Welcome to the Veterinarian Success Podcast where you go in-depth with a veterinarian specific financial planner Isaiah Douglass, MBA, CFP® to hear stories, opinions, and leading information about the world of veterinarian medicine from industry professionals. The podcast covers topics relating to the clinician, business, financial, and personal side of to help encourage, promote, and advocate for a healthy and happy standard of care for veterinarians, their families, their staff, and their businesses.
In this episode, I'm joined by Jason Coppens of Coppens Business Strategies. You might want to have a pen and paper handy or just come back and re-listen. The content moves fast, but has a lot of value. We talk about the following:
How he learned how to scale and build processes for growth.
How helping to triple the rate of revenue growth of his wife’s practice was the beginning of the veterinary medicine niche.
The 20/20/20/20 Rule and how it can help align your Profit and Loss Statement to ensure your profitability stays in check.
The Key Performance Indicators (KPI’s) he likes to track and the returns the practice typically receives from these efforts.
Dormant patients – someone not seen in 13 months reminders, phone calls, and a letter. Mix up communications. Call in the 13 months 10%-20%....18 month mark usually about 5% return on that.
Dormant Patients coming back in….going up ratio 1:3. 90 patients going dormant per month. 30 will come back.
Losing 60 patients each month…new patients vs. new clients. Get all the pets from each clients.
New to the area
Unhappy at current provider
Forward booking – every client that walks in the door with an appointment walks out of the door with an appointment. That’s for all types not just annuals. The average is 10%-20% have those appointments booked. Never going to be 100%, but you need to ask 100% of the time.
60% is high but compare that to dentistry at 90% that’s too low for vet med.
The industry trends and where veterinarians need to think about their business for the future.
Implementing new ideas and why it’s so hard and we often fall short.
Coppens Website: https://www.cb-strategies.com/
My guest on today's show is Sarah Rumple the Chief Creative Officer of Rumpus Writing and Editing.
We talk about:
How her second career landed her a job at AAHA and how that position helped her launch her business.
The work she's done across the veterinary industry and it's unlikely you haven't seen her work.
As a veterinarian how to think and utilize social media and how to create content that is evergreen and get the most mileage out of it.
Empowering your team to help create the content you need to share with your clients.
Why making it a team effort improves the quality of content.
The story of looking for more DVM writers and the responses.
The writing class that she teaches and the impact.
What success looks like to her and her dogs make a surprise visit on the podcast.
To follow Sarah and get in touch please visit: https://rumpuswriting.com/
In today's episode I'm joined by VetBilling's founder Tony Ferraro. We talk about the founding of VetBilling and what they do. As well as the following:
How third party financing can be more rigid in the offering. Tony mentions a 40% approval rate, so what about the other 60%? I did push for some data behind this number and here is the reference source.
The typical delinquency of clients on payment plans being 3%-5%, but can reach closer to 10%-15% and why even at the elevated level it still makes sense.
How to construct a payment plan and the down-payment, payment length, and details. How VetBilling allows for more control at the clinic level than third party financing.
Understanding your cost per minute as a method for a down-payment.
Cost Per Minute = Expenses + Cost of Goods Sold / Minutes open per year - $2 - $10 per minute is the wide range for practices.
We review case studies and the amount of care that can increase as well as the dramatic revenue increase. One case study added 707 new clients in a year while adding $413K in revenue.
The training and marketing that must be done to do this effectively.
The trends in the industry and why something "boring" like a payment plan can help fund other reinvestment opportunities.
Finally, the goal for payment plans should only make up about 10%-20% of outstanding accounts receivable not the majority of revenue.
In this episode, Dan and I discuss a Veterinarian's submitted question.
Q: "As the total on my student loans is finally dwindling (under 7,000, whoo-hoo!); my husband and I hope to get a better idea on where to put the funds we were using for loans (paying off house, saving for 529 account, putting more towards our ROTH IRAs, etc.)"
Health Savings Account (HSA) Article Mentioned: https://www.growingyournetworth.com/the-insurance-strategy-that-you-can-actually-want-to-use-for-retirement/
VIN Article: https://news.vin.com/VINNews.aspx?articleId=53435
For all podcast related content head over to www.growingyournetworth.com.
My guest on today's show is Michael Linardi of Halcyon Coaching. Michael's background is leadership training and coaching for executives and business owners. Michael's focus turned to veterinary medicine when he met his husband Dr. Dean Tyson.
Who is the ideal leader in Michael's mind?
His first experiences in veterinary medicine.
The leadership challenges most veterinarians face.
The industry changes.
Areas that veterinarians can adjust to become better leaders.
How to facilitate a culture change in a practice.
The Veterinary Associate Success Mentoring Program he and Dr. Tyson offer.
Finally, he answers what does success look like in the most unique way I've heard yet.
Michael's Website: http://michaellinardi.com/
Michael's book recommendation: The Partnership Charter: How To Start Out Right With Your New Business Partnership (Or Fix The One You’re In) - David Gage
The Veterinary Associate Success Mentoring Program
My guest on today’s show is Dr. Shea Cox. Shea is the founder of PetHospice. Shea is also about to be a published author, which she humbly tries to sneak in at the end. Shea’s mission as you hear throughout is to make end of life care and euthanasia easy on the pets, the owners, and the veterinary staff. She shares her journey to veterinary medicine and the challenges she overcame. The challenges she saw as a emergency and critical care veterinarian. How she looked at the challenge, noticed it was a passion, and something she enjoyed providing. How a three-hour appointment time not only works, but is financially feasible. How she’s leveraged technology to provide on-going support and better care. Her thoughts on battling compassion fatigue and burnout. Finally, be sure to listen to the end where she explains what she’s excited about, what keeps her moving forward, and the certification process for International Association for Animal Hospice and Palliative Care which she helped found.
So, with that introduction enjoy my conversation with Dr. Shea Cox which I can assure you won’t allow you not to smile and laugh throughout.
PetHospice Website: https://www.pethospice.com/
Facebook Group: https://www.facebook.com/groups/PetHospiceGroup/
International Association for Animal Hospice and Palliative Care Website: https://www.iaahpc.org/
On today’s radio show Dan and I tackle a submitted question
“What about long-range financial planning, as most vets start out by struggling to pay their school loans back, and after that, if they decide to open a practice, they just replace these loans with practice loans, mortgages, etc.”
We discuss practice ownership and why it more important today for veterinarians than any other time in the professions history.
Finally we discuss a tweet and article about How to Build Wealth - https://fourpillarfreedom.com/how-to-build-wealth/
In this episode, I have the pleasure to talk with Robert Sanchez CEO and co-founder of Digital Empathy a marketing company focused on serving the veterinarian community.
How a philosophy major that wanted to be a lawyer became a veterinary marketing guru?
Jeff Bezos, Elon Musk, Steve Jobs, Rene Descartes made an impact on him.
Why starting a business in hard in any industry, and the respect that he has for veterinarians that do just that. He shares his first foray into business was not successful at all.
How marketing within veterinary medicine often times can't see the forest for the trees, and many marketing efforts are boring and too generic.
How the fear of failure and feeling not good enough is what is holding you back.
How marketing is a Hero’s Journey and the power of storytelling.
Finally listen to the end where his version of success is so moving and powerful, which once you listen to his interview you will understand why.
Digital Empathy Website - www.digitalempathyvet.com
Robert's Email - firstname.lastname@example.org
Imposter Syndrome Blog Post
Tim Ferriss - Fear(Less) Ted Talk
Donald Miller - StoryBrand
My guest on today's show is Jim Brindestine founder and owner of BuildSmart Construction. We talk about starting a construction business in the depths of the great financial crisis. How Veterinarians became a niche. How he started and how BuildSmart Construction evolved into what it does today, and the entrepreneurial journey lessons which are applicable to veterinarians thinking of doing a start-up. How treating people the right way and communication have built his business. How to interview and evaluate a builder or contractor for a project. Don’t forget to listen to the end where he talks about success and ultimately what he doesn’t want to become. I hope you enjoy this open conversation about being your true authentic self with Jim Brindestine.
Jim's LinkedIn Page
On today's show, we start the first of the "Radio Shows"
In the show Dan and Isaiah answer the question posed to Isaiah, "...information on buying a house with a quarter million dollars in debt?"
Articles & Links Mentioned
Ken Fisher Article on Housing
Charlie Bilello Twitter Thread on Home Prices
Dan shares the news and story about Jay-Z Officially being a Billionaire
Dan's Email: email@example.com
Isaiah's Email: firstname.lastname@example.org
On this episode I'm joined by Dan Routh, CFP®. The episode is unique in the fact that Dan will be an on-going presence on the show, so I wanted to interview him first. Dan shares his story of why did he decide to be a financial advisor, and how it wasn't a life long passion. Why veterinary medicine is so important to him (Spoiler: His wife). The unique challenges that veterinarian students face, as he witnessed it during Kelsey's time at Oklahoma State University. What is specific to the planning needs of veterinarians. What good financial advice looks like. Finally, listen to the end where we touch on success and time, and how that matters to Dan and his family.
Dan's Blog: https://pointedforward.com/
Old Peak Finance: https://oldpeakfinance.com/
Dan's Twitter: https://twitter.com/DanRouthCFP
The Time Tweet we discuss: https://twitter.com/edborgato/status/1120804090064199680?s=12
The Disney Article I discuss: https://www.thecut.com/2019/03/abigail-disney-has-more-money-than-shell-ever-spend.html
Top 10 Questions to ask a Financial Advisor from the CFP® Board: http://www.letsmakeaplan.org/blog/view/lets-make-a-plan-blogs/ten-questions-to-ask-your-cfp-professional
Consumer resources from NAPFA for evaluating a financial advisor: https://www.napfa.org/financial-planning/consumer-resources
My guest on today's show is Dr. Grace KIm, DVM or better know as A Richer Life DVM a financial blogger.
We discuss her story of growing up as a child of South Korean immigrants. Working at multiple types of veterinary care practices across the country due to her husband's placements as a physician. How being sold whole life insurance was the trigger to understand how money works and get a better handle on the family’s finances. How The Merck Wellness Study was a big factor in launching the blog. Why talking about money is important for veterinarians and shouldn’t be looked at as taboo. Her favorite blog post and why it’s likely not one you’d expect. Her thoughts on financial advisors and how to evaluate them. Make sure you listen to the end where she talks about what the future holds and I’m sure you’ll be hearing and reading a lot more of her work!– with that introduction enjoy my discussion full of insights and laughs with Dr. Grace Kim.
A Richer Life DVM Blog
Getting the “whole” story: My take on Whole Life Insurance
Merck Wellness Study
Dr. Kim's favorite Blog Post
A Richer Life DVM Facebook Group - Veterinarians Only
Twitter - A Richer Life DVM
My guest on today’s show is Christine Knjell. Christine’s passion for veterinary medicine started at a young age as she discusses, and that passion still burns today. She talks about her path to today, the psychology of communication and running an effective and efficient practice. The role of compassion and having people personally invested in a hospital’s success. What she would do differently looking back on the sale of the business. Why being a mom and an owner is hard and how she’s learned to get better at dealing with the guilt she feels inside. How she would compete against corporate practices today. The exciting up and coming veterinarians that are going through the veterinary entrepreneurship academy. How she’d recruit associates in this marketplace.
Finally, be sure to stay till the end where her definition of success hits extremely close to home with her daughter’s desire to be a veterinarian.
So with that introduction enjoy this wide ranging and fun conversation with Christine Knjell.
Veterinary Entrepreneurship Academy (VEA) - https://vea.vet/
Modern Animal Health - https://www.modernanimalhealth.com/
My guest on today’s show is Dr. Sarah Fallaw. Dr. Fallaw and I’s discussion centers around her and her fathers work in The Next Millionaire Next Door. We discuss her interest in psychometrics and that’s what helped her look at wealth building as an area of interests. The challenge of veterinarians and doctors in general in building wealth. The self-limiting beliefs we often put on ourselves unjustifiably. The lack of financial literacy many people receive throughout their lives. The impact our parents have on our concepts and ideas on wealth. The best way to demonstrate and teach children about good financial habits. Finally, be sure to listen to the end where she talks about the role of communication in building wealth. So with that introduction join me as we discuss all things wealth building with Dr. Sarah Fallaw.
The Next Millionare Next Door: https://www.amazon.com/Next-Millionaire-Door-Enduring-Strategies/dp/1493035355
Abigail Disney Interview Link: https://www.thecut.com/2019/03/abigail-disney-has-more-money-than-shell-ever-spend.html
My guest on today’s show is Dr. Jess Trimble. Jess is the co-founder and Head of Health for Fuzzy Pet Health. Jess and I talk about her backstory on how a veterinarian and venture capitalist found each other. What is Telemedicine, Telehealth, and virtual care. How it’s helping treat pets that otherwise would not receive care. The questions and concerns around virtual services. The increased trust and compliance of those clients that use virtual services. The opportunity for education and revenue. Practical suggestions on how a practice could begin to implement a virtual offering. The future of technology in veterinarian medicine. Finally, be sure to listen to the end when Jess talks about her thoughts on a virtual practice model improves mental health for veterinarians.
My guest on today’s show is Travis Hornsby. Travis is the founder of The Student Loan Planner. The Student Loan Planner has consulted with over 1,800 people and saved an estimated $90M in loan repayments. Travis and I talk about the lack of incentive vet schools have in lowering tuition, repayment plans and loan forgiveness, how optimistic he is on the profession and the earning potential, private practice vs. corporation consolidation, radical suggestion to revamp the education system for vet education, and be sure to listen to the end for Travis’s answer on what success looks like, I was taken aback with how thoughtful and passionate his answer was. So with that introduction strap in for a fascinating episode with Travis Hornsby.
Veterinarian Specific Blog: https://www.studentloanplanner.com/category/veterinarian/
My guest on today’s show is Mary Berg. Mary is the founder of Beyond the Crown Veterinary Education. Beyond the Crown’s goal is to help veterinarians take their dentistry to the next level. The unique thing about Mary is her background in research, in-practice care, and now consulting. As you’ll hear her experience has allowed for an interesting take on the dilemma of dentistry in vet med. She talks about how like humans, oral care is the key to a healthy pet, opportunity, revenue, and increase in standard of care dentistry brings, and be sure to listen to the end for our Mary’s thoughts on vet techs utilization and compensation. So with that introduction I hope you enjoy this episode with Mary Berg.
A short clip to explain my "Why" for launching the podcast.
For requests of content or inquires please send emails to email@example.com.
All show notes and additional information can be found at www.growingyournetworth.com.