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The Pitfalls of Price Setting
VHMA Member Price: $69; Nonmember Price: $99
The times, they are a-changing…thanks to inflation, competitive compensation demands, and supply chain challenges. That's why price-setting becomes a pitfall your practice must avoid. In this program, we will look at ways to stay out of the price-setting bind by studying the variables that impact pricing. We will study:
- Staff compensation and the correlation with pricing
- Balancing the cost of hiring and retaining with profitability (KPIs)o Using technology to improve efficiency
- Strategic pricing initiatives to compensate for increased wages (staff and DVM)
- Set compensation tiers and review annually
- Practice Manager's role and impact on pricing
- Price testing
- Priority being high volume services
- Price shopping shopped items
- Fixed and variable cost considerations
- Inventory management – how it impacts pricing
- Vendor negotiations
2022 VHMA Annual Meeting and Conference
Original Recording
Thursday, September 8, 2022,
1:45 p.m.-3:15 p.m.
Credit
CEU1:1.5
Description
Robin Deal is a Certified Public Accountant and Manager with Lacher, McDonald & Co., CPAs and Consultants in Clearwater, Florida. She works with Veterinary Practices nationwide in a combination of accounting, tax, and practice management consulting. Robin works with Practice Owners and Managers on issues ranging from increasing profitability through monitoring the financial statements and Key Performance Indicators, improving client compliance, improving inventory control, exit strategy/practice transition planning, tax planning, and QuickBooks consulting.
Brett Robertson is a Certified Public Accountant and Shareholder with Lacher McDonald & Co, CPAs & Consultants based in Clearwater, Florida; he works with veterinary practices nationwide, offering accounting, tax, and practice management consulting. Brett works with practice owners and managers on issues ranging from increasing profitability through monitoring the financial statements and Key Performance Indicators, improving client compliance, improving inventory control, exit strategy/practice transition planning, tax planning, and QuickBooks consulting.
