Veterinarian Practices Profitability Issues

Goals

To understand the main profitability concerns for veterinarian practices:
  • More specifically to focus on small animals/house pets or "city" veterinarians as opposed to "farm" veterinarians.
  • This does not include concerns such as new graduates entering the field or related to their studies.
  • The focus is on profit and practice growth rather than on the individual veterinarians.
  • An ideal outcome would be a ranked list of the main issues that prevent profit and practice growth.
  • In addition, to find also what practices are doing to overcome those profitability problems.
  • Alternatively, in case data is not available on profitability issues, to find the daily activities conducted by a veterinarian and rank them by time spent on each one.


Early Findings

Data Availability

The initial round of research indicates that data availability is adequate on this topic.

Guilt and Ethics

  • Given the increasing humanisation of pets, small animals veterinarians are now faced with an ethical dimension, and would feel guilty to raise prices, and pricing out treatment for injured or sick pets who represent everything for their owners.
  • The main motivation of veterinarians was to care for animals and profit was not a priority for a long time.
  • As a solution to solve this feeling, veterinarian practices could elaborate a clear profit generation policy and clearly communicate it to all staff.

Excessive Discounts

  • Some practices might give excessive discounts that might not be intentional, or might be given unevenly and not be part of a practice policy.
  • The charging policy might not be clear enough and not defined properly.

Missed Charges

Excessive Drugs and Supplies Expenses

Inventory Management

  • Some Veterinarians are not aware of their inventory levels or could wrongly estimate the real amounts of inventory, which would incur extra costs.
  • It is crucial to conduct a thorough inventory twice a year.

Veterinarian Daily Tasks

SUMMARY

After one hour of research, and given that data was available for the primary research regarding main profitability issues for small pets veterinarian practices, we managed to collect a few issues and potential solutions to overcome them. In addition, we also started to collect some information about the daily tasks of a small pet veterinarian. However, as this was the alternative topic, and data is slightly harder to find, we did not have time to fully gather all the information. If this alternative topic should be explored further, please indicate this in the following proposals below.

Research proposal:

Only the project owner can select the next research path.
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