Costs of everything are rising, and you better pay attention. Knowing that employees make up the majority of our ex- penditures, our budgets are changing dollars of spending. Tere are adjustments that need to be made today. Te Dollar-Value is dropping rapidly and you need to offset this loss with your fee schedule. For example, $1.00 to- day is worth less than it was six months ago; you’re paying more for goods but getting less.


Te other options to account for inflation and rising em- ployment costs are to see more patients, extend hours or eliminate employees. None of these options are particu- larly attractive. Hence, you are left to control the easiest choice – raise fees. Tis is critical despite the current eco- nomic troubles the country is experiencing. Service fees should be adjusted biannually to reflect the cost of open- ing your doors.


COGs should be adjusted every time


there is a price increase from your distributors. Watch your spending closely and be prepared for the next several months as the markets will likely change significantly and affect almost every aspect of your practice.


1


Bureau of Economic Analysis, U.S. Department of Commerce; Personal Income and Outlays, ©27 August 2021 


J. A. Keith, D.V.M., M.B.A., M. Econ Versailles, KY


859.753.5000 vetau94@aol.com


KVMA Members place third at the Kentucky Farm Bureau’s golf outing!


(l-r) KVMA golf team, Pat Heitz, Dr. Natalie Heitz, Anuj Chabra, and Patrick Oakley represented us with pride!


Fall 2021 13


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44