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.
We all know that wages have not increased that much in this strong economy and the savings rate is very low, more than 57% of consumers have less than $1000 in the bank according to a GoBankingRates survey.
The new business model being adopted by the veterinary profession is proving that pet owners will pay for your recommended treatment plan. They will adjust their monthly budget to fit in a payment plan to care for their pet by curtailing another discretionary monthly expense.
Stop dreading the money talk and offer your clients payment options so they can say yes to your recommended treatment plans. You will attract new clients to your practice, you save the money third party financing companies charge your practice, cash flow will increase and staff morale will increase.
Our case study followed one of our clients for the past two years. The results show that even clients with a poor credit history will pay to care for their pets. By following our recommendations on the percentage of down payment the pet owner must pay to receive a payment plan, the number of months to allow for a payment plan and the efficient use of of our powerful platform, this practice has increased their cash flow and profitability by helping pet owners that would normally not be helped at other area pet hospitals.
Case study #2:VetBillingCaseStudy 2 – 2020