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VALUE-BASED Strategic Pricing for Veterinary Practices

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On August 8 and 9, 2018, the VHMA Critical Issues Summit: VALUE-BASED Strategic Pricing brought together over forty-three thought-leaders from the veterinary services industry. They included practitioners, managers, consultants, and industry opinion leaders. The critical issue addressed during this summit was the question, “How can veterinary practices adopt and implement more effective pricing approaches?” Over one and a half days of presentations, breakout sessions, brainstorming, and discussions, the group pinpointed the strengths and identified the biggest gaps and opportunities for pricing veterinary services. They also learned about state-of-the-art pricing methods and considered how to apply them to the veterinary services industry.

 

This white paper summarizes the event. It has two significant goals. First, the white paper introduces the core concepts, frameworks, and tools for pricing strategically in the veterinary services industry that were presented to attendees at the summit. Each concept, framework, and tool is discussed succinctly but with sufficient detail to give the reader a clear understanding. The second goal of this white paper is to describe and share the work generated by the attendees with a wider audience of veterinary practitioners, consultants, and managers. Accordingly, the ideas, experiences, recommendations, and conclusions about strategic pricing generated by the veterinary services industry thought-leaders who attended the event are described in this white paper. All summit attendees are coauthors of this white paper to acknowledge their contributions. The content is organized into the following eight sections:

  1. Why strategic pricing is important for the veterinary services industry
  2. The state of pricing in the veterinary services industry
  3. Understanding the role of costs in a veterinary practice’s pricing strategy
  4. Understanding customer value for veterinary services
  5. Customer focus and value propositions
  6. Developing a pricing structure
  7. Ideas to improve pricing in veterinary practices
  8. Conducting a pricing audit for your veterinary practice

Each section in this report begins by discussing the relevant core concepts, frameworks, and tools (where applicable), then goes on to describes the ideas, experiences, recommendations, and conclusions developed by the attendees. Since all the work of the attendees was done in groups, the ideas developed by particular groups are described verbatim when appropriate. Throughout the report, where not mentioned, the concepts, frameworks, and content about pricing are adapted from the book Dholakia, Utpal (2017), How to Price Effectively: A Guide for Managers and Entrepreneurs. All other sources are cited clearly, including individual contributions of the Summit attendees who are coauthors of this white paper. The report concludes with a pricing audit that veterinary practice owners and managers can use to assess the current state of their pricing method and identify areas where they need to focus and improve.

 

Upcoming related webinar event:

Strategic Pricing for Veterinary Services: Highlights from the White Paper
Thursday, February 28, 2019
1:00 PM - 2:00 PM EST

Cost: Free

 

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