Business of Wellness™ Innovates Wellness Plans
With a strategic approach to wellness, VCP’s proprietary Business of Wellness empowers veterinary practices to stand out in a crowded market, with key differentiators to help hospitals and multi-location enterprises to thrive.
Business of Wellness: Build a Practice Brand and Culture
The veterinary industry is growing more competitive, with a blitz of competing brands targeting pet owners via social media, email, and much more. Connecting with pet owners amid this cacophony begins with building a brand — and team culture — to attract and retain a loyal clientele.
Wellness programs are instrumental tools to differentiate and nurture relationships with pet owners. When done right, wellness programs deliver consistency of care and
build consistency in message. Ideally, the messaging echos throughout the practice, encompassing the doctor’s message, marketing kits, on-hold messages, social media, and much more.
Business of Wellness: Real-time Business Intelligence
Running a wellness plan program without access to real-time performance data robs a practice of vital insights about the health of the program. To compete in today’s marketplace, a wellness solution should provide real-time analytics to enable the analysis of program trends, including:
- Per-pet spending (wellness pets and non-wellness pets)
- New enrollments
- Pending applications
- Cancellations
- Suspensions
- Rejected payments
- Consumption of services
- Renewal rates
- Abandoned cart (incomplete application)
- Revenue trends (the practice compared to the industry)
- Competitive analytics across multiple practices
Real-time practice metrics give multi-location enterprises the insights necessary to take action to make program adjustments, as needed, in a single practice or across multiple practices. These metrics also provide an avenue to compare performance results to similar practices to make apples-to-apples comparisons.
Business of Wellness: Incorporate Additional Practice Areas
A wellness program isn’t a vehicle for discounts, although this is a common myth. Instead, it enables your practice to incorporate additional services into wellness plans — such as grooming, boarding, spa, holistic medicine, and nutrition programs — to grow revenue with head-to-tail care. VCP’s research shows that clients with pets on wellness plans spend an additional 20-30% on optional services, on average, with an overall spend of 3 times more compared to non-wellness clients.
This adaptability helps deliver personalized care to each pet, with both plans for preventives, chronic care, and beyond. It also acts as an avenue to strengthen the bottom line and grow additional practice areas through a membership concept.
Business of Wellness: Increase Practice Valuation
A wellness solution should not only help to form lasting bonds with pet owners — but also should generate a healthier bottom line. Well-implemented wellness plan programs can produce 10% overall revenue growth in the first year — and almost triple that in three years or less, VCP has found.
Well-run wellness plan programs also lift overall revenue by attracting new clients. VCP’s research shows that nearly 60% of wellness plan clients are net new. During slower months, payments for wellness plans help to even out cash flow. Showing predictable monthly recurring revenue should thereby lead to a higher practice valuation.
Find out more about VCP’s Business of Wellness. It’s our goal to support your quest to continually provide the highest standard of pet care this year, and every year.
