Running a vet clinic smoothly and profitably is a team effort. Knowing how important specialized skills are is the key! Thankfully, there are veterinary specific experts in every area, offering guidance as you steer through practice ownership. Let’s take a look at a few key advisors you need to consider.

Bookkeepers and Accountants – Understanding the numbers

While generic accounting services are certainly available, having an accountant who specializes in veterinary medicine brings incredible industry-specific knowledge to the table. They possess in-depth knowledge of the unique financial intricacies and challenges within the veterinary field. They understand regulations, tax laws, and financial trends related to you, which allows them to provide tailored advice and solutions for your practice. For example, by utilizing a customized chart of accounts (COA), they ensure your financial statements are organized in a way that enables you to use them as a significant tool in your management toolbox. Practices that use the AAHA COA are able to quickly calculate important key performance indicators (KPI’s) and monitor and manage them closely.

Practice Consulting – Increase productivity

Running a successful veterinary practice involves more than just medical expertise – it requires business management strategies as well. A practice management consultant specializing in the veterinary field provides tailored advice on optimizing practice operations and enhancing efficiencies. They can help you identify areas for improvement, implement best practices, and navigate operational challenges unique to the veterinary industry. By leveraging the expertise of a veterinary practice management consultant, you can optimize your practice's performance and achieve long-term success.

Lenders – Show me the money

Financing practice related ventures requires a deep understanding of the veterinary industry's unique financial landscape. Veterinary lenders specialize in providing loans and financial solutions tailored to the needs of veterinary practices. Whether you're looking to acquire a practice, purchase equipment, or expand your facilities, a veterinary lender can offer customized loan options and expert guidance. Their familiarity with the veterinary industry streamlines the loan approval process and ensures you receive financing that aligns with your practice's goals.

Attorneys – Legal considerations

Owning a veterinary practice involves numerous legal considerations. A veterinary-specific attorney with in-depth knowledge of relevant laws and regulations can help navigate various aspects such as buying and selling a practice, real estate transactions, associate contracts, non-compete agreements, employment laws, and much more.

Marketing – How will they find you?

In today’s tech driven world, most of us use social media and the internet to find services relevant to our needs. A veterinary-specific marketing team brings specialized knowledge and experience that can significantly enhance the effectiveness of a veterinary practice’s marketing efforts. By leveraging their expertise, practices can improve client acquisition and retention, enhance their online presence, and ultimately grow their business while allowing veterinarians to focus on providing excellent care to their patients. Your marketing team should be familiar with pet owner demographics, industry trends, SEO and online presence, social communication, online reviews and how to handle public relations issues that may arise, effective to protecting your practice’s reputation.

Insurance Agents - What's at risk?

The ever-changing world of insurance should be left to industry experts who understand the unique risks and requirements of veterinary practices. A veterinary-specific insurance agent can provide solutions for all your insurance coverage needs, including professional liability, cyber insurance and equipment insurance. Additionally, they offer an efficient claim handling process, ensuring comprehensive coverage and effective risk management for your practice.

 While some may view hiring veterinary-specific professionals as an additional expense, the value they provide far outweighs the cost. By leveraging their specialized knowledge and experience, you can mitigate risks, optimize financial performance, and position your practice for long-term success. Investing in a team of veterinary-specific experts is an investment in the future sustainability and growth of your practice!