COVID-19: Business tools for veterinary practices

The COVID-19 pandemic is impacting small businesses across the country, including veterinary practices. Several new AVMA resources can help veterinary business owners meet the challenges of this fast-changing situation. They include a new business and economics section within our COVID-19 website resources, plus a new webinar available free of charge to all veterinary professionals on AVMA Axon.

Free webinar: Business survival in a pandemic economy

Discover practical actions you can take to bolster your veterinary practice right now in the webinar COVID-19: Business survival in a pandemic economy. AVMA’s chief economist, Matt Salois, Ph.D., joins veterinary business consultant Dr. Karen Felsted to walk viewers through the three Cs of business survival during the pandemic: communication, cash flow, and the CARES Act. Attendees will come away with practical tips that support your clients/patients and your business, as well as an understanding of the economic effects of the pandemic on practices, the veterinary community, and the broader U.S. economy.

Veterinary business resources at avma.org/Coronavirus

The new business and economics section of AVMA’s COVID-19 resource site provides detailed information that complements the topics covered in the webinar. They include essential information to help practice owners adapt and manage businesses through the immediate economic downturn, in order to effectively serve patients and clients:

• Maintaining cash flow during COVID-19: Practical advice to manage cash flow during the pandemic, including examples of how colleagues across the profession are implementing new services and business models
• Communication during the pandemic: Tools and actionable ways to remind clients that the ongoing health of their animals is important to the veterinary team and that the veterinary clinic is open for business
• Economic impacts of COVID-19 on practices and the profession: Insight into how COVID-19 has affected practices and the veterinary profession economically, and what we might expect next
• Contract obligations: How to address financial obligations to vendors and suppliers when business operations are reduced
• Veterinary practices as "essential businesses": AVMA's statement outlining the essential services provided by veterinary practices, plus a template to use in writing essential employee authorization letters for team members.

Coming soon

The AVMA is committed to developing practical resources and actionable information to help guide veterinary practices through this new economic landscape. Our economists continue to apply their expertise to understanding the economic impacts of the pandemic and what it means for veterinary practices. Additional resources currently in the works include additional information about working with vendors and landlords on payment deferrals, and accessing loans and other financial resources.

All of these resources will be added to avma.org/Coronavirus when complete. To stay informed about new materials that are being released, be sure to subscribe to this blog and follow AVMA’s social media pages.