Veterinarians Discuss Client Credit Policies

In an ideal world, horses would only require veterinary care between the convenient hours of 8 a.m. and 5 p.m., and veterinarians always would be paid at the time of service. While the late-night emergency call is inevitable, high

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In an ideal world, horses would only require veterinary care between the convenient hours of 8 a.m. and 5 p.m., and veterinarians always would be paid at the time of service. While the late-night emergency call is inevitable, high receivables on services rendered are not, and veterinarians must identify and implement business strategies that will reduce the amount of equine veterinary services performed on credit, according to Andrew R. Clark, DVM, MBA, equine veterinary practice management consultant from Oakdale, Calif.


Clark addressed veterinarians from across the country April 20 during the first Partners in Practice teleconference. Sponsored by Intervet, Partners in Practice was developed to help veterinarians address their top nonclinical business concerns.


Get Out of the Credit Business
 
According to Dr. Clark, the biggest practice management challenge faced by veterinarians is the financial burden of high accounts receivables. “The problem lies in generating accounts receivable, not in collecting them.”


In his hour-long presentation, “Why do we insist upon loaning our clients money, usually interest free?” Clark encouraged veterinarians to adopt and enforce new credit policies to reduce receivables and improve cash flow. “Companies fail because of a lack of cash flow, not lack of profit,” said Clark

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