So you really want to increase profits?
At Fetch dvm360 in Kansas City, veterinary finance guru Gary Glassman, CPA, shared a list of ways for practices to increase value. The list he provided was hefty—chock-full of things veterinary professionals could incorporate immediately. Here are a select few:
Free vaccines for life!
The concept here, according to Glassman, is that people pay a membership fee upfront to make this happen. For that, they get their basic vaccines included on a regular basis (once a year for basic vaccines). In exchange, you get the promise that your veterinary client will come in every year for a wellness exam.
“You’re trading the price of a vaccine for a wellness exam,” Glassman says in his session. “But that’s so important, because when we get them into a wellness exam, we can sell them another product or educate them on a certain diagnosis.”
Most importantly? You’re making sure that your patient is happy and healthy.
“It’s invaluable to us,” Glassman says. “And you don’t have to do it for all of your vaccines—just the basics. What’s the cost of the vaccine? Not much. How often do we administer it? Yearly. So what are you really giving up here? Not much, yet you gain a lot.”
Think of loyalty programs outside of the veterinary profession to get behind this one, Glassman says: “If you’re the type who loves frequent-flier or hotel reward points, you know that these sorts of programs work.”
Also a proven fact? People hold those points near and dear. They work to earn them. If this didn’t work, Glassman states, then these big companies and chains wouldn’t be incorporating them into their business.
Dental programs with 10 percent discounts!
February is National Pet Dental Health Month. Glassman has an entirely new concept that he dropped on attendees: “Every month is National Pet Dental Health Month,” he says. “We should want to make the concept of dentistry important at all times, always.”
In other words, Glassman doesn’t want veterinary clients trained to only think about their pets’ dental health every February. And that can change with the concept of a dental program and discount. “If Ms. Jones comes in for her February dental appointment, we can tell her that if she comes in for a check-up in 30 days, we’ll give her 10 percent off.”