2020 Regional Workshop

VALUE-BASED Pricing Strategies and Tools

VALUE-BASED Workshop

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Implementing a pricing strategy isn’t just about deciding what percentage to use to increase fees. Pricing is a marketing issue and is just one component of the traditional 4 “P’s” of the marketing mix: place, promotion, product, and price, all of which must be considered in price determination. Value-based pricing intuitively makes the most sense in setting prices. Value-based pricing, however, is hard—how do you determine how much value a particular service and the related client experience provide to a pet owner? Because of this, not many practices clearly understand how to integrate value considerations into their pricing decisions.

Other factors besides value must always be considered too in making a pricing decision. Inputs to that decision include costs, customer value, reference prices, and the business’s value proposition. And of course, price execution has to be considered: What are pet owners willing to pay? Are prices regularly discounted? How are payment options integrated into the practice?

Appropriate pricing success measures must also be used. Of course, practice revenue and profits are two of these measures, but client and employee satisfaction with the prices and related value are also critical.

Although few practices will completely revamp all of their prices at a single time, increased understanding of pricing strategies can help practices improve what they are doing.

The workshop will address the following issues and topics that are key to implementing an effective pricing strategy:

  • Scrutinizing your practice: is pricing a problem? Do you need to change your approach?
  • Identifying components of the pricing decision framework and how to apply them to your practice.
  • Understanding specific strategies
    • Functional vs. hedonic benefits
    • Service bundles
    • Good-better-best pricing
    • Others
  • Avoiding common pricing mistakes.
  • Using reference and market prices.
  • Implementing new pricing strategies.
  • This interactive workshop will provide numerous opportunities for participants to apply the information to their own situations. Examples and exercises will be include

Multiple team members from each practice are encouraged to attend.

6 Continuing Education hours are available.

Registration is per individual location. 

Seating is limited at each event.

Event dates:
January 29, 2020 - Houston, TX
April 30, 2020 - Mahwah, NJ
June 17, 2020 - Seattle, WA
September 9, 2020 - Orlando, FL (pre-conference workshop)


Presenter 

Karen E. Felsted, CPA, MS, DVM, CVPM, CVA

KarenDr. Felsted graduated from the University of Texas at Austin with a degree in marketing. She spent 12 years in accounting and business management, six of it with the “Big-8” accounting firm of Arthur Young (now Ernst & Young.) During this time, she also obtained an MS degree in Management and Administrative Science from the University of Texas at Dallas.

Dr. Felsted attended the College of Veterinary Medicine at Texas A & M University and graduated in 1996. After returning to Dallas, she practiced both small animal and emergency medicine on a full-time basis while maintaining a veterinary accounting and consulting practice. In 1999 she opened and became Manager-in-Charge of the Dallas office of Owen E. McCafferty, CPA, Inc., a national public accounting firm specializing in tax, accounting, and practice management services for veterinarians. During this time she received her Certified Veterinary Practice Manager certificate.

In June of 2001, Dr. Felsted opened her own accounting firm specializing in financial services for veterinarians and also joined Brakke Consulting, Inc. where she continued to offer practice management consulting services to veterinarians. In January of 2007, Dr. Felsted relocated to Los Angeles and joined Gatto McFerson CPAs, a veterinary-focused financial and consulting firm.

In 2008 Dr. Felsted joined the National Commission on Veterinary Economic Issues (NCVEI) as Chief Executive Officer and spent over three years there before returning to business consulting, both with private practices and the animal health industry. Most recently she became a Certified Valuation Analyst.

Dr. Felsted is currently a member of the Veterinary Economics’ Editorial Advisory Board and has also served on the boards of VetPartners, the CATalyst Council and the CVPM Board of Directors. She has been published in numerous national and international veterinary journals and has also spoken at many local, national and international veterinary meetings. In 2011 and 2017, she was given the Western Veterinary Conference Practice Management Continuing Educator of the Year award and in 2014, the VetPartners Distinguished Life Member Award.

Next Session

Fees & Cancellation 

VHMA Members
  • $325 per person, per event
Non Members
  • $560 per person, per event (rate includes discounted VHMA membership)

Cancellation Policy
For cancellations received in writing two weeks prior to the event, all fees, other than a $25 processing fee, will be refunded. After the two week deadline, no refunds will be issued.

Need help presenting the meeting expenses and value to your employer? Start with VHMA's Employer Justification Letter.

Sponsors

Thank you to our educational sponsors.

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