Increasing revenue has become harder in the last decade or so. Most practices are dealing with pushback on the cost of veterinary care from pet owners, and therefore the large fee increases are harder to implement than they used to be. With the increase in the number of veterinarians and veterinary practices, competition for clients is also more difficult. Adding new services, however, remains an option—not only do new services allow a practice to generate more revenue from current clients, but it may also attract new clients who are looking for that particular service. VHMA’s August 2019 Insiders’ Insight Report covered this topic.
When asked: “In the next 12 months is your practice thinking about expanding your service offerings?” a large number, 59%, of responding managers indicated that they are thinking about expanding their service offerings. By far, extended hours was the most popular area for expansion, 36% of managers identified this service. Convenience continues to be an important issue for consumers in picking places to do business with and extended hours fits into that category. Telemedicine was the second most popular choice, with almost 25% of the respondents selecting this service. Two other convenience items—online appointment booking and online pharmacy were also in the top group. Not surprisingly given pet owner cost concerns, wellness plans, and payment options were also two of the top areas practices were considering expanding services in.
Offering new services often means acquiring new technology, and thus, the next question asked: “In the next 12 months is your practice considering acquisition of new technology?” While almost 60% of the responding practices are considering adding new services, fewer are thinking about adding new technology. Digital radiography, Sedivue, and blood machines were the technologies least selected—perhaps because practice already have this equipment. The most frequently selected items included Ultrasound, Online appointment scheduling, Telemedicine technology, and Dental digital radiography.
For more details, read the full report, VHMA’s August 2019 Insiders’ Insight Report.