{"id":3509,"date":"2018-08-01T00:00:24","date_gmt":"2018-08-01T07:00:24","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=3509"},"modified":"2023-04-17T00:03:51","modified_gmt":"2023-04-17T00:03:51","slug":"uneasy-street","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/uneasy-street\/","title":{"rendered":"Uneasy Street"},"content":{"rendered":"

Daggers were shooting out of the eyes of the four veterinary hospital partners. You could have cut the tension with a butter knife. I was there as an impartial facilitator after the partners discovered through a professional valuation that the business representing their blood, sweat and tears was worth basically the ground it sat on and the tangible assets inside. Each blamed the other. Finally, with an exhausted gasp, the majority owner proclaimed: \u201cI didn\u2019t sign up for this. I just want to practice medicine and take care of my clients. The money is supposed to follow.\u201d<\/p>\n

As her remark settled in and the partners\u2019 attitudes shifted from aggression to dismay, one of the veterinarians volunteered, \u201cFlying by the seat of our pants as owners and managers obviously hasn\u2019t been working, so now what?\u201d<\/p>\n

That was the million-dollar question, or in this case the $2.1 million question.<\/p>\n

Practicing Practice Stewardship<\/h3>\n

Whether it\u2019s practice owners with whom I\u2019ve collaborated, questions I\u2019ve fielded from aspiring practice owners as I taught at veterinary schools or wrestling with the concept early in my career at my practices, the temptation to fly by the seat of our pants and hope for the best is not a new one.<\/p>\n

As the five of us sat in the room and debated next steps, the concept of management through Key Performance Indicators (KPIs) and not by the seat of the pants was cautiously floated. To some, KPIs and financial management are all about the money. To me, it\u2019s about practice stewardship. As practice owners, we are ultimately responsible to our patients, clients, staff and their families, as well as to ourselves and those who depend on us.<\/p>\n

Intentional practice management starts with identifying why we do what we do, then putting a plan in place to achieve it. It\u2019s a process known as strategic planning, and if you\u2019re not doing it you probably should be.<\/p>\n

In January, a medical director, practice partner and I sat down and wrote a strategic plan for a hospital. This step might sound intimidating, but it needn\u2019t be. If you haven\u2019t written out your goals and a plan for achieving them, consider following these six steps:<\/p>\n