As a veterinarian, you always strive to give your clients the best service possible. Surprisingly, however, there is a lot more to running a profitable veterinary practice than simply doing a great job. While ensuring that your clients’ pets are happy and healthy should be the primary aim of your practice, there are other areas you must also focus on if you want your practice to be as profitable as possible. After all, a veterinary practice is a business, so it’s important that you treat it like one. In this article, we share some tips for improving the profitability of your veterinary practice.
What are the goals you have for your practice? If you don’t have an answer to this question, your practice probably isn’t as profitable as it could be. The most important step you must take to increase your profits is to set specific, measurable goals.
Train Your Staff
After setting your goals, train your staff on them. This should include making your staff aware of the role they play in achieving the objectives of your practice. In addition, you should train your team members on profitable strategies like forward-booking and upselling.
Build Beneficial Relationships
Building mutually beneficial partnerships with complementary local businesses, such as groomers and kennels, can drastically improve your bottom line. Since pet-related businesses often share the same clientele, recommending one another’s services is a highly profitable strategy.
Have an Online Presence
If your practice doesn’t have a website, you’re missing out. Most people today rely on the internet for their needs, and this includes animal care. When you invest in your online presence, you invest in the future of your practice.
Identify and Promote Your Most Profitable Services
If you don’t know which of the services you provide are the most profitable, you’re definitely missing out on additional profits. Therefore, you must track the profitability of each of the services you provide. After identifying these profitable services—promote them! For example, if you earn a lot from dental cleanings, you should put extra effort into promoting this service to your clients.
The Bottom Line
When implemented correctly, each of the above strategies can drastically improve your practice’s profitability. Remember, your veterinary practice is a business, so you should approach its operation with a business mindset. If you do so, you’ll be pleasantly surprised at the results.
Contact Our Experienced Veterinary Attorneys
If you own a veterinary practice, you need an experienced veterinary practice attorney on your side. At Mahan Law, we know the veterinary business inside and out. Founded by veterinary hospital owner Anthony Mahan, Mahan Law is here to help you increase the profitability of your veterinary business. So, if you’re interested in getting the most out of your veterinary practice, please contact us to schedule a consultation.