Podcasts
The Stethoscope and the Spreadsheet
Produced in partnership with Veterinary Management Groups (VMG)
The Stethoscope and the Spreadsheet is a podcast celebrating independent veterinary practice ownership — the challenges, the wins, and everything in between. Hosts Martin Traub-Werner and Dr. Peter Weinstein sit down with practice owners, vendors, and veterinary leaders to share the strategies and stories that sustain independent practices in a changing industry.
The Stethoscope and the Spreadsheet is a podcast celebrating independent veterinary practice ownership — the challenges, the wins, and everything in between. Hosts Martin Traub-Werner and Dr. Peter Weinstein sit down with practice owners, vendors, and veterinary leaders to share the strategies and stories that sustain independent practices in a changing industry. Produced in partnership with Veterinary Management Groups (VMG). New episodes released biweekly.
Most practice owners know inventory is a problem. Few realize just how much it's quietly costing them.
In this episode, Martin and Peter sit down with Emmitt Nantz, co-founder of Inventory Ally, to unpack why COGS is the most overlooked profit lever in veterinary medicine and why fixing it doesn't require firing anyone or seeing more patients. Emmitt also makes a compelling case that veterinary medicine is a service business first, and that practices winning long-term lean into client relationships, not just transactions.
In this episode:
- Why COGS, not revenue or labor, is the biggest and most actionable profit lever
- How most practices carry 30–40% more inventory than necessary
- The hidden opportunity cost: staff counting pills instead of delivering care
- Online pharmacy as a complement to in-house inventory, not a replacement
- Client lifetime value vs. average transaction; the real measure of success
- The Stethoscope & Spreadsheet Seven: Emmitt answers Questions #1 and #4
Timestamps:
00:00 — Intro & welcome
00:53 — Emmitt's background: 20 years in vet med ops, Banfield, SmartFlow, IDEXX & Inventory Ally
04:25 — Breaking down the P&L: revenue, labor, and COGS
06:37 — The PE arbitrage opportunity and why COGS is the answer
08:53 — The emotional case for fixing inventory over cutting staff
09:43 — Inventory as an enabler of service, not the service itself
12:10 — Why practices over-order and the 30–40% excess finding
14:41 — Headwinds and tailwinds for independent practices
19:00 — The cost of inaction is getting exponentially higher
21:57 — The opportunity cost of staff time on inventory vs. client care
23:00 — Online pharmacy: complement, not replacement
26:52 — Does online pharmacy inflate your COGS percentage?
27:29 — It's not about the percent; it's about the dollar
30:30 — Client lifetime value vs. average transaction
32:25 — The Stethoscope & Spreadsheet Seven begins
32:54 — Question #4: What is your greatest joy in this work?
33:30 — Question #1: If not vet med, what would you have done instead?
37:31 — Emmitt's final thought: treat supplier relationships as partnerships
38:22 — Outro
Mentioned in this episode:
- Inventory Ally · inventoryally.com
- Veterinary Management Groups (VMG) · myvmg.com
- SmartFlow (acquired by IDEXX) · Banfield Pet Hospital · Galaxy Vets
New episodes every two weeks. Supported by Veterinary Management Groups (VMG) · myvmg.com
Meet the Hosts
Martin Traub-Werner
Martin Traub-Werner is a veterinary industry entrepreneur and business leader with more than 40 years of experience in human resources, business intelligence, and financial management. Originally from Toronto, he earned his undergraduate degree from York University and a Master of Industrial and Labor Relations from Cornell University. Martin founded VetSuccess in 2013, pioneering business intelligence and analytics for veterinary practices, and later co-founded VetBooks, a leader in bookkeeping and financial services for independent veterinary hospitals. He lives in Nanaimo with his wife, Tamara, their two children, and their rescue dog, Austin.
Peter Weinstein, DVM, MBA
Peter Weinstein is a veterinarian, business consultant, and educator with decades of experience in clinical practice and veterinary leadership. A graduate of Cornell University and the University of Illinois College of Veterinary Medicine, he later earned an MBA from the University of Redlands. Dr. Weinstein has served as president of the Southern California Veterinary Medical Association, California Veterinary Medical Association, and VetPartners, and was Executive Director of SCVMA for more than a decade. He teaches business and finance at Western University of Health Sciences and is co-author of The EMyth Veterinarian.
Build Your Best Practice. Focus on What Matters.
How do you maintain your independence? By joining together. We would be thrilled to have you explore membership with VMG.