On today’s show, I’m joined by one of the most respected thought leaders on the planet when it comes to veterinary economics, Dr Karen Felsted.
Karen graduated from the University of Texas with a degree in marketing and spent 12 years in accounting and business management, six of those with Ernst & Young.
She then made a radical career change to studying Veterinary Medicine at Texas A & M University graduating in 1996. Returning to Dallas, she practiced both small animal and emergency medicine on a full-time basis while maintaining a veterinary accounting and consulting practice. In 1999 she joined Owen E. McCafferty, CPA, Inc., a national public accounting firm specializing in tax, accounting, and practice management services for veterinarians. During this time she also received her Certified Veterinary Practice Manager designation.
In June of 2001, Karen opened her own accounting firm and also joined the prestigious Brakke Consulting group.
In 2008 she joined the National Commission on Veterinary Economic Issues as CEO and spent over three years there before returning to business consulting.
Karen is currently a member of the Veterinary Economics’ Editorial Advisory Board and in 2011, she received the Western Veterinary Conference Practice Management Speaker of the Year award and in 2014, the VetPartners Distinguished Life Member Award.
But before you get utterly intimidated by her glittering professional roll call a quick word from today’s show sponsor…
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Now back to the show…
Karen was on my very first list of guests to interview when I began the podcast because she is one of the speakers I have learned the most from and I can think of few others who have their finger firmly over the pulse of veterinary business. So, it was a real honour to welcome her to the show. I hope you enjoy this wide-ranging conversation with the multi-talented, articulate and economically brilliant, Dr Karen Felsted.
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Be safe, be well, be happy.
Outline of this episode:
● [1:54] Introduction of Karen Felstead, accountant-turned-veterinarian (and occasional ice
● [8:46] Is it a smart financial decision to go into veterinary medicine in today’s economy?
● [14:46] Establishing systems to make your practice profitable
● [19:12] The importance of strategy and specializations in veterinary hospitals
● [25:05] How the rise of corporatization is impacting the veterinary field
● [32:15] Are there not enough willing mentors, or are younger vets simply more resistant
● [37:05] The types of niche practices that are doing well today
● [40:30] Making the transition from employee to business owner. How do you decide
whether to buy a practice, or to set up your own?
● [49:51] Karen’s opinion on telehealth
● [54:48] The role of the veterinarian in the future, considering the rapid evolution of
● [56:20] Quickfire questions for Karen
Connect With Dr. Karen Felsted
Connect With Dr. Dave
Be safe, be well, be happy.
Thank You To Our Show Sponsor AVMA PLIT
Hey! Before You Buzz Off, please do us both a huge favour and check out the webpage set up by today's show sponsor AVMA PLIT. The sponsors are all vetted and known to us and we think their products and services rock. Your support for them helps us to be able to keep the show coming. Thank you in advance. Dr D.