July 2011  
Performance Management
A Program, Not Just A Form 


The overall objective of any Performance Management Program ("PMP") is to ensure a Practice and all of its subsystems (processes, departments, teams, employees, etc.) are working together in an optimum fashion to support achievement of the overall strategic and operating performance goals.  In simpler terms, a Performance Management Program strives to ensure the right people with the right competencies are in the right jobs at the right time.   An effective PMP will also look to achieve the following objectives:

  • Shape the culture and reinforce the core values of the Practice
  • Facilitate communications between supervisors and subordinates
  • Motivate and reward superior performance
  • Effectively manage unsatisfactory performance
  • Identify opportunities for personal growth and development
  • Link pay to performance
  • Stimulate individual and collective productivity

 (Click here to read full article)

Tax Efficient Practice Sales 


The sale of a veterinary practice is uncharted territory for many veterinarians, and help in the form of professional advisors like accountants, attorneys, appraisers, financial planners, practice brokers, lenders, and realtors is necessary.  Many owners also have interesting opinions as to the value of their practice, not based upon material facts and profitability.  The NCVEI Profitablility estimator (www.ncvei.org) is a very good rough calculator of practice profitability after normalization of expenses, is the No-Lo Practice brochure from VetPartners at www.VetPartners.org.  Buyers, especially today, will not pay for a practice's potential, just actual historical results and profits.


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Can You Guess the Species?


ko giraffe


Here at VBA animals are not only business but also pleasure.  Talk about close encounters... can you guess what species this is?   Feel free to send comments to info@veterinarybusinessadvisors.com.  We look forward to hearing from you! 

VBA Welcomes Two Student Externs


We would like to take this opportunity to welcome veterinary students Stephanie McGinness and Shannon Cabell.  Both are interested in learning more about practice management and the legal concerns affecting veterinary practitioners.  They both see VBA as an excellent hands-on opportunity to refine their business knowledge and we look forward to working with both of them. 


Stephanie McGinness is a 4th year student at the VA-MD Regional College of Veterinary Medicine where she was the president of the Veterinary Business Management Association (VBMA) for two years.  While she's sure she'd enjoy working in an emergency clinic after graduation, her time with the VBMA has led her to consider going into practice management as well.  Her business interests include topics like behavioral economics, marketing, client & employee motivation, and how to increase client compliance.  Trends and innovation in the veterinary market are also of particular interest to her.  She enjoys pondering what the future of the profession may look like and how to respond to potential challenges on the horizon.  When she's not working Stephanie enjoys kayaking and spending time with her two retired racing greyhounds.  Stephanie graduates in May 2012 and is looking for careers in practice management and emergency medicine.  If you would like a more complete view of the skills and strengths she has to offer your practice you may view her resume at StephanieMcGinness.weebly.com. 


Shannon Cabell has just completed her second year of veterinary school at Cornell University and has a strong interest in law and sees her time at VBA as a great way to supplement her school's curriculum.  She also has ties with the VBMA as the 2011 Northeast Regional Leader.  Her ultimate goal is to someday own a small animal practice in New Jersey.  Topics of interest to her include the legal processes behind buying and selling a practice, malpractice suits, and the role of veterinarians as expert witnesses in court.  In school her focus is on public health and international medicine.  Shannon is quite the athlete and has competed in swimming, basketball, and softball and she also enjoys dance. 


  Looking for Online Courses? 


  Veterinary Law & Ethics

Dr. James F. Wilson 

Provides real world principles, laws and legal precedents with cases and stories illustrating the consequences of being uninformed. 

Topics include:  Legal use of veterinary drugs, Law of malpractice, An introduction to contract law, Ethical relationships with colleagues, medical records, Animals and the law, moral-ethical-legal decision making. 

 (Click here for more information)


Managing Controlled Substances


This program was developed to provide knowledge and the training necessary to ensure that drugs and controlled substances are securely and properly stored, handled, administered and prescribed in compliance with the law. This course is free for AVMA PLIT policy holders. 

(Login to www.avmaplit.com and click 'loss control and risk management for more information)


Regulatory Inspections


This program is an overview for how to manage regulatory visits to minimize fines and citations.  Your practices should construct a custom inspection plan that identifies specific procedures and responsibilities for employees at your practice.  This course is free for AVMA PLIT policy holders. 

(Login to www.avmaplit.com and click 'loss control and risk management for more information)

Veterinary Business Advisors
Countryside Plaza North
Bldg E, Ste. 1403
361 Route 31
Flemington, NJ 08822
Phone (908) 782-4426
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