Has her thyroid been checked? Her kidneys are obviously ok.
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edit--
Ticks?

I am assuming the dog isn't just dehydrated because that would show up in the protein values, same with kidney failure.

You need to speak to a vet who actually knows something about this. Most of us know very little about advance medical diagnosis.
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edit again--
Think of any disease that would lower the water value in the blood but not the blood cell count when you consider this disease==
dehydration, sunstroke, heatstroke
kidney failure
thyroid or adrenal issues
old age
perhaps(?) leukemia unless the cells were examined and found to be ok already
or even a normal variant of polycythemia which wouldn't have to be aggressively treated

This question will bother me for days. If you hear anything on a diagnosis and treatment, will you please tell me what it was? I am curious. I will be in the vet's office Tues, so I will ask them too.
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my final edit here--
Dr H said lots of ticks, fleas, (but any vet would see that and could diagnose it), dehydration, some sort of hemolytic anemia or other bone marrow disease such as leukemia, polycythemia which should be treated by spleen removal or regular bleeding, tick disease, or some sort of adrenal issue that causes severe water loss and panting like hyper thyroid issues. He did mention it was "probably" an infection related to a tick bite called tick fever (or something like that)if it wasn't dehydration that your vet missed.
I hope I relayed this message correctly and I hope you see it.

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