When Stephanie Hickey, DVM, was approached by her employer to purchase Admiral Veterinary Hospital in Farragut, Tenn., she was unsure whether she wanted to take on the additional responsibilities of practice ownership. She would not only see her clients and patients but also manage the practice operations and the people she employed.
“There’s the feeling that you can never ‘leave’ the practice–even with time off,” Dr. Hickey says.
This isn’t an uncommon issue for new practice owners or those considering practice ownership. Many are unsure how to achieve the ideal work-life balance, and that fear may even stop them from becoming an owner. They may want the benefits of ownership, such as increased freedom and financial equity, but they don’t want to give up precious time doing things they love.
If this is you, you’re not alone.
But, as Dr. Hickey discovered, work-life balance as a veterinary practice owner is not just possible—it’s incredibly achievable.
It’s Not One or the Other
Practice ownership does come with some new challenges to navigate, but “if you can manage a diabetic, ketoacidosis patient, you can manage being a practice owner,” says Raymond J. Ramirez, DVM.
Dr. Ramirez is the author of The Reluctant Practice Owner, A Practice Owner Fable: Seven Things They Don’t Tell You About Practice Ownership. In it, he makes the case that work-life balance and veterinary practice ownership are not two sides of a spectrum. You don’t have to give up one in order to achieve the other.
In fact, it may be the opposite in some cases—a 2022 AVMA study found that practice owners had more satisfaction and less burnout compared to associate veterinarians.
Ultimately, the secret to work-life balance as a practice owner is finding what works best for you.
“Ownership does take a bit of a different mindset, but it’s not all that different from being a doctor,” Dr. Ramirez writes. “You just have a new patient—the practice—with different moving parts.”
6 Ways to Improve Your Work-Life Balance
Whether you’re currently a practice owner or are considering ownership, these six strategies will help you cultivate and protect work-life balance.
- Set a schedule, stick to it, and protect it: One mistake many new owners make is thinking they can fit all their tasks between seeing patients. You may find that the time slips from your hands when you’re going from patient to patient, and suddenly, you don’t have time to get everything done and need to work overtime. Finding the right balance between working on your business and in your business is crucial for success.
Consider setting a weekly schedule and then stick to it. You can spend the majority of your day visiting patients, but make sure there’s enough time built into your weekly schedule for new associate training, bookkeeping, vendor relations, marketing, administrative tasks, and—especially—days off. Once your schedule is set, protect it as a firm boundary.
- Identify hiring goals: Many veterinary practice owners want to spend the majority of their day practicing medicine and doing what only a doctor can do. If that’s something you relate to, a good way to find the work-life balance you desire is to seek outside help for tasks that can be delegated—bookkeeping, office administration, marketing, and legal. Many people and firms specialize in these fields and work with veterinary practices to round out their teams.
- Create a culture you’d want: Often, work-life balance starts with the culture of a practice. If everyone is regularly working overtime or there are even incentives to work more, you may find work-life balance hard to achieve. But as the owner, you get to set the pace for your practice and team.
You can decide what the culture is like—so create one you’d want to work for. If work-life balance is important to you, encourage using available PTO and going home when the day ends. By creating these values, you create an environment where work-life balance is not just a concept but is actually put into practice.
- Hire within your created culture: Whatever culture you settle on, it will only stick if you hire a team that matches your values. You want a team that agrees with protecting work-life balance and doesn’t try to push the boundaries of your set schedule. You’ll also find that a team that aligns with your values allows you to confidently take your hands off the reigns. Don’t fall into the trap that you have to do everything yourself—empower your staff to work within your culture, and the rest should fall into place.
- Find a mentor: One of the best tools at your disposal is learning from someone who has already succeeded at your goals. A mentor will act as a sounding board and guide for you as you navigate your ownership journey. Likely, your mentor has already established a healthy work-life balance for themselves, so they can pass on their knowledge to help you create a thriving, healthy workplace.
- Lean on resources available: There are myriad resources available to practice owners, including your local veterinary medical association. Additionally, consider joining a professional industry association where you can learn from your peers who have paved the ownership path before you. Also, if you’re new to the business side of veterinary practice ownership, you can expand your knowledge by taking business-related CE sessions.
A Note to Current Veterinary Students
If you’re currently in school, you can start preparing for practice ownership now. While you likely already have business courses on your schedule, taking more business classes than what’s required will round out your education, even if you’re undecided about future ownership. You can even explore opportunities such as mentorships, joining a chapter of the Veterinary Business Management Association, and fourth-year business management/ownership rotation courses during this time. If you ever decide to pursue ownership, these things will help you tremendously in the future.
A Look into the Life of a Practice Owner
Remember Dr. Hickey? She ultimately purchased her practice almost 10 years ago and has since rounded out her team with three associates, a practice manager, and an office manager, among other support staff. Dr. Hickey says being an owner has allowed her to have more freedom to spend time doing things she loves, including running a non-profit dog rescue, playing clarinet in her local orchestra, and breeding and showing Cavalier King Charles Spaniels.
“The key to helping you be able to keep your mind off the hospital when you are not there is to have a wonderful staff,” she says. “All vet owners should have a trusted manager and pay them well to take care of the practice when you need time off.”
Dr. Hickey, who serves as the current president of the Knoxville Veterinary Medical Association, works four days a week, taking weekends off. She also takes regular time off every quarter to avoid burnout and has set boundaries with clients and staff on when she can be contacted.
“It has made me a better vet, a better mom, and a better wife,” she says.
Simmons Provides Resources at Every Step
In Dr. Hickey’s case, the key to work-life balance is building a skilled support team and empowering staff to excel in their specialized roles. For practice owners who want to do the same, having a clear picture of your practice’s financial health is the first step. A veterinary practice management appraisal helps practice owners identify sources of diminished profitability, as well as opportunities for growth—including hiring additional staff or contractors.
If you’re ready to pursue practice ownership, please visit our Practice Listings page or call us at 800-333-1984.
