Animal Health Solutions

15 Q2 2022 | Animal Health Solutions A convincing amount of data also shows these programs pay dividends to veterinary practices large and small – if practices run the programs as a strategic business tool. These practices grow compliance, build customer loyalty, and boost their bottom line. Now, let's explore the metrics of success from veterinary practices that have rolled out substantial wellness plan programs. Growing revenue, increasing compliance "With over 400,000 plans in our system, we certainly have data showing individual practices, as well as small and large group practices, can enjoy significant gains in compliance and revenue," says Bob Richardson, President of VCP. He continues, "Over the last four years, we have helped practices and organizations of all sizes build programs that have made material impacts on their business." Loyalty, revenue growth, and compliance, both in and out of plan, are key benefits of a well-run program. Well-implemented wellness plan programs can produce 10% revenue growth for a practice in the first year — and almost triple that in three years or less. Owners with pets in Covetrus managed wellness plan programs schedule more visits and follow nearly all their veterinarian's recommendations. 0% 25% 50% 75% 100% 99% – Follow doctor's recommendations 92% – Agree to recommended service/products 89% Agreed to recommendations outside of wellness plan Increased overall compliance in wellness plan programs VCP has seen 99% vaccine compliance and nearly 65% of plans with dental option added in wellness plan programs. Treatment plans to promote pet health Well-run programs also allow practices to move beyond preventive care, providing a path to bundle care via customized treatment plans for chronic conditions, including diabetes, heart conditions, rehab, and more. With affordable monthly payments, these treatment plans make it easier for pet owners to say "yes" to ongoing care for a chronically ill or injured pet. Membership clubs to drive loyalty To capitalize on the rise of the subscription economy and attract Millennials who prefer loyalty programs, wellness plan programs should expand to include a broader membership concept. Club membership can encompass additional benefits, such as telemedicine, on-call veterinary services, and so forth, to engender client loyalty and differentiate the practice. "Wellness plan programs should be a complete and total package business strategy," Nelson adds. "It's more than preventive care. It is a business strategy that allows them to achieve many of the goals they have – from compliance to pet owner education to healthy pets, increasing revenue, increasing other services outside the plan, and building loyalty." To find out more about wellness, email: Ron Nelson, EVP of Operations, VCP-Covetrus at Ronald.Nelson@covetrus.com. American Pet Products Association. U.S. Pet Industry Spending Figures & Future Outlook. 2019. Harris Williams & Co. Veterinary Services Market Overview. 2016. Forbes. Why Are So Many Millennials Opting For Pets, Not Parenthood? August 31, 2016. VCP data.

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