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.
Dan Markwalder, DVM, is a veterinarian and a partner in Companion Animal Hospital Partners and Animal Care Clinic both in the Chicagoland area. He is a principal and co-founder in the 7S Society and a co-founder of Vet Mentor Solutions. We discuss why practice ownership is so vital in veterinary medicine and what it takes to be a great leader in practice.
His story of starting his first practice and how partnerships have been a foundation of success for him.
How he's managed to successfully partner with 21 other veterinarians over 25 years.
The learning moment when he realized he wasn't the leader he wanted to be.
Why mentorship is foundational for any young veterinarian in today's environment.
Why metrics are essential, but shouldn't be the only driving factor.
Debt and practice ownership, how he thinks about the two.
Why culture helps recruit and retain talent.
COVID-19 and the impacts on business...today and for the future.
Dan's LinkedIn Profile - https://www.linkedin.com/in/dan-markwalder-a2798241/
7S Society Website - https://7ssociety.com/
Vet Mentor Solutions - https://vetmentorsolutions.com/
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
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/
In this episode, I'm joined by Dr. Jason Nicholas, President and Chief Medical Officer of Preventive Vet. We talk about all things preventative medicine, why he's so passionate about it, how it can drive growth, and why it just feels so dang good to do.
The rise of "pandemic puppies" and the potential issues and opportunities that are here.
What he misses most about working in the clinic?
What he enjoys most about your role today with Preventive Vet?
How does he make preventative education fun for pet owners?
How have they leveraged social media the best to spread the word?
What do you see as the most significant impacts of preventative education for a veterinarian?
The feedback on the 101 books that veterinarians have used with their clients.
The story of the journey with Preventive Vet sticks out most.
What is the biggest challenge in preventative medicine today?
To check out more on Preventive Vet go to: https://www.preventivevet.com/
Facebook Page: https://www.facebook.com/PreventiveVet
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 LinkedIn - https://www.linkedin.com/in/pawdr/
Book on Habits – Atomic Habits – James Clear
In this episode, I'm joined by Maggie G. Mortali, MPH Senior Director at the American Foundation for Suicide Prevention. As May is Mental Health Awareness Month this conversation dives deep into mental health and awareness within veterinary medicine. We discuss:
Maggie's role and the collaboration between AFSP and AVMA.
How critical an environment if for mental health and well-being, and how to improve it.
Why don't veterinarians and their human health peers reach out for help?
What are the barriers to care?
What is a crisis response after a suicide death?
The After a Suicide: A Toolkit for Colleges of Veterinary Medicine
What is secondary trauma?
Project 2025 and the goal of the AFSP to reduce suicide deaths in the US and how you can help.
If you or anyone you know is struggling with suicidal thoughts, dealing with a crisis, or need to talk to someone please call the National Suicide Prevention Lifeline at 800-273-8255. Or contact the Crisis Text Line by texting TALK to 741741.
After a Suicide: A Toolkit for Colleges of Veterinary Medicine - https://afsp.org/story/nation-s-top-suicide-prevention-and-veterinary-medical-organizations-partner-to-r
Resources for healthcare professionals and medical educators - https://afsp.org/healthcare-professional-burnout-depression-and-suicide-prevention
In this episode, I'm joined by Dr. Lauren Smith a practicing small animal veterinarian and likely better known as the Vetitude.
We learn about the origin story of the Vetitude and how it came to be.
How to better collaborate with clients vs. view them as the enemy.
How embracing her uniqueness and fighting imposter syndrome has allowed her to have a bigger impact on the veterinary medicine community.
Her view of the success and not as success clinics and hospitals as a relief veterinarian and what are the patterns.
What makes veterinary medicine great in her eyes.
What her soapbox topic is and why everyone needs to listen.
LinkedIn Profile - https://www.linkedin.com/in/laurensmithdvm/
Website - https://thevetitude.com/
In this episode, I'm joined by Dr. Jeff Thoren. Jeff is a veterinarian and coach working within the veterinary medicine community. He shares his experience and conversations about how coaching works in practice and theory. We discuss:
How as a new DVM, he realized that he wasn’t going to be a longer-term veterinarian in the future.
Why the people aspect of veterinary medicine was the most significant calling, he felt, and helped him launch into coaching.
Are leaders born or made?
How the movie A Smile as Big as the Moon is a fantastic analogy for leadership and how leaders can take turns leading.
What is an enlightened rebel, and how that plays a significant role in veterinary medicine.
The difference between a consultant and a coach.
The turning pointing in his career on burnout and the blog posts associated with that season of life.
How coaching helps create space to improve, process, maintain and move forward.
What topics have been surprising from a coaching perspective in veterinary medicine.
How coaching is often below the surface and helping on the mental and emotional components.
What is evidence-based coaching? How are results measured?
What is the “Advice Monster?”
Movie mentioned - A Smile as Big as the Moon
Book Mentioned – The Coaching Habit
Jeff’s Today’s Veterinary Business Post – Douse the flames of early burnout
Jeff’s LinkedIn Profile - https://www.linkedin.com/in/jeffthoren/
In this episode, the tables are turned, and Dan Routh takes control of the microphone and interviews Isaiah. Dan digs into Isaiah’s story and his background.
How did someone born on a farm find his way to financial planning?
His journey to starting his firm and the “why” behind it.
Why veterinary medicine?
Why is he so adamant about ownership in veterinary medicine?
The two critical questions for anyone to ask a financial advisor.
The story of the podcast and why it was started.
VetPartners and why the organization is so essential to the industry.
His answer to the success question he asks all his guests.
Don't Buy Fear post - https://www.growingyournetworth.com/dont-buy-fear/
In this episode, I'm joined by Stacy Pursell Founder, CEO & President of The VET Recruiter. The VET Recruiter is an animal health recruiter; a veterinary recruiter is the source for finding animal health jobs, veterinary jobs, and veterinarian jobs.
Her journey to starting and running a veterinary specific recruiting company and how the industry found her.
How “going outside of the book” and going all-in on veterinary medicine and animal health allowed her to start The Vet Recruiter.
The story of how she was able to help a veterinarian earn a significant increase in benefits and pay and the joy associated with that.
The job security and the low unemployment rate in veterinary medicine. Why she believes today is the best time in history to be a veterinarian.
What is surprising or unusual in the trends in the industry from her conversations.
Are student debt forgiveness offerings beginning to be more standard in employment contracts?
The leverage that veterinarians have in a job search given the need in the marketplace.
How not to use the leverage and stories of mistakes by candidates and how that impacts them longer term.
The impacts and changes to the nature of the industry given the shift towards female veterinarians.
Her advice to all veterinarians to ensure they are adequately paid.
Why her success is aligned with the best outcomes for the industry
Stacy’s LinkedIn: https://www.linkedin.com/in/stacypursell/
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
The Five Dysfunctions of A Team
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/
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.
In this episode, I’m borrowing an idea from a friend who did a one question episode on his podcast. I recently was in Las Vegas for the 2020 VetPartners meeting. I thought last year how fun it would be to ask one question to all these experts and record their insights and share them. So I asked, “What is the one idea or concept you wish more veterinary professionals knew about?” Below are the experts who I was able to get their replies recorded. I wish I could have 3xed this episode, but we’ll likely do another round of this in the future if the feedback is strong. Enjoy!
Dr. Dan Markwalder
Dr. Jason Nicholas
Dr. Jeff Thoren
Dr. Joy Fuhrman
Dr. Kimberly Pope-Robinson
Dr. Peter Weinstein
Dr. Lauren Smith aka “The Vetitude”
Dr. Lisa Mausbach
To find these professionals and others within VetPartners feel free to visit -> https://www.vetpartners.org/
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/
In this radio show episode, we take a question that was left on a review and turned it into a show all about options for health insurance as a veterinarian.
AVMA – Health Insurance - https://avmatrustahp.com/
Health Savings Account Blog Post - https://www.growingyournetworth.com/the-insurance-strategy-that-you-can-actually-want-to-use-for-retirement/
Health Sharing Options
Marketplace Insurance – www.healthcare.gov
For more information head over to https://www.growingyournetworth.com/category/podcast/
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
Beyond the Stethoscope Podcast: https://podcasts.apple.com/us/podcast/beyond-the-stethoscope/id1354281411
In this episode, Josh Vaisman Co-Founder of Flourish Veterinary Consulting joins to talk about how a personal burnout crisis lead him to find his passion, which is helping those that work in veterinary medicine have long, happy, and flourishing careers providing the best care they can.
· How working at PetSmart lead him to his introduction into veterinary medicine.
· How his career developed, and he found his specialization in practice management.
· The relationships that allowed for some tremendous opportunities for financial and professional growth.
· Why he felt burned out and how he knew he could not carry on doing everything the way it was currently structured.
· How Flourish was founded.
· The ideas and concepts behind positive psychology
· The virtuous up-cycle
· Why we are looking to be at a +5 stage of life
· How to approach life more positively and the spillover effects of that.
· The scientific and statistical evidence of positive workplace culture.
· What is an ENPS Score. Why they matter for veterinary hospitals. Also, the average being between -10 and 10.
· Helping co-launch the Power of Ten Leadership Program for Practice Managers.
Facebook Page: https://www.facebook.com/flourishveterinaryconsulting/
Josh’s LinkedIn: https://www.linkedin.com/in/josh-vaisman-ccfp-mappcp-pgc-8371877/
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.
He shares his passion for the veterinary medicine community, and it’s due to the overflow of enthusiasm for the profession and what veterinary medicine does for its patients and clients.
The history of his entrepreneurial side, which started on the school bus selling stickers.
Why private practice ownership didn’t materialize for him even though it was a big goal initially, and why he credits that as a blessing today.
How he is working to improve the mentoring quality in vet med today with DVMmentoring. www.dvmmentor.com
Why telemedicine is so critical and likely already incorporated in your practice today.
How telemedicine can offset losses of revenue in other areas, namely pharmacy.
The three questions to ask all virtual care appointments.
Can you provide a global view of the animal?
What medications is the animal on?
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
Bringing more technology to veterinary medicine
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
In this episode, I’m joined by Real Estate Broker Bobby Lind with Carr Healthcare Realty. In our discussion we talk about:
Bobby’s path to be a healthcare-specific real estate pro.
What is tenant representation and why it’s so important?
How to think about the buy/lease question all veterinarians think about.
The mistakes made by veterinarians when they go through the process the first time.
The process of looking for space and why the process starts from the first call to a landlord.
The costs behind a clinic buildout and how a longer-term lease can lessen those costs.
How far away can you move a clinic before you should worry about losing clients?
When should you start the renegotiation process with a current landlord?
A success story and how free rent played a role in the process. Yes, that is a very real thing…
The tangible amount of money a lease or buy decision can have on your business profits.
In this episode, I talk with Michael Burger partner and attorney at NC Planning. NC Planning focusing on Wills, Trusts and Estate Planning, Business and Corporate Planning, Professional Practice Planning, Probate, Estate, and Trust Administration, and Tax Planning and Representation.
We talk about the legal advice and planning needs of veterinarians.
He shares his journey from litigation to working with business owners on helping them succeed.
The issues with “traditional” legal advice and the “ripple” effect it can have.
We discuss NC Planning’s Complete Corporate Counsel Model.
He shares what he sees from start-up practices, and perhaps why that trend is so prevalent.
The process of a start-up a veterinary business.
What’s most often missed during the start-up process that is critical to long-term success.
Why planning to succeed three to five years down the road is vital.
How to determine if a start-up is right for you?
NC Planning – www.ncplanning.com
In this episode, Isaiah and Dan talk about Dan's recent dvm360 post on disability insurance and why it's so crucial for veterinarians.
Dan's Article - http://veterinarybusiness.dvm360.com/veterinarians-what-happens-if-you-can-t-work
Isaiah's Disability Article - https://www.growingyournetworth.com/six-critical-features-of-a-rock-solid-disability-policy/
Isaiah shares his recent conference trip to AVMA's Economic Summit and his key takeaways.
Isaiah's Blog Post Write-Up - https://www.growingyournetworth.com/avma-economic-summit-takeaways/
Remember to follow Isaiah and Dan on social media
Isaiah's Twitter - https://twitter.com/IDFinancial
Dan's Twitter - https://twitter.com/DanRouthCFP
Isaiah's LinkedIn - https://www.linkedin.com/in/isaiah-douglass-mba-cfp%C2%AE/
Dan's LinkedIn - https://www.linkedin.com/in/routhdaniel/
In this episode, I talked with Dr. Meredith Jones, DVM, to share her vet med story and the passion she has for financial education.
Her veterinarian medicine story
How and why she became a financial coach
Teaming up with another veterinarian to talk personal finance and student loans at AVMA
The most overlooked financial to-do most young veterinarians make
Disability Article - https://www.growingyournetworth.com/six-critical-features-of-a-rock-solid-disability-policy/
The Veterinarian Financial Summit
Debt-to-Income Ratio and Why it’s essential in regards to student loan debt
VIN Calculator Link - https://www.vin.com/studentdebtcenter/default.aspx?pid=14352&id=7578014
A unique look at the success that’s so much about giving back to the veterinary community.
Debt Free Vet – Facebook Group
Veterinary Financial Summit - www.vetfinancialsummit.com
In this interview, I speak with Emily Dong, the founder of PawPrint. PawPrint is the official pet medical record company.
The What and Why PawPrint was created.
The issues caused by the lack of medical records.
The monetary and compliance benefit of having quality information.
The opportunities to embrace technology in vet med for a higher standard of care.
Emily’s background of being a non-veterinary medicine and the benefit to that.
The next stage for PawPrint.
Ensure you tuned in through the end, as it may seem like we wind down; we keep going on some details on PawPrint. Emily shares why she’s a fan of faxes even as a tech-centric company!
In today's episode, Isaiah and Dan share some stories that begin the discussion around mental health and work-life balance. Your mental health is the biggest priority in all decisions.
Articles Reference: https://www.npr.org/2019/09/07/757822004/veterinarians-are-killing-themselves-an-online-group-is-there-to-listen-and-help & https://time.com/5670965/veterinarian-suicide-help/
Not One More Vet
If you or someone you know may be contemplating suicide, call the National Suicide Prevention Lifeline at 1-800-273-8255 or text HOME to 741741 to reach the Crisis Text Line.
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 - email@example.com
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: firstname.lastname@example.org
Isaiah's Email: email@example.com
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 firstname.lastname@example.org.
All show notes and additional information can be found at www.growingyournetworth.com.