The 4th of July already?! Before summer slips away, let's make the most of this mid-year sales moment.
July marks the mid-year point for practices running on a calendar-year budget/tax schedule. (We assume this includes most practices.)
That means July is a great time for you to help customers do a mid-year gut check on patient visits; income from diagnostics, preventatives and treatments; product sales; profitability; tax–deduction opportunities and so forth.
How a mid-year review helps practices and you:
First, you can help practices review their 2015 revenue to date and identify trends that are either driving revenue or under-performing.
Quite often, practices get so busy that they don't take the time to sit with the numbers and look at their track record over the past several months. You could be a huge help by scheduling a focused gut-check appointment with them. We assume your customers trust you with their revenue figures. After all, you're often in a position to see what they're doing now, with an objective eye toward making improvements. You can help them identify trends that indicate how they're doing with productivity or sales. For instance, how are they running their practice-management software? Or, do they make pre-anesthetic testing mandatory vs. optional before spays, neuters and oral care?
Next, together you can look at opportunities (including missed opportunities) and make suggestions or recommendations on how to jump on those opportunities.
As you look at specific aspects of a practice's 2015 revenue so far, you may spot opportunities your customer might not have noticed. For example, are they using modern lab-testing equipment that automatically links results into patient records? If not, this shift could:
- Help the practice significantly save steps to streamline staff work flow (freeing up the team to do other billable tasks)
- Help enhance the process of making diagnoses and treatment plans during the patient visit
- Ensure that the practices captures ALL in-house tests in the patient invoice (avoiding lost revenue from missed charges)
That's just one example of trends you can identify and open the door to selling the practice an upgrade to a new in-house lab system (chemistry, hematology, electrolytes, etc.)
During the review, you can explore all kinds of opportunities to increase the practice's revenue from rapid-assay screening tests, vaccines, monthly preventatives, treatments, alternative therapies, supplements and other products.
Finally, you can help them make meaningful adjustments that could favor practices at year-end.
Anything you can do to help practices boost income while saving on taxes is a win-win for everyone. Help practices take a closer look at new products, services and protocols that can bring in more patients, enhance care and generate additional revenue. Most manufacturers are more than happy to provide you with tools, such as brochures and online worksheets, to walk through the various ways practices can grow with the use of new equipment or testing protocols.
In addition, offer marketing tips to help practices grow their businesses. Many practices struggle with marketing… and Vet-Advantage understands this. We offer a wealth of Veterinary Marketing Checklists you can use during clinic visits. Two examples include a tool for helping practices improve their results in online directories and a checklist to make sure practices have a mobile-friendly website.
You'll find other marketing topics in our online archives.
Last, but not least, remind practices about the tax benefits they can enjoy this year when investing in new equipment. This Vet-Advantage article walks you through the IRS Section 179 tax advantages you can review with your customers.
When meeting with customers in July, take them through these eye-opening and beneficial mid-year review steps.
It's a great strategy to bring major new benefits to practices while opening the door to revenue for you.