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The Veterinarian Success Podcast

The Veterinarian Success Podcast

By Isaiah Douglass

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 clinical, 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.
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#7 Dan Routh , CFP® - Financial Planning for Veterinarians

The Veterinarian Success PodcastJun 09, 2019

00:00
38:44
#40 Dr. Dan Markwalder - Practice Ownership & Leadership in Veterinary Medicine
Jun 07, 202040:23
#39 Radio Show - Investing 101

#39 Radio Show - Investing 101

In this episode, Dan Routh and Isaiah come back for a radio show to discuss investing 101. There has been a lot of interest and activity in investing lately. They discuss the following:

  • The growth of individuals investing and trading in the market today.
  • The basics – identify your risk tolerance, time horizon, diversification, and cost.
  • How to think about investing and medical research.
  • How to overcome biases, the biggest one being home country biases.
  • The Global Market Portfolio.
  • The issue of time horizon mismatching.
  • Savings vs. Investing outperformance.
  • Risk & Return
  • Rebalancing

Free Vanguard Risk Tolerance Tool - https://retirementplans.vanguard.com/VGApp/pe/PubQuizActivity?Step=start

Global Market Portfolio - https://mebfaber.com/2015/05/30/chapter-6-the-global-market-portfolio/

Simple, But No Simpler Investment Allocation - https://www.growingyournetworth.com/simple-but-no-simpler-an-investment-review-part-i/

The Biggest Risk in Your Portfolio - https://www.growingyournetworth.com/the-biggest-risk-your-portfolio-today/

Morgan Housel’s Article Mentioned - https://www.collaborativefund.com/blog/when-you-have-no-idea-what-happens-next/

May 31, 202035:33
#38 Jason Nicholas, DVM - An Ounce of Prevention is Worth a Pound of Cure
May 24, 202040:21
#37 Peter Weinstein, DVM - Innovation and Inspiration for Veterinary Medicine

#37 Peter Weinstein, DVM - Innovation and Inspiration for Veterinary Medicine

In this episode, I’m joined by Peter Weinstein, DVM. He is the Owner of PAW Consulting, Executive Director of the Southern California Veterinary Medical Association, President of Simple Solutions for Vets, and author of multiple books. Peter is a legend in veterinary medicine and someone not afraid to “rattle” a few cages per se as you’ll hear. We discuss the following:

  • His post in Today’s Veterinary Business about his daughter and her journey to become a veterinarian.
  • His role as a parent in his children’s success and direction in life.
  • The challenges in the pool of candidates in veterinary school.
  • Is there a diversity problem in veterinary medicine?
  • What makes a great young veterinarian in today’s world.
  • How has COVID-19 changes the “glacial” pace of change in veterinary medicine?
  • Why veterinary medicine is a service and should be compared to other service businesses and how to embrace that.
  • What business he would emulate as a practice owner in veterinary medicine.
  • How to address the fear of implementing change?
  • The biggest threat to veterinary medicine today?
  • Why is money a taboo topic in veterinary medicine?
  • What is he is most excited about in veterinary medicine?
  • What is next on his list of things to do?

Today’s Veterinary Business Article - https://todaysveterinarybusiness.com/my-daughter-the-veterinary-student/

Peter’s Book

Peter’s LinkedIn - https://www.linkedin.com/in/pawdr/

PAW Consulting

www.simplesolutionsforvets.com

Book on Habits – Atomic Habits – James Clear

May 17, 202051:23
#36 Maggie G. Mortali, MPH - Mental Health Awareness and Suicide Prevention in Veterinary Medicine
May 03, 202031:57
#35 Lauren Smith, DVM - Stop Being So Judgmental
Apr 26, 202022:60
#34 Jeff Thoren, DVM, PCC, BCC - Results happen below the surface
Apr 19, 202053:17
#33 Isaiah Douglass - The One Year Interview
Apr 01, 202050:29
#32 Stacy Pursell - Industry insights from thousands of conversations

#32 Stacy Pursell - Industry insights from thousands of conversations

Mar 30, 202045:34
#31 Matthew Salois, PhD - Translating data into insights for veterinary medicine

#31 Matthew Salois, PhD - Translating data into insights for veterinary medicine

In this episode, I’m joined by Dr. Matthew Salois, Chief Economist and Head of the Economics Division at AVMA. We discuss the following:

  • LinkedIn and how Dr. Salois has leveraged social media to not only educate the industry but understand where to direct more in-depth research based on feedback.
  • The cost of veterinary medical care and the economic dynamics in play today, and the amount of care that’s left undone. 33% of pets don’t receive the proper care from a veterinary professional annually.
  • Debt and financial stress and the impact this has had on the profession. He shares some insights into the breakdown of student loan debt in the industry.
  • Why financial literacy won’t solve the issues plaguing the industry.
  • Asking for help in areas outside of our expertise is not only smart, but it’s also necessary.
  • The labor market and attracting talent, what are the industry trends in hiring and retaining talent.
  • The utilization of vet techs and looking at the dentistry model for inspiration on delegation of workloads within a practice. 60% of veterinary practices are not thriving and operating inefficiently; he discusses the AVMA efficiency index.
  • Leadership and how he leads a team of high-performing people.

Books mentioned by Patrick Lencioni

  1. The Five Dysfunctions of A Team
  2. Death by Meeting: A Leadership Fable...About Solving the Most Painful Problem in Business
  • What would be the one data set of veterinary medicine data would he love to get, and what would he do with it?
  • He shares his definition of success both personally and professionally.
  • Finally, he shares a great call to action for anyone working in veterinary medicine.

Dr. Salois’ LinkedIn - https://www.linkedin.com/in/msalois/

Mar 15, 202044:56
#30 Andrew Rotz, CFP®, CCFC - Serving Students at NC State by Providing Financial Education

#30 Andrew Rotz, CFP®, CCFC - Serving Students at NC State by Providing Financial Education

In this episode, I'm joined by Andrew Rotz, CFP®, CCFC, as he shares his experience serving the future veterinarians from his position within NC State. The unique aspect of this interview is Andrew's experience and insights from thousands of conversations and countless hours spent with future DVM's talking about all things related to their financial life. He also has a unique perspective coming at the financial discussion from an angle of pure education as he is employed by NC State. We discuss the following in this interview.

  • Finding Balance in family, country, and work to excel at all and not sacrifice one for the others.
  • The elephant in the room is student loans, but budgeting and insurance are so critical as well to the early success.
  • What he hears from those in school about the desire for ownership opportunities in the future.
  • The desires of current and future veterinarians for employment that fits within the lifestyle goals they have.
  • Understanding the changing landscape of the industry and why the universities preparing the students evolved and the costs associated with that change.
  • His role on staff at NC State and is a CERTIFIED FINANCIAL PLANNER TM
  • What he is seeing from employment contracts in the industry as 4th-year students accept and review initial job offers.
  • The hidden benefits of various offers and what is most beneficial vs. a nice to have.
  • He discusses how much negotiation flexibility he is seeing from offers and what areas are more negotiable vs. those areas that are not.
  • His opinion on the financial services industry which is unique given his knowledge, experience, and lack of a conflict since he’s employed by NC State.
  • The need for Fee-Only and truly fiduciary aka “best interests of the client” in today’s world of financial advice.
  • Why student loan planning and advice is sorely lacking with most CFP®’s today and his desire to see that changed.
  • The one-piece of financial advice he wished everyone understood better.
  • He opens up and shares a personal financial story of a big lesson learned and how that humbled him in a way that wasn’t easy at the time.

Website: https://cvm.ncsu.edu/education/academic-affairs/financial-services/

Mar 01, 202050:25
#29 VetPartners One Question | What is the one idea or concept you wish more veterinary professionals knew about?
Feb 28, 202019:59
#28 Simon Starkey, DVM, MBA, PhD, BVSc, D.AVBP – In the clinic with a data driven veterinarian

#28 Simon Starkey, DVM, MBA, PhD, BVSc, D.AVBP – In the clinic with a data driven veterinarian

In this episode, I'm joined by practicing veterinarian Dr. Simon Starkey. 

  • He answers what his favorite program is between his DVM, MBA, and Ph.D. and why.
  • Why sick leave matters to the profitability and effectiveness of a practice, Dr. Starkey discusses his blog post.
  • His journey through education and veterinary medicine
  • An example of a colleague incentivizing his support staff by understanding the ebbs and flows of the practice and sharing the benefits appropriately.
  • Looking at the data to dive into the optimal appointment time and the ATC for visits.
  • His view on the secret to combat burnout while being an associate veterinarian.
  • Why offering the relevant and needed vaccines is not up-selling, but THE standard of care.
  • How segmentation of who you serve allows for you and your clinic to work with those that desire what you offer.
  • Why every practice even those small ones should have a vision and mission statement to guide the “How” and “Why” of the care provided.
  • Building care and rapport with clients over time and showing how much, you care allows for YOUR standard of care to be more accepted over time.
  • The interaction of clients with wellness plans and discounted exams. Why and when they make sense.
  • The power of all kinds of data within veterinary medicine and where the future will be going.

Dr. Starkey's Blog Post - https://www.linkedin.com/pulse/paid-sick-leave-does-pay-simon-starkey/?trackingId=SpYv2cN0WaHPN9mbiJQzgA%3D%3D

Dr. Starkey's LinkedIn Profile - https://www.linkedin.com/in/simon-starkey-bvsc-phd-mba-d-abvp-a9ab0725/

Feb 16, 202047:58
#27 Radio Show - All About Health Insurance for Veterinarians
Jan 31, 202029:17
#26 Angela Demaree, DVM - Live the Life of Your Dreams

#26 Angela Demaree, DVM - Live the Life of Your Dreams

In this episode, I talk with Angela DeMaree, DVM of PAWS Consulting. She retired as a MAJ in the US Army Reserves where she learned so much about leadership. In addition to her leadership experiences as a veterinarian and veteran, she holds a Master of Public Health from the University of Southern California's Keck School of Medicine in biostatistics and epidemiology and is a Certified High Performance Coach. 

  • How her mom inspired her to overcome obstacles and was a source of inspiration 
  • How failures can inspire success, and how long it takes to be an overnight successes
  • Learning > Failure and how to frame working towards big goals
  • Her big core values: Bold Leadership, Innovation, Selfless Service, and Adventure
  • How she sees the veterinary profession as the most innovative and intellectual professions out there (biased of course)
  • What is PAWS Consulting
  • Her veterinary medicine story and journey from Equine Sports Medicine to working for AVMA in D.C. to finally working on the regulatory side in Indiana.
  • Why she doesn’t think the theme of young veterinarians don’t want to own is true
  • How sharing and collaboration can help solve some of the biggest issues in vet med
  • Aligning values with goals and dreams
  • Why she started her podcast
  • The three main concerns of veterinarians she heard were: work/life balance, career transitions, and personal finance
  • You are the only one that has to want the dreams and goals in your life, don’t make them about someone else’s vision
  • Be sure to listen to the end as she offers a free strategy session offer to all listeners

Facebook: https://www.facebook.com/groups/BusyProfessionalsWhoThriveTribe/

Instagram: https://www.instagram.com/demareedvm/

Twitter: https://twitter.com/DemareeDVM

LinkedIn: https://www.linkedin.com/in/demareedvm/

Website: https://www.pawsconsulting.com

Beyond the Stethoscope Podcast: https://podcasts.apple.com/us/podcast/beyond-the-stethoscope/id1354281411

Jan 26, 202039:28
#25 Josh Vaisman – Caring for those that provide veterinary care
Jan 13, 202047:57
#24 Aaron Smiley, DVM - The Telemedicine Evangelist & Veterinarian Advocate

#24 Aaron Smiley, DVM - The Telemedicine Evangelist & Veterinarian Advocate

In this episode, I’m joined by Dr. Aaron Smiley, DVM. Dr. Smiley is a practicing veterinarian, public speaker, and advisor on the topic of veterinary telehealth. He is also Chief of Staff Advisor at VetCor, President-elect of the Indiana Veterinary Medical Association, on the Alumni Board for the University of Illinois College of Veterinary Medicine.

  1. Can you provide a global view of the animal?
  2. What medications is the animal on?
  3. Can there be a recheck in 24 hours?
  • He addresses how to think about pricing telemedicine and virtual services.
  • Why, as long as you remain the doctor in virtual care, it’s not going to burn you.
  • His most significant initiatives for being IVMA President in 2020
  1. Bringing more technology to veterinary medicine
  2. Engage the support staff better namely the nursing staff
  • How the care in veterinary medicine should emulate the dental model in regards to nurses helping to grow the business similar to dental hygienists.
  • The best advice he’s ever been given
  • Why sharing ideas in veterinary medicine is so important.

Ways to connect and follow Dr. Smiley

https://www.aaronsmileydvm.com/

https://www.linkedin.com/in/aaronsmileydvm/

https://www.medici.md/doctors/solutions/veterinarian

https://dvmmentor.com/

Dec 29, 201928:17
#23 Bobby Lind - Hidden Value: Real Estate Representation
Dec 01, 201924:47
#22 Michael Burger - Legal Advice, Relationships, and Veterinary Medicine
Nov 10, 201946:24
#21 Radio Show - Disability Insurance 101 & AVMA Economic Summit Review
Nov 01, 201930:22
#20 Meredith Jones, DVM - The Vet Who Talks About Money
Oct 20, 201926:17
#19 Emily Dong - The Power of Data in Increasing the Standard of Care
Oct 06, 201929:33
#18 Radio Show - Mental Health & Work/Life Balance
Sep 23, 201923:28
#17 Jason Coppens - The Process Blueprint for Practice Growth

#17 Jason Coppens - The Process Blueprint for Practice Growth

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.
    1.       New to the area
  1.       New Pet
  2.       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.
  1.      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/

Sep 15, 201956:22
#16 Sarah Rumple - The Power of Words
Sep 02, 201939:34
#15 Tony Ferraro - Meeting Your Clients Where They Are Financially

#15 Tony Ferraro - Meeting Your Clients Where They Are Financially

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.  


Aug 18, 201942:58
# 14 Radio Show: I’m Out of Debt Now What? | The Landscape of Practice Ownership in Veterinary Medicine
Aug 11, 201922:48
#13 Michael Linardi - Teamwork, Practice Dynamics, and Mentoring
Aug 04, 201941:21
#12 Shea Cox, DVM - Addressing the Needs in End of Life Care
Jul 21, 201940:24
#11 Radio Show - What's the long term financial planning veterinarians need
Jul 12, 201925:20
#10 Robert Sanchez - Marketing, Philosophy, and The Power of Story Telling
Jul 07, 201950:04
#9 Jim Brindestine - All Things Construction & Being Your True Authentic Self
Jun 23, 201941:24
#8 Radio Show - Buying a home with debt & Jay-Z's Billionaire Status
Jun 21, 201921:59
#7 Dan Routh , CFP® - Financial Planning for Veterinarians
Jun 09, 201938:44
#6 Grace Kim, DVM - A Richer Life DVM
Jun 02, 201953:04
#5 Christine Knjell - Medicine is the Easy Part
May 26, 201942:07
#4 Dr. Sarah Fallaw, PhD - The Science of Building Wealth
May 12, 201945:40
#3 Jess Trimble, DVM - Telemedicine & The Future of Veterinary Medicine
Apr 28, 201952:11
#2 Travis Hornsby - The Student Loan Expert
Apr 14, 201901:10:50
#1 Mary Berg - Dentistry in Veterinary Medicine
Apr 01, 201945:12
Introduction to The Veterinarian Success Podcast

Introduction to The Veterinarian Success Podcast

A short clip to explain my "Why" for launching the podcast. 

For requests of content or inquires please send emails to isaiah@idfinancialplanning.com.

All show notes and additional information can be found at www.growingyournetworth.com. 

 

Mar 29, 201901:27