Mira Johnson CPA, CVPM, MBA, and Jimmy Bell, CPA, share the rules of employee discounts. They say the practice is a misunderstood and an often abused on-the-job benefit in veterinary practice. Source: Today’s Veterinary Practice, February/March 2024. Link. Make sure your policy on employee discounts is clarified and well understood. Consider offering pet health insurance as … [Read more...]
Search Results for: discount
What if you couldn’t discount?
We often hear rhetoric about increasing transparency. Certainly, various internet-based search tools have created an increasingly transparent universe. David Brock discusses how selling would need to change if the price was the price period. Source: Partners in Excellence Blog, July 9, 2021. Link. . . . when we don’t have pricing as a crutch we leverage to sell, we must … [Read more...]
Research: Why we’re motivated by discounts and surcharges
Alicea Lieberman and Kristen Duke discuss research on the structure of an incentive as either a surcharge or a discount. Incentives can be used to shape people’s behavior. Their research suggests that these tools can be effective, not only in changing one-time behaviors, but also in shaping social norms. Source: Harvard Business Review, February 13, 2020 <link> . . . … [Read more...]
Beef industry is based on discounts more than anything
Discount risk avoidance is a compelling way to consider the economics of the beef industry and its value programs. Jared Wareham shares a perspective that can help veterinarians and salespersons maintain preventative programs while helping producers avoid costly discounts. Value-added programs don’t necessarily add value to a set baseline price. Rather, they begin by removing … [Read more...]
Team member discounts and the IRS
Practices can determine the discount provided to their team member. Even though discounts are a popular benefit, practice management must follow Internal Revenue Service regulations or owners, managers and team members may face hefty fines. Source: Veterinary Team Brief, May 2018. Link. Veterinary team members have always considered discounts a substantial benefit, but they … [Read more...]
Discount your services. Discount yourself.
Sarah Wooten, DVM, hits the nail on the head in this article. Not only do frequent discounts in the heat of the exam-room moment bring down the value of your services, they lower the value of every other veterinarian’s work. Source: Veterinary Economics, March 1, 2018. One of the most important things we can do is to charge what our services are worth. Discounting estimates … [Read more...]
B2B buyers want more than a discount
The mindset of B2C black Friday deals is pervasive. “This culture of cheap mindset also impacts the B2B world,” says Paul Reilly. “Buyers no longer request discounts, they demand them.” This culture-of-cheap mentality can make animal health pros believe they have little to no pricing control. They may believe that discounts are required to please customers. Source: … [Read more...]
Direct talk about discounts
Hilal Dogan, BVSc, doesn’t mince words. She calls for veterinarians to let their charges reflect their real value and quit discounting to receive warm fuzzies. Her approach and reasoning is direct and hits hard at self-worth. Source: Vetted, November 9, 2016. As a young new vet coming into this working world, I still have respect for the way things were done and greatly … [Read more...]
Vendor discounts can reduce profit
Andrew Clark offers some spot-on perspective discussing vendor discounts. We would add: Markup is a cost-based calculation while margin is a price-based formula Pricing and invoicing of dispensed items is a market-conditions discipline to remain competitive Free goods should be received at their unit value, not $0.00 Source: Is My Practice Healthy?, November 5, … [Read more...]
Manage the pressure to discount
A longtime, good customer you cannot afford to lose suddenly asks, “Can you get me a better price?” Now what do you do. In our experience, price discussions are really about value. This customer doesn’t perceive the value equals the price you are asking, has forgotten the value he’s already getting or has read the latest book about negation. Source: Harvard Business … [Read more...]
Let’s talk discounts
This topic parallels our editorial - Toot your own horn. A growing number of veterinary practices and independent dealers or retailers are using practice or business managers to monitor the delivery of services and their residual profits. Discussing discounting behaviors is challenging. Tanja Mimica, of ConsultMates, believes there are four key things that make discounting … [Read more...]
A fresh perspective on horse expenses
Complimentary, includes Commercial Content A recent study completed by Synchrony noted horse owners spend three to four times more than they initially estimated. Karen Hopper Usher provides a realistic overview of horse costs, where the expenses are derived and the importance of planning for expected and unexpected expenses. Source: The Horse. Link. In addition to … [Read more...]
Finding a good place for pollinators
Farmers, as well as suburban property owners, can effectively install pollinator habitats. Ben Powell, MS, shared the importance and opportunity farmers have to plant a wide variety of native crops to provide pollinator habitat at a recent field day. His focus is on crop farmers in this article, but the content applies to suburbia, acreages, along roads and green spaces in more … [Read more...]
First of its kind veterinary of record program seeks to improve access to care
Shelters United is a group purchasing organization that allows animal welfare groups to purchase animal care supplies and products at discounted prices. Rescue organizations rely on a veterinarian of record to provide care for pets awaiting adoption and to purchase necessary prescription medications. Since no VOR model exists to help veterinarians and rescue organizations … [Read more...]
12 plants and herbs that naturally repel mosquitoes
If the dry weather has burned out some landscape flowers, consider adding plants that repel mosquitoes ahead of the late summer and early fall biting frenzy. End-of-season discounts are generally available on remaining plants as fall approaches. . . . a lavender plant smells a whole lot nicer than a bottle of bug spray.” Source: Country Living, April 3, 2023. … [Read more...]
Stop giving s*!& away for free (video)
Commentary In what could be described as a rant, Amy N. Newfield, CVT, VTS (ECC), issues a call to action we’ve heard for decades. Stop giving away your valuable services for free! Stop telling clients that you agree that veterinary medicine is expensive and that your prices are too high! Stop apologizing for your prices! You are devaluing your time and your talent.” Amy N. … [Read more...]
Worth a Glance – February 23, 2023
Last week’s AHD Bulletin – Animal Health Digest Bulletin, February 16, 2023. Link. Most read posts from February 9th AHD Bulletin – Cost of Care Wheel is now 24/7 digital resource. Link. Work is NOT your family. Link. New test strip quickly detects periodontal disease before it is visible. Link. Dos and don’ts of recognition. Link. Place keeper: … [Read more...]
IVPA Summit takes place August 25
The Independent Veterinary Practitioners Association has scheduled a day of learning tailored to helping independent veterinary hospital owners and managers improve efficiencies, leverage technology to their advantage, and improve the bottom line. The 2nd Annual IPVA Summit will kick off Thursday, August 25, the day before Fetch KC Registration is $125 for IVPA Members and … [Read more...]
Veterinary Inventory Professional certification program closes Friday, April 29th, midnight
Complimentary Commercial Content Trained inventory professionals make an ongoing, positive impact within a veterinary practice. They right size inventory costs and help to ensure patient care can thrive. Vet Logic’s new Veterinary Inventory Professional certification program promises to become a step-by-step roadmap to take action, create processes and establish systems … [Read more...]
Tips to reduce dairy farm expenses
Dairy veterinarians are often asked about cost reductions. Certainly, fuel prices now add more cost to equipment and cost of goods requiring transportation. Making small financial changes can certainly add up to big savings. The author shares where to focus to help shave some costs while maintaining production levels and producing high-quality milk. Source: The Bullvine, … [Read more...]
Scheduling castration for bull calves
For bull calves, there’s no good time for castration. In today’s market however, producers use castration as a key component to any preconditioning program. Neutering can greatly influence market price premiums or discounts. Despite common perceptions, numerous studies have shown weaning weights are similar for bulls and steers. 62 percent of commercial cow-calf herds used … [Read more...]
Black Friday. Dead or alive?
Inventory issues that led to the de-prioritization of the traditional Black Friday and decreased discounts may continue to damper the in-store holiday shopping season going forward. The days of lining up at stores for Black Friday deals may be over.” Source: Modern Retail, November 30, 2021. Link. Brands and retailers themselves have been pushing consumers away from a … [Read more...]
Petco to expand PupBoxes, include private label products
Opinion PupBox, a monthly subscription service for dogs, will expand to offer boxes across four life stages: puppy, young pup, grown pup and senior pup. The boxes each contain five to seven hand-picked items items designed for a dog's specific needs at each stage of life. This expansion follows the one of Petco’s mental health pet programs, which also feature the … [Read more...]
Early registration ending for WVC Annual Conference
Complimentary Commercial Content The 2021 WVC Annual Conference is scheduled for September 6 – 9, 2021 in Las Vegas. Live and supplemental virtual opportunities will gather animal health pros to collaborate, network and learn. Early registration discounts end June 30, 2021. We are excited to get people back to learning in-person and celebrating the Veterinary Industry. Our … [Read more...]
5 tips to engage equine owners in wellness care
Complimentary Content from Covetrus and Zoetis Amy L. Grice, VMD, MBA, shares tips for encouraging clients to embrace wellness care, including vaccinations provided by a veterinarian: Wellness Wednesday post Virtual or in-person event Create a template for your region Develop a wellness plan including some bundling Consider raising your emergency fees, … [Read more...]
VVCA Practice groups provide superb access for veterinary teams
Complimentary – includes discount offer! The updates to the Veterinary Virtual Care Association’s (VVCA) new Community are in place and gathering momentum. Employees from sponsoring companies can register at no charge by using the code issued to each sponsor. Groups of up to 10 individuals may join under a Veterinary Practice Team membership purchased by an individual … [Read more...]
VVCA updating memberships, launching interactive VVCA Community
Member support and engagement are basic tenets of the Veterinary Virtual Care Association. A new, interactive VVCA Community will provide member-only engagement, peer-to-peer conversations, increased learning, exclusive interviews and networking groups. Updating current membership information and registering is required. The VVCA upgrades will further support telehealth and … [Read more...]
3rd annual NAVC Media E-Commerce+ Summit to be (appropriately) virtual
Complimentary commercial content This year’s NAVC E-Commerce+ Summit will take place virtually September 22nd and 23rd. The speaker lineup will examine where our industry is headed, and how generational expectation differences continue to change the landscape. The conference will help you prepare for future developments. Topics include: How pets have transformed … [Read more...]
People find it hard to accept a compliment (podcast)
Suzann (Suzie) Pileggi Pawelski finds people typically respond to positive feedback in one of three unhealthy ways: Deflection (brushing it off) Reciprocation (repaying the compliment as quickly as possible) Discounting (providing reasons why the compliment isn’t really deserved). By refusing a compliment properly, people are missing out on a level of connection … [Read more...]
Subscription wellness plans: a long-term answer?
Bob Lester, DVM, shares his experiences and perspectives on subscription wellness plans. Subscription preventive care plans are not discount or loyalty programs. They are not pet insurance. Instead, they are a fundamental way of approaching veterinary practice. They empower clients and the veterinary team with a laser focus on delivering preventive care so that pets can live … [Read more...]