Are veterinary practices raising fees?

Are veterinary practices raising fees?

“Yes,” say majority of Veterinary Hospital Managers Association respondents.
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Sep 22, 2016
By dvm360.com staff

Photos courtesy of Getty Images, illustrations courtesy of Alison FultonWhen the Veterinary Hospital Managers Association (VHMA) questioned 233 practices about their professional service fees, only 9 percent said they’re leaving them as is this year. That number continues to shrink: 20 percent were holding as is in 2014, 13 percent in 2015. Is this an uptick in practice optimism regarding client spending and the economy as a whole?

Although none of the responding practices said they were only reducing service fees this year, 6 percent said they are increasing some and reducing others this year.

Almost half (46 percent) are increasing shopped and non-shopped service fees, while 36 percent are increasing non-shopped fees only.

Just 4 percent of responding practices didn’t fit into the above categories. For example, several said “fee increase decisions would be made for specific items,” and one respondent said the veterinary practice was only increasing exam fees.

Note: Percentages have been rounded up or down to the nearest whole numbers.

Photos courtesy of Getty Images, illustrations courtesy of Alison Fulton

Compared to 2015, the number of practices increasing fees on shopped services by 3 or 4 percent declined. More moved into the 1 to 2 percent category than to the 5 percent or higher category, though both claim about one-third of respondents (32 percent and 31 percent, respectively).

Note: Percentages have been rounded up or down to the nearest whole numbers.

Photos courtesy of Getty Images, illustrations courtesy of Alison FultonFee increases for non-shopped services are higher than for shopped services (see previous page), with half of responding practices increasing non-shopped service fees by 4 to 6 percent. Another 11 percent said their increase would be 7 percent or higher. The remaining respondents (39 percent) said non-shopped services are increasing between 1 and 3 percent.

 

Note: Percentages have been rounded up or down to the nearest whole numbers.