Of all business decisions that a veterinary practice must make, those involving setting prices for new products and services and changing prices of existing products and services are among the most important and impactful ones. No other decision affects the practice’s revenues or profits as directly or significantly as a pricing decision does. Price changes have a direct, immediate, and measurable effect on a veterinary practice’s revenues and profits. Paradoxically, quoting or changing the price of a service is one of the easiest things a veterinary practice owner or manager can do. Because of this dual immediate and significant impact, pricing decisions need the owner and practice manager’s full attention in a sustained and strategic manner.
Strategic pricing is not just about making more money or earning higher profits for their own sake. Beyond the economic importance for veterinary practices, strategic pricing has the potential to address significant high-level problems that are endemic to the industry. These involve being able to pay wages to staff members that go beyond the minimum wage and afford a more stress-free and sustainable lifestyle.
Just as important, a strategic pricing framework supports the pet, positioning pets for longer, happier, and healthier lives through more affordable care.
Learn to price more effectively with the valuable and foundational resources available through VHMA, including a comprehensive white paper that evolved from the groundbreaking VHMA Strategic Pricing Summit led by Rice University marketing expert Utpal Dholakia, Ph.D., as well as the definitive study on the value pet owners place on veterinary services.
Understand, implement and see how VALUE-BASED Strategic Pricing can lead to better pet health, enhanced compliance, and improved profits.