retain the a-player rock stars and not overpay the lower performing players? In this episode of Whiteboard Wednesday, Dr. Joel Parker with Veterinary Practice Solutions finally puts the debate to bed giving the true answers as to what you should look for in salaries of new DVMs you bring on.

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Joel Parker

ASSOCIATE DVM BONUS VS. PROFIT SHARING (V2.0)

Should you bonus your Associates DVMs or give them a share of the profit? In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions revisits this popular topic and dives even further in depth into this burning question.

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Joel Parker

SELL OR SALVAGE WEBINAR

Attend our Sell or Salvage Webinar! SIGN UP HERE: http://vpswebinars.com

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Joel Parker

CLEAN LOCATION "AIR" WHERE TO FIND IT?

Opening a practice can be a fantastic voyage through the sea of competitors. Sailors often describe areas clustered with too many competing ships as having "dirty air" and for good reason! In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses the best ways to find a location with "clean air" for your a new practice!.

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Joel Parker

COMMENSURATE PAY FOR A JOB WELL DONE

As Practice Owners, we love long-term employees. Staff turnover can be very costly and unsettling. However, the number of years a staff member works at your practice should never outweigh what they do and how they're getting paid for it. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions tells you how to reward your employees that do a great job and what to do with the ones that aren't!

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Joel Parker

THE 3 B'S OF PRACTICE OWNERSHIP

If you’re deciding to branch out on your own and get into ownership, there are three major options you can choose from that will determine your path to running a successful practice. And it can be quite daunting! In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses the 3 B’s of Practice Ownership and how to find out which option could be the best fit for you!

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Joel Parker

FINANCIAL DELIRIUM TREMENS?

People coming off of alcohol or drug addiction can go through a stage known as DTs or “delirium tremens”. Similarly in veterinary practices a situation can exist where there is uncontrolled and excessive spending going on, and when you put in good sound financial policy it can be like weening someone off of their “habit". In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses how to use budgeting as a tool to eliminate excess spending and wasteful habits in your practice, resulting in more profit for you.

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Joel Parker

DIGGING OUT YOUR ESTIMATE FOLDERS

Many practices often experience “down times” where business is slow that day or week, especially during the less busy seasons such as late fall, winter and early spring. So what do you do during these down times? Do you just accept it as a fact of life or can something be done about it? In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions talks about an innovative idea that one practice uses to get around this problem and how you can duplicate this system in your practice to give you (and your income) a boost during your slow times.

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Joel Parker

HANDLING CREDITORS: WALLING OFF THE INFECTION

When you agree to purchase equipment or supplies, you are going into agreement that you are going to pay for that either sooner or later and some veterinary practice owners can run into a situation where they are in a negative cash flow state and are struggling to keep those they owe money to at bay. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses how you can "wall off" this "infection" situation and systematically pull yourself out of it.

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Joel Parker

WHERE'S YOUR FINANCIAL FLASHING BLUE DOT?

If you've used a GPS or a maps app on your smart phone you might be familiar with the flashing blue dot that shows you where you are located in real-time. Using this analogy you should be able to know where you are "located" financially with your practice. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses how you can find out where you are financially and how you can use that info to take action to improve your situation.

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Joel Parker

Experiencing Financial Malpractice?

There are certain seasonal times of the year that a veterinary practice can get into a financial cash crunch. Typically these are in the late fall/winter months AKA "the fourth quarter slide." With this occurring, certain points of what we like to call "financial malpractice" can become more evident. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses the top 5 points to look out for and how you can handle them, not only in your down periods, but throughout the entire year.

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Joel Parker

The Anatomy of Your Average Client Transaction & The "Goldilocks" Zone

As a DVM practice owner, one can sometimes become conflicted with how much to charge clients. On one hand, as business owners we're concerned about charging enough in order to maintain profitability. On the other hand, as a veterinarian, we are worried about charging for things that might seem unnecessary. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions will teach you how to adjust your fees fairly for your services in such as way as to achieve that magical balance of both profitability and reasonable fees for your clients, that we call the "Goldilocks zone."

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Joel Parker

Heavy Fee Increases... A Greek Victory?

There was a great Greek King named Pyrrhus who, despite winning a war with the Romans, suffered so many casualties in the process that it eventually led to his defeat as he was unable to fend off any further attacks. This same concept can be seen in a veterinary practice where heavy fee increases can act to increase one's profit on a short term basis but will end up losing one more clients in the long run. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions shows you how you can adjust your fee increases, so as to be both profitable and victorious in the long run.

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Joel Parker

Accounts Receivable Management

Accounts receivable can be defined as an outstanding amount owing when a client does not immediately pay for an invoice or when you leave a farm without collecting payment. Of course the ideal state of affairs is that this does not occur but in years gone by and even today it has still been known to happen to some degree. In this episode of Whiteboard Wednesday, Dr. Joel Parker of Veterinary Practice Solutions discusses how to keep your accounts receivable low if you currently have this going on as well as how to establish firm policy in your practice that discourages and prevents this type of situation from occurring in the first place.

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Joel Parker

 

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