When products move from single channel to multi-channel sources, there are sensitivities around price to the consumer. The real issue is on dispensed items such as flea, tick, heartworm, parasiticides and in some cases NSAIDs and vaccines. The team at Vet Advantage put together a price benchmarking tool to help veterinary teams understand how certain products are priced across the country. This Price Index tool is now provided by Today’s Veterinary Business for use in understanding and managing consumer price points.
Source: Today’s Veterinary Business, May 14, 2018. Link.
The Retail Price Index is designed to help practices understand market pricing and keep more revenue in the practice. We pull information from a myriad of online and consumer-facing resellers to take the guesswork out of market pricing for our readers. We understand retail business remains an important source of revenue for the practice, so please let us know your thoughts.
INSIGHTS: Remember, products sold competitively across multiple channels are best handled as price-based costing versus cost-based pricing. In other words, applying a standard markup to dispensed items is not the most competitive method of pricing to stay in the game.