The future of diagnostic testing
Veterinary diagnostic testing is a growth industry, experts say. Find out how you can better put it to work at your practice.
Aug 01, 2008
When it comes to practice growth, veterinarians think the biggest income boost in future years will come from wellness and preventive medicine, according to a new survey by veterinary industry analyst Ryan Daniels at William Blair & Co. A close second is diagnostic testing—a revenue source that's closely related to wellness care. More and more practices are incorporating blood testing, urinalysis, and fecal exams into their regular wellness exams, and doctors are reaping financial rewards for their practices and better health for their patients.
Where the diagnostics industry is headed.
As the charts on this page show, signs are pointing toward increased testing in the coming years. Well-Managed Practices are already on board. Participants in the Veterinary Economics and Wutchiett Tumblin and Associates Benchmarks 2007 study saw laboratory services as a percentage of medical revenue climb from 18 percent in 2004 to 22 percent in 2007.
Diagnostic testing presents a win-win for veterinarians and pet owners. It means clients are spending money consistently over the life of their pets and not all at once in a glut of last-ditch procedures when problems arise, especially when their pets are older.
Click on the related links below to find out what the boost in diagnostic testing means for the industry and how you can make it a cornerstone of your practice's growth.
Why practices test in-clinic vs. out-of-house.