Case study #3:
Offering your clients more payment options creates goodwill and increases your revenue. However, if you are still apprehensive in offering payment plans you can use our Credit Score Recommendation (CSR) tool to help in your decision making. This CSR is a “soft” credit inquiry into your clients credit history and it does not show or affect their credit score.
Based on how your client pays all their bills the inquiry will return a letter grade from “A” to “G” along with a recommendation on the number of months the payment plan should be and the amount of the down payment you should request. However, this is only a recommendation, your practice can set-up their own policies based on the CSR score.
We recommend that the amount of the down payment should correlate to your operating cost per minute times the number of minutes you spend with the client or the time to complete the treatment plan. For example, for a 60 minute procedure (actual treatment plan plus post and pre op time) where you charge your client $700, and your operating cost per minute is $5.00, you should collect at least $300.00 for the down payment. This covers all your direct costs, COGS and payroll for DVM and staff.
No matter what the CSR grade is, VetBilling accepts all payment plans you send to us. Unlike third party financing companies you have total control of which clients you wish to offer a payment plan and how you structure the rules and regulations of offering payment plans.
Our third case study shows clients that do not have a great credit history still satisfy their obligation to veterinary clinics. Pet owners want to pay for your expertise, they just need a little more time when their financial situation prevents them from paying in full at checkout.
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