In the veterinary industry, pricing decisions can be one of the biggest challenges of running a practice. Worse yet, pricing also can lead to the toughest conversations with customers. Equine veterinarians who need information to make more accurate and fair decisions about pricing have their solution with Profit Solver from Zoetis.
Over the past year, Profit Solver has provided companion and mixed-animal veterinary practices with the data they need to be able to make smart pricing decisions. See how Quitman Animal Clinic is facing pricing challenges head-on in the above video.
“Veterinarians don’t spend a lot of time learning about managing a business in school, so often owners are unsure whether services they are providing are profitable for them,” said Winona Burgess, Profit Solver consultant for Zoetis. “Many times fees are arbitrary or based on competing practices. They might not track profit centers and might be relying too heavily on revenue from dispensing products. Without information on what your true costs are for each service you provide, it’s very difficult to set a fair price for customers and grow the business profitability.”
Profit Solver uses a unique, patented and scientific method to make fair and practice-specific recommendations, using the individual practice’s cost data, rather than national or regional benchmarks. This financial tool measures labor rates as well as costs for overhead, materials and inventory via time-in-motion studies. From there, Profit Solver determines which services are profitable and which are not, providing the data that practices need to quickly make confident, smart pricing decisions that bring value. An example is below.
Profit Solver results are displayed on a bell curve showing the exact profit level in each service fee you charge.
Over the past year, Profit Solver has provided companion and mixed-animal veterinarians with the information they need to help maintain their practices and make better decisions about technology and tools they need for business and customer success.
“We’re excited to offer this service for equine veterinarians to help provide them with a better understanding of the business side of their practices,” Burgess said. “We have a passion for veterinarians and their livelihood. We are dedicated to providing support that allows them to meet their growing business needs--and continue to keep providing exceptional veterinary care.”
To learn about challenges Profit Solver can help veterinary practices solve, watch the above video from Quitman Animal Clinic. Veterinarians who want more information on Profit Solver should contact their Zoetis sales representative or register for a live, informational webinar.
Zoetis (zō-EH-tis) is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 60 years of experience in animal health, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products and genetic tests and supported by a range of services. In 2013, the company generated annual revenues of $4.6 billion. With approximately 9,800 employees worldwide at the beginning of 2014, Zoetis has a local presence in approximately 70 countries, including 27 manufacturing facilities in 10 countries. Its products serve veterinarians, livestock producers and people who raise and care for farm and companion animals in 120 countries. For more information, visit www.zoetisUS.com.
Zoetis is the proud sponsor, with the Smithsonian Institution Traveling Exhibition Service, the American Veterinary Medical Association and the American Veterinary Medical Foundation, of the mobile educational exhibit Animal Connections: Our Journey Together. Families visiting the exhibit will explore the vast bonds between people and animals and learn about the important role veterinarians play in protecting animal and human health. For more information, visit http://www.zoetis.com/animal-connections-tour.