The Question is, “How Do I Maximize the Benefits of Wellness Plans for My Practice?”
It’s been more than 6 years since the importance of offering monthly billed wellness plans became a major topic of discussion in the veterinary industry. And yet most privately owned general practices continue to ruminate over the question of whether or not to offer them. Some practices have attempted to build a wellness plan program and given up due to a variety of difficulties, from staff pushback to payment management issues, leaving a sour taste and a lack of interest in trying Again.
The fact, however, is that wellness plans work – and in a VERY BIG way. There are private practices with one or two doctors that have over 600 plans that auto-renew on an annual basis, adding hundreds of thousands of dollars in revenue, not to mention client loyalty and referrals.
Multi-location and corporately owned practice groups have been quick to recognize these benefits, and are implementing wellness plan programs across all of their hospitals. They understand that no other growth tool can positively impact a business as rapidly, and on so many fronts, as a strong wellness plan program.
So, what separates the successful practices from the ones that struggle with implementation, or continue to remain on the fence asking, “Should I or shouldn’t I?” Over the next few weeks, this blog series will explore best practices for creating a successful wellness plan roadmap, as well as address and help break through potential misconceptions that may be preventing a practice from moving forward.
What Wellness Plan Programs Deliver
The data shows that wellness programs can deliver a 10-15% increase in overall practice revenue, improved pet care and early disease detection, increased client loyalty, and even greater doctor and team member job satisfaction. But big results also take some upfront work, in order to create a well thought out program that engages all team players, maps to the long-term goals and objectives of the practice and program, and appeals to the demographic makeup of your clients.
It has been proven that well-run wellness programs deliver very high in-plan and out-of-plan compliance rates. In fact, 94% of pet owners that have wellness plans say “yes” to the highest-level care recommendations when their pets need treatment outside of what is included in the plan. In addition, pet owners with wellness plans spend a significant amount on ancillary services at your practice, increasing revenue as well as profits. And while associate veterinarians paid on production may initially have concerns, the upside from additional services purchased by the pet owner more than make up for any minor discounts offered on the plan (plus, in most cases, the services in the plans themselves are more than most pets were receiving prior to being on a plan). Bottom line…wellness plans deliver BIG for Everyone!
It’s time to move past the “Should I, or shouldn’t I?” question and take action! In our next post we will look at the first steps in building a successful wellness plan program.