The American Association of Bovine Practitioners (AABP) Veterinary Practice Sustainability (VPS) committee has received a second grant for more than $238,000 from the USDA National Institute of Food and Agriculture (NIFA) Veterinary Services Grant Program (VSGP) for a two-year series of practice management workshops for recently graduated rural veterinarians. The VSGP is intended to relieve veterinarian shortage situations and support veterinary services in the United States. The workshops are tailored for recent veterinary graduates who are looking to buy/build a practice, those needing help understanding practice finances, and those needing more instruction on human resources management.
The workshop participants will attend a 3-day workshop in the spring of 2020 and a follow-up the next year for another 3-day workshop in the spring of 2021. Participants will receive a $900 travel/lodging stipend each year of the workshops.
Participants will:
- Learn to analyze practice cash-flows to determine profitability and identify trends
- Use value proposition concepts to identify and assess current and future client needs
- Use partial budgeting to gauge cash-flows, and establish timelines
- Forecast to predict how cash-flows may change with new or existing services
- Learn about practice valuation for sale or transition
- Learn about practice acquisition financing
- Learn to navigate a myriad of human resources issues and challenges
- Network with peers about opportunities and experiences
Instructors
- Richard Stup, PhD, human resources management Extension specialist, Cornell University
- David McCormick, MS, CVA, Simmons & Associates
- Dick Lewis, MBA
- David Welch, DVM, MBA
Applicant requirements
This grant is intended for recent graduates practicing in rural/underserved areas. Applicant requirements include:
- U.S. citizenship
- Veterinary school graduation from 2009-2018 (preference given to those who graduated 5 or fewer years ago)
- At least 10% of practice income from food animals
- Practicing in/adjacent to a USDA-designated Veterinary Medicine Loan Repayment Program area
- If not serving in/planning to serve in one of the designated VMLRP areas, applicants may indicate why the area they are serving should be considered a shortage area due to client needs for available technology and services
- Willingness to complete pre-work and homework assignments over the course of the workshops
- Preference will be given to practice owners or those with access to practice financial data and veterinarians (for those without access to financial data, a mock set of practice records will be provided to allow them to participate in the workshops if selected)
- Workshop attendees are required to participate in pre-workshop assignments and conference calls.
An application process will determine participants’ eligibility for this free training. The application period will close November 30, 2019. A scoring process using the grant criteria is used to select the applicants. Notification will be sent in mid-December 2019. Find the application link and more information at https://aabp.org.