Orientation Meeting Fall 2007

1. Orientation Meeting Fall 2007

2. Who We Are: • The Veterinary Business Management Association • One of 27 chapters in the nation • 2,300 student members • Operates under the National VBMA • Sponsored by Hill’s Pet Nutrition

3. Executive Board Members • Co-Presidents Caitlin DeWilde & Brian Stewart • Vice President Priya Bhatt • Secretary Heather Stice • Treasurer Annie Lo • First year rep Kate Breyer • Marketing/PR Jim Hardiman • Webmaster Chris Ed • Faculty Advisor Dr. Larry Firkins

4. Our Mission “The VBMA is a student-driven organization dedicated to advancing the profession through increasing business knowledge, creating networking opportunities, and empowering students to achieve their personal and professional goals”

5. Why a Veterinary Business Club? • Employers biggest complaint is that new associates know very little about the business aspects of veterinary practice • In order to provide the best care for animals, we need to increase our knowledge about subjects outside of the medical realm.

6. Why We’re Unique • Student driven national organization • NVBMA 3rd Anniversary in September ’07 • Largest independent veterinary student organization in the world • Fastest growing veterinary student group in U.S. • Backed by veterinary industry leaders • AVPMCA (Association of Veterinary Practice Management Consultants & Advisors) Career Development Committee

7. A Professional Opinion… “The most important challenge is improving our economic situation. We must make this change if the profession is going to survive.” “…there was a misperception that this was about raising our fees to afford more luxuries. Now it has become widely known that we are doing this so veterinarians can graduate from veterinary school, pay off the debts they have incurred, and have some quality of life.” Former AVMA President Dr. Joe Howell Reference: JAVMA, Vol 222, No.2, January 15, 2003

8. Why is business important? • Veterinary salaries • 1985 $61,502 • 1995 $58,676 • 2001 $69,150 • $69,150 - $61,502 = $7648 increase • Over 15 years!!! • +12.43% increase in veterinary salaries VS. inflation rate (1985-2001) of 65.97% (http://inflationdata.com/Inflation/Inflation_Rate/InflationCalculator.asp)

9. The Problem • Brakke-Bayer study showed that veterinary incomes are negatively impacted by 4 things 1) failure to use standard management practices 2) poor service environment at the clinic 3) low financial acumen of clinic owners 4) THE BIGGEST REASON: • Veterinarian’s tendency to offer and price services to clients based not on the diagnosis and value of treatment rendered but on perception of a client’s economic status.

10. Why Business for Vets? • Brakke Study Proves it: • By using 11 of 19 standard business practices improves practice income by 45% • Most Veterinarians use <4 !!!! • 18 of the 19 Common Business Practices in Brakke Have Nothing to do With Increasing Fees!!

11. Example Skills to Develop: • Learning to skillfully ask for referrals • Your clients are your best form of advertisement • Learn how to keep your clients happy • It costs 5 times as much to get a new client as it does to keep an old one • For every client that complains there are 20 more that have a problem but did not say a word!

12. What do I Mean by Business Education? • Numbers • Finance • Accounting • Valuation & Demographics • Concepts • Client Service • Leadership • Personnel Management • Marketing • Life • Personal Finance • Contract negotiation • How money works in the real world

13. How am I Going to Educate Myself? • Join the VBMA!! • Attend business education courses at conventions • Check out offerings on VIN.COM • Veterinary business and practice management books

14. The Perks • FREE FOOD at meetings throughout semester • FREE subscription to Veterinary Economics • Access to meeting materials on website • Receive the VBMA monthly mailing with articles of interest and suggested reading • Opportunities for leadership on a local and national level • Opportunity to apply for VBMA professional development scholarship funds • Access to the “Members Only” section of the National VBMA website • Be a part of a rapidly growing national organization • Impress future employers with your dedication to improving your business acumen!

15. Membership • Forms available today and on our website • Cost: $15 per year • Member appreciation gift

16. Last Semester’s Events • Heather Arnold, Practice Manager: “Professionalism in the Workplace” • Fritz Wood “Tenets of Personal Financial Success” • Annual VBMA Etiquette Dinner • Dr. Gary Brummet of A&E Animal Hospital: “Getting Along with Your Clients and Co-Workers” • Dr. Larry Firkins “Interactive Interviews”

17. This Year…. • Heather Buhlig (Arnold) – Lecture Series -Picking the right practice for you -10 biggest mistakes new grads make -Finding a balance after school -How to gain and maintain new clients • Shawn McVey • Dr. Brannan – 9/21 • Dr. Merle • VBMA/AVID microchip fundraiser • Annual Etiquette Dinner

18. Our Website www.cvm.uiuc.edu/vbma • Latest news, updates • Calendar of events • Speaker presentations and contact information • Amazon deals

19. First Year Representative • Liaison between the club and first year class • Make announcements, promote events • Exec board meetings 1 – 2 times per month • Help plan events • Future exec board position • No membership dues • Email a short description to: bstewar2@uiuc.edu

20. Thank You!!