Growing Your Practice Like a Doc

July 19, 2018
Written by  Melissa Maddux, DVM

veterinary doctor phoneCorporate consolidation is consuming the voice of the independent practice owner. In a transforming profession where student debt continues to rise, patient healthcare needs are unmet by traditional business models and many practices face a labor shortage, the ingenuity of the entrepreneur is critical. The strength the entrepreneurial voice relies on the existence of healthy independent practices.

It doesn’t matter if you are new to ownership or a seasoned veteran looking to realize a return on a lifelong investment, a healthy practice is the first step to transforming vision into reality. The good news is that growing a healthy practice uses the same evidence-based approach as practicing medicine!

The evidence-based practice management approach helps owners (and practice managers) obtain the best available data, engage with it and focus efforts on strategies with the greatest impact. Like a patient exam, it all starts with a thorough history. In the context of the practice, a history involves an examination of the economic factors affecting the practice. The next step is to run some diagnostics or get data on the practice’s performance (financial, marketshare, client compliance). Using the 2018 economic summit vhaperformance data, a diagnosis of specific challenges or opportunities can be made. A treatment, or business solution strategy, is then implemented for each challenge or opportunity. The final step is the recheck, or evaluation of outcome, to determine the impact of implemented solution and assess any need for modification.

To learn more about economic factors affecting the veterinary profession and to master the evidence-based practice management approach, attend the VHA Economic Summit, September 16-17! Space is limited and registration closes Friday, August 17.

dr melissa madduxDr. Melissa Maddux is a graduate of the University of Tennessee College of Veterinary Medicine and CEO of Erupt. Through Erupt, Dr. Maddux works with students, practice owners, consultants, universities, and associations to empower innovative humans and improve financial performance in the profession.

Melissa completed a fellowship between the University of Tennessee and the American Veterinary Medical Association Economics Division where she received advanced training in equine sports medicine and rehabilitation, veterinary economics and finance. A serial entrepreneur, Melissa brings a unique perspective to the veterinary profession. Along with owning several small businesses, she has consulted for companies throughout the United States and South Africa, built educational tools, and developed business programs for colleges of veterinary medicine.