While California is the first state to enact legislation that strengthens consumer protections around third-party deferred interest financing, other state legislatures will likely follow soon, as these types of financing plans come under increasing scrutiny. If your state is next, does your veterinary practice have additional payment options to offer your clients?
We are all facing an unprecedented crisis as we navigate the challenges of the Coronavirus (COVID-19) pandemic. What began as a medical and health emergency has also become an economic and financial emergency. Coronavirus does not discriminate – people from all backgrounds and communities are being impacted. While the financial consequences of this pandemic will
Case study #5: Should you handle payment plans in-house? Offering payment plans to your clients has a very positive impact on your practice. However, you should not be mailing invoices to accomplish this task. Your accounts receivable (A/R) system should be implementing automatic debiting of credit cards or checking accounts. With today’s technology automatic, recurring
Case study #4: No more discounting of services. It is quite common in the veterinary profession to discount services when your client may not be able to pay in full at time of service. But what is the true impact of giving a discount? Does giving a 10 percent discount just mean one has
Case study #3: Pre-approving clients for a payment plan. According to an article by David Lummis, “How retailization is changing the veterinary business” written for Pet Product News, February 2020, … “To a substantial degree, lower-income households have been left behind by the premiumization trend that has driven up prices across every area of
Case study #2: Increase in cash flow Just because your clients do not get approved by third party financing companies like CareCredit does not mean they are not credit worthy. Your clients have the income stream to pay for your services but they just do not have all the money now to pay in full.
VetBilling Case Study #1: How to avoid the five reasons businesses fail and how overcoming these reasons will positively impact your practice. How is it possible to significantly increase cash flow when your practice’s margins are squeezed from all sides? Increasing expenses, competition from online pharmacies, pop-up vaccine clinics…even though client visits are booming, your
VetBilling was honored to be a sponsor and participant in the inaugural Access to Veterinary Care symposium, a groundbreaking collaboration with some of the brightest individuals in the veterinary profession. Our co-founder Suzanne Cannon gave a presentation on how alternative financing options positively impact accessibility of care for pet owners across a broad socioeconomic spectrum.