Are you a practice owner who is struggling to understand the finances of your practice? Do you aspire to become an owner but want to implement change? Do you develop a practice culture that retains veterinarians and staff? In this episode, Dr. Fred Gingrich, AABP Executive Director, is joined by Dr. Lila Grallert, a 2018 graduate of the University of Pennsylvania. Dr. Grallert joined a practice after graduation that she describes as an “adventure” job. She became the owner of the practice but felt she was not prepared to manage a practice successfully. Dr. Grallert attended the USDA grant funded “Manage Your Rural Practice for Success” workshops in 2019 and 2021. We discuss what she learned in the workshops and how she implemented change. Dr. Grallert found the human resources management discussions very valuable as well as networking with peers who were young practice owners and many of them mothers. She explains how she utilizes the Excel template to track income and expenses and calculates billable hours by veterinarian and species. She uses this information to develop budgets, implement a value proposition to develop and charge for new services, and adjust the schedule to a 4-day work week for her veterinary team. Dr. Grallert says she wants to create a place where people want to work and utilizing the information she learned from the workshops helps her develop that business. She states that the veterinary profession is changing, and these young owners can make the changes so that rural practice works for their generation.
The next series of workshops are being developed and the application is open. AABP will have workshops beginning in 2022. These workshops are open to veterinarians who are 10 or fewer years since graduation, have at least 10% of revenues form food animals, and are US citizens. Additional points are given to practice owners or aspiring practice owners and those who are working in USDA designated shortage areas. To learn more about the workshops and apply, visit this link. Any AABP member can take the practice valuation preconference seminar to be held October 6 in Salt Lake City at the 54th AABP Annual Conference. To register for the seminar, visit this link.
A special thank you to the faculty who teach the workshops – Dr. David Welch, project manager, Mr. Dick Lewis, Dr. Richard Stup, and Mr. David McCormick. For questions about the workshops, email fred@aabp.org or Dr. Welch at welchdavid59@gmail.com