It’s Time To Act
Wellness plans and preventive care in the veterinary industry have been talked about for years, and as the industry changes the time to act is becoming more crucial. Corporate veterinary organizations are actively growing and using wellness as a tool to attract clients away from local practices and are seeing the benefit in revenue growth well above stand alone practices. In addition, specialty offerings such as vaccination clinics are also popping up and attracting once loyal practice clients.
While wellness plans take some planning and upfront work there is a reason they are gaining ground; Research from the Bayer Healthcare study from 2011 and current reports in 2014 show that practices with clients on wellness see revenue growth. Clients, with pets on wellness plans, come in more often and, while they are there, spend on added products and services not covered in their wellness plan, up to $1.50 more on every $1.00 spent on their wellness plan.
From Every Angle, Wellness Plans Make for A Healthy Practice
A Few Reasons a Wellness Program Should be Implemented:
- Predictable income each month (400 plans at $50 per plan is $20,000 a month).
- Recurring revenue adds to the valuation of practice (Retiring, selling or bring on a Partner)
- Large organizations aggressively growing and marketing wellness may soon be your local competition if not already
- Industry research shows pet owners want wellness plans for piece of mind and budget planning (46% would visit more if they had a plan with monthly payments, as found in the Bayer Healthcare Study)
- Stop the trend of your clients taking pets to wellness plan providers for preventive and you only in emergency
- Proven that clients, with pets on wellness plans, visit more and spend more while at the practice (independent reports show up to 50% increase)
- Increase compliance means healthier pets
These are just a few of the reasons; if you have been thinking about wellness the returns are definitely worth the investment. In our next post we will review the most common reasons we hear from veterinarians on why they waited so long and some of the preconceived hurdles that can be easily overcome.