THE ELEPHANT IN THE ROOM FOR VETERINARY PRACTICES (CONT.)
working 3 hours past their regular shift hours. Tis demo- graphic has the highest number of doctors and staff leav- ing the field temporarily or altogether. Tere is no work/ life balance for many of these team members and they are simply burning out. Unsurprisingly, there are no replace- ments to fill the vacancies.
No one seems to have a secret formula or answer to our problem.
I have inquired with several dentists that are clients of my practice and they say the exact same thing. In fact, 2 of the 3 I asked have had their hygienists being approached by competitor dental practices with the lure of more money. of us as well.
I’m certain this has likely happened to some It’s unethical and saddening to me. None-
theless, this how desperate we have all become.
Te June Consumer Price Index exceeded expectations and rose 5.4% from May. Tis is the most since 2008. Core inflation went from 3.8% to 4.5%. What does this have to do with veterinary medicine you ask? A lot. In- flation trickles down to increased costs at the pump, for groceries and commodities. As you know, our industry is really driven by discretionary income from our clients. As the costs to turn on the air conditioning, buy groceries and drive go up, there is less in the family budget to spend on pet care. I think the ‘COVID windfall’ will continue this year for most practices, but may suppress slightly. Based on current models, I predict the interest rates will go down at the end of the summer, but once people realize that inflation is not transient, things will change for all of us. For example, the interest rate on my practice mortgage is fixed at 1.8%. Currently, due to current lending numbers, my bank is paying ME to finance my loan. If you need to refinance or build, negotiate now!
859.753.5000
vetau94@aol.com
With the unsteadiness of the markets, unpredictability due to further potential COVID restrictions and the geopolitical landscape, our economy is really in limbo with regard to history. We have seen our drugs and supplies rise in cost and we must pass that on to our clients. Veterinary medicine is expensive if done correctly and it is not going to decrease. We have no choice if we wish to remain solvent. Add to that, the increased cost of maintaining a good team, loss of pharmacy revenue and no employee pool, we must get creative and venture into unfamiliar waters.
So, what strategies can you use to offset the lack of employees and/or available appointment times? First, you must get more creative with your scheduling. Vaccine appointments can be pushed ahead 2-3 weeks as you need time for the more urgent medical cases. Secondly, eliminate technician appointments (nail trims, anal glands, etc.) and focus on the visits that actually generate the most income. Tird, teach your reception staff to triage phone calls. As we all know, there are things that can wait a day and others that need to be seen as soon as possible. Make a ‘cheat sheet’ or algorithm for them to use to schedule ap- pointments. Lastly, if you allow walk-in appointments, stop.
Continue to take care of your staff by allowing appropriate time away from the office, pay them well, tell them ‘Tank You’ daily, and maintain a calm and organized culture in the office. We are currently in high demand; reflect that in your fee schedule to pay yourself and team what you deserve.
1. (1) Are Pet Populations Really Skyrocketing?
www.avma.org 2. (2) United States Job Openings; United States Job Openings | 2000-2021 Datar (tradingeconomics. com)
3. (3) ‘We’re Feeling the Stress of Incredible Numbers, and It’s Affecting People’: Pandemic Pets Put Unexpected Strain on Veterinary Practices. Boston Globe; Brian McQuarrie; July 9, 2021 © Copyright 2021
Summer 2021 15
J. A. Keith, D.V.M., M.B.A., M. Econ Versailles, KY
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