In the past several decades the United States has experienced an upward-trend of corporate acquisition of private veterinary practices, and there is good reason for this trajectory. The advantages of a corporate buyer include capital, business know-how and strong support teams, and bring great value to the practice of veterinary medicine. Here are 7 other advantages of working with a corporate buyer that you may not have considered.
- Improved Marketing
Corporate buyers assess a clinic’s current marketing programs and implement improvements, if necessary. Corporate buyers can introduce new programs to grow patient visits, profitability per visit, and overall revenue per visit. One such way corporate buyers do this is by improving patient compliance with wellness services, such as annual exams, parasite prevention, dentistry, and other wellness procedures. Corporate buyers have marketing teams in place to help you turn your ideas into reality.
- Accounting Support
More likely than not, the reason you went into veterinary medicine was to practice medicine, not become a bookkeeper. Corporate buyers have an accounting team to manage these tasks for you and start important record-keeping processes. In addition, corporate buyers handle accounts payable, revenue reporting, check writing, cash reconciliation tasks, and financial statement preparation, all critical to keep any practice running smoothly.
- Human Resources
Corporate buyers further free veterinarians up to practice by managing human resources. Corporate buyers offer a comprehensive benefits package and excellent salaries. They have a team of HR professionals to assist with recruiting, hiring and retaining staff. Corporate buyers handle payroll and benefits so you don’t have to.
- Assistance with Day-to-Day Operations
Corporate buyers support local practices by assisting the staff with inventory management, examining new ways to improve ordering to make sure inventory is adequate but not expiring, and providing cost-of-goods reporting to make sure that product is moving. Many practices have had the headache of running out of flea and tick preventive, or the opposite, carrying too much inventory on the shelves. Corporate buyers can help practices get a better handle on the inventory and also assist with vendor contracting to ensure that the practice gets the best price possible on inventory.
- Financial Resources and Easy Transactions
When you want to sell, a corporate buyer is able to offer cash for the practice. In addition, corporate buyers can also acquire clinic real estate when the owner wants to sell it as part of a transaction. Furthermore, corporate buyers have the financial resources to invest in the long term growth, success and health of the clinic long after the acquisition is done.
- Flexibility and Experience
Corporate buyers are in the business of purchasing veterinary hospitals quickly and efficiently, and this includes successfully integrating the staff, including the selling veterinarian, who is welcomes to stay on. In contrast, veterinarians (other than current associates) who purchase a practice are generally replacing the selling veterinarian. Changes to staff, if any, are discussed prior to closing, and corporate buyers make every attempt to maintain continuity throughout the client experience.
7. Access to a Wider Team and Knowledge Base
Corporate buyers believe in creating a strong veterinary community with shared values, and have multiple clinics with a community of veterinarians and staff that share ideas. Sharing best practices and learning from each other contribute to long-term success of the clinic and growth of the staff.
About Innovetive Petcare
Innovetive Petcare owns and operates veterinary hospitals. Our clinics benefit from tools, resources, and a great support team dedicated to helping veterinary practices prosper and grow.
Our philosophy is to run a great business so veterinarians can focus on providing exceptional patient care. We want veterinarians and their staff to enjoy a better life, with more work-life balance, a strong supportive community, and ongoing training and career development.
If you are interested in discussing the potential sale of your clinic, or would like more information about Innovetive Petcare and the benefits we provide our hospitals, visit www.innovetivepetcare.com or call us today at 800-210-3695.