Thanks for tuning in to VetBusiness, presented by the Veterinary Hospital Managers Association and sister show to its VHMA podcast, where expertise and innovation shape the future of veterinary management!

Your host Brian Conrad, in our first episode, discusses how the veterinary industry has truly been through a whirlwind in recent years, including rising costs, economic uncertainty, and staffing challenges, all of which have put practice owners in a tough spot. How do you keep your doors open, pay your team fairly, and still make pet care affordable for clients? Joining him to help him explore this is Terry O’Neil, a CPA and valuation expert who has spent years analyzing veterinary practices.

Terry shares his perspective on what’s really happening in the industry right now. Are practices panicking? No, but they are definitely being cautious, with prices having climbed significantly in the past few years. While those increases were necessary, they also raise a critical question: how much is too much? Terry proposes a smarter way to approach pricing, one that avoids knee-jerk reactions and instead leans on data, efficiency, and even A.I.

We also talk about one of the biggest challenges facing practices today: staffing. If you have ever struggled to keep your team engaged (or just keep them, period), Terry has some great advice on why old-school management approaches aren't working anymore.

We hope that you will enjoy this episode, as it is packed with amazing insights into pricing strategy, efficiency, and leadership in veterinary medicine, and welcome to VetBusiness!

[2:47] - Terry points out how many vet practice owners are concerned about the economy and clients' ability to afford services.
[4:22] - Rising staff wages have led to increased service costs.
[7:50] - Terry argues that vet hospitals should review declined recommendations to get a better sense of pricing flexibility.
[10:27] - Vet practice values are ultimately affected by market shifts, with acquisitions starting to pick up again.
[12:00] - Terry explains how pay rates vary by location, causing businesses to have to balance competitive wages with their prices.
[15:31] - Clinics must find ways to attract clients despite rising costs by strategically adjusting fees.
[16:06] - Vet practices need to analyze client retention, offer first-visit incentives, and also put monthly payment plans into place.
[18:56] - Terry argues that monthly payment plans help clients budget for pet care and should include a premium fee.
[20:53] - Vet staff should also be allowed to work schedules that support their mental health and job satisfaction.
[23:05] - Leadership requires flexibility, the ability to adjust strategies, and keeping an eye on key performance metrics to drive business success.
[24:12] - Terry states that veterinary hospitals need to focus on client visits, pricing strategies, labor efficiency, etc.

Thank you for listening. Remember you are not in this alone. Visit our website for more resources.

• VHMA Web Page

• VHMA Coronavirus Resources

• VHMA Facebook

• VHMA Twitter

• VHMA on Linkedin

• Terry O’Neil on LinkedIn

Coming soon. Subscribe now!

Not often do you get to sit down with someone who has seen and done it all in veterinary medicine. In this episode I’m thrilled to welcome Dr. Peter Weinstein, veterinarian, author, educator and long time leader in the profession. From his early days as a teenage kennel worker to running a successful practice and now teaching business and finance at Western University of Health Sciences, Dr. Weinstein has a wealth of knowledge on what it really takes to succeed in veterinary medicine.

Over the years Dr. Weinstein has worn just about every hat in the industry. He’s been president of both the Southern California and California Veterinary Medical Associations, co-author of the book The E-Myth Veterinarian and was involved in strategic planning for the Veterinary Hospital Managers Association. Today his focus is on helping the next generation of veterinarians understand the business side of the profession—an area that was often overlooked in the past.

In this conversation Dr. Weinstein shares stories from his early days in practice, his love of teaching and why he believes every veterinary professional should think of themselves as a small business. He also talks about the growing interest in practice ownership among young vets, the importance of mentorship and what he’s seeing in the profession today as we settle into a post pandemic world. Whether you’re a practice manager, student or seasoned vet this episode is full of valuable insights from someone who has helped shape the profession for decades.

Show Notes: 

[01:10] I've known Dr. Weinstein for well over 15 years.

[02:40] We learn how Dr. Weinstein was inspired by the book All Creatures Great and Small.

[03:20] He decided he wanted to be a veterinarian in his early teens. He volunteered at a kennel at 15 and worked his way up. Then he went to veterinary school. 

[05:10] He's been a member of VHMA since a year or two out of veterinary school. 

[06:14] Dr. Weinstein is also teaching at the Veterinary College of Western University of Health Sciences.

[09:21] How focus has finally shifted to the importance of business curriculum for veterinary students. Each school has a Veterinary Managed Association (VBMA) that helps students better understand business. 

[10:03] Veterinary medicine is a service industry that provides healthcare.

[11:30] There's plenty of opportunity to enhance the education of veterinary students and encourage them to own their own business.

[12:45] Every individual is a small business, because we have to operate ourselves with a budget and a game plan.

[14:17] Dr. Weinstein talks about the advantages of owning something and building a legacy.

[16:29] Encouraging the baby boomer generation of hospital owners to look to their associates as an exit strategy.

[17:39] We learn what Dr. Weinstein spoke about at Fetch dvm360.

[18:26] One of the most interesting questions was how to institute change in leadership that is resistant to change.

[21:07] We talk about the mental and physical exhaustion post pandemic.

[23:25] We learn about Dr. Weinstein's mentors. 

[26:40] We learn about Dr. Weinstein's family and how they talk about animals and life!

Links and Resources:

Dr. Peter Weinstein - LinkedIn

The E-Myth Veterinarian

Simple Solutions for Vets

Western University College of Veterinary Medicine

Dr. Peter Weinstein - Instagram

All Creatures Great and Small