How Can Veterinary Practice Owners Prepare for Economic Changes?

Mike Dicks, PhD, director of veterinary economics for the American Veterinary Medical Association, talks about how veterinary practice owners can be prepared for any event that has an economic effect on their practice.

Internally, practice owners need to have a complete set of financial instruments to be able to check their internal financial statements and KPIs monthly. If they're checking monthly, it will be easier to see if something is going wrong. Externally, practice owners need to pay attention to what is going on in the economy. If the economy is going south, they may expect their profitability to go south.