The Challenges and Evolution of Veterinary Practices Post-COVID-19
Veterinary practices across the country continue to face challenges brought on by the pandemic, and practice owners have been forced to adjust how they do business. On top of all of that, vet practice owners are feeling burnt out as a result of the "pandemic pet boom" and trying to "do it all" themselves.
*According to a COVID-19 Pulse Study by the American Pet Products Association approximately 12.6 million U.S. households got a new pet last year after the pandemic was declared in March 2020. Prior to this, vets were already feeling the pinch with staffing challenges as schools neglected to graduate enough doctors and vet techs. There are simply not enough people to meet the demand for services. Vets have been forced to extend their office hours in an attempt to service all of their clients while also managing the operational and financial aspects of their practices.
All of the compassion fatigue and anxiety that already plagued the profession were exacerbated by the pandemic.
Vets have also had to implement new procedures to ensure the health and safety of employees and clients – procedures that have complicated their business processes and proved to be logistically challenging at times. From asking clients to wait in their vehicles during appointments to installing contactless payment methods, taking patient history virtually, and even offering drive-thru and pick-up options. Some challenges have had a direct impact on revenue as they’ve had to turn away emergency visits, face decreased client visits, and the consumer behavioral change to purchasing pet products online.
Some Vermont practices have come up with innovative solutions to their post-pandemic challenges. Some have turned to conducting checkups and procedures in mobile vans while others are using labeled parking spots to create efficiencies with animal pickups and drop offs. Many vets have adopted a telehealth approach through an app called Televet. A client can download the app, send in photos and then talk with the provider through video chat or messaging for their consultation. It has allowed them to maintain business and expand their reach. Others have partnered with online veterinary prescription retailers to meet the client demand for secure online purchasing options.
Although many have found ways to adapt as a result of the pandemic, the challenges are ongoing and practice owners are burnt out.
As a practice owner do any of the following cause you stress?
- Cash flow or expense management
- Future financial needs being met in retirement
- Up to date financial records to enable you to make informed decisions about your practice
- Business transition plan
- Unexpected surprises at tax time
If you said “yes” to any of the above you need a business partner to take over the heavy lifting and allow you to focus on what really matters.
The Davis & Hodgdon Advisory Group has a variety of services to meet all of your challenges:
DH CPAs offers proactive tax planning to ensure all potential tax credits and deductions are identified.
Our affiliated financial planning firm, Copper Leaf Financial, can help create a personalized financial and retirement plan that integrates every aspect of your life. This way you can focus on what matters and have peace of mind surrounding your financial success.
DH Exit Planning services can help you identify the best type of transition for you. Are you ready to sell your practice? We can help with the negotiations of it. Together, we put a plan in place that incorporates tax strategies and value acceleration.
Our expert RAD accounting services will handle your accounting and bookkeeping tasks for better, more streamlined, financial management which can result in improved cash flow management, accurate record-keeping, and meaningful data reporting.
You deserve peace of mind. Contact us today for a complimentary consultation and find out how we can help you and your practice.
As your business partner we can help you thrive in the new normal!
With offices in Williston and Rutland Vermont, Davis & Hodgdon Advisory Group has served business owners and individuals for more than 30 years by providing progressive, proactive tax and business services through expert staff, high-end technology, and unparalleled efficiency.
*Copper Leaf Financial is an affiliated and separately registered entity.
*AP News, 5/12/2021 https://apnews.com/article/lifestyle-pets-coronavirus-pandemic-business-health-5047e430ce612609e8e21f557c60b900