When it comes to setting fees and managing revenue, you can be your practice's own worst enemy — or best ally. This classic compilation puts the brightest minds in veterinary business and practice management into one convenient reference guide!
Don't leave fees to chance. If you set your fees using a haphazard luck-of-the-draw approach, you're gambling with practice income and profitability. Improve your odds for success by using these proven fee-setting strategies.
Worried your fees are high? Well, they're not. In fact, most of you should be thinking that your fees are too low. So stop feeling guilty, and start working to increase clients' perception of value.
Are fees going up too fast? In the wake of a Consumer Reports story on the cost of veterinary care, it's a reasonable question. But regular fee increases are critical to correct a long tradition of undercharging, to keep practice earnings from lagging behind inflation, and to reflect the value of advances in medicine.
Are you charging enough? Too many veterinarians undercharge for treatments, and their bottom lines suffer. Learn to charge what you're worth, collect neglected fees, and offer more services to increase profits.
Pricing strategies that make sense. Does your fee structure accurately reflect the level of patient care and client service your hospital provides? Compare your prices with well-managed practice benchmarks and learn to set fair fees.
Refine your revenue balance. You'll be better prepared to face competition for product sales and prescription revenue in the future if you focus on the value of your professional training and experience today.
Make daily decisions that boost value. A practice valuation gives you a report card for you management strategies and forecasts your financial security. Here's how valuations work — and how your everyday approach influences the income.
Offer five-star service. There's a reason the main dining room in the Four Seasons doesn't offer a drive-through window. Take a page from their book and provide the kind of value that makes your services worth more.
Support fee growth with great service. Providing top quality patient care and client service gives you great job satisfaction, and it offers your practice the critical nutrients it needs to flourish: loyal, compliant clients.