VHMA Webinar: New and Improved Pricing Strategies Part 3 of 3

Presented in partnership with the Veterinary Medical Association Executives (VMAE).

Part 1: January 26, 2021 LINK

Part 2: March 23, 2021 LINK

Part 3: May 25, 2021

Clients have been pushing back against the cost of veterinary care for years. We all know that some of this is unreasonable but constantly increasing prices without offering more value also doesn’t work. We’re at a point where we need to think about more sophisticated pricing strategies, what really adds value to the veterinary experience in pet owners’ minds as well as different models of veterinary care delivery for different kinds of clients.

Implementing a pricing strategy isn’t just about deciding what percentage to use to increase fees. Pricing is a marketing issue and is just one component of the traditional 4 “P’s” of the marketing mix: place, promotion, product, and price, all of which must be considered in price determination.

Although few practices will completely revamp all of their prices at a single time, increased understanding of pricing strategies can help practices improve what they are doing.

Objectives:

Review pricing strategies most commonly used in practices and where improvement is needed
Identify the metrics a practice needs to review to determine if pricing strategy changes are needed in the practice
Understand the components of an effective pricing framework
Explore new pricing strategies that could be used in your practice
Learn how to assess the successfulness of any pricing changes

Part 3 (of 3) - Tuesday, May 25, 2021, 1:00 - 2:00 pm ET
What does the research tell us about pricing in veterinary medicine?
Should you rethink your pricing strategy?
How can you tell?

Original Recording:Tuesday, May 25, 2021

1:00 PM-2:00 PM ET

The Veterinary Hospital Managers Association (VHMA) and Veterinary Medical Association Executives (VMAE) – organizations committed to helping veterinary practices thrive – have entered into a strategic partnership to realize their shared goal of advancing practice health in veterinary medicine. The collaborators are pleased to present a three-part Human Resources webinar series, Building Your Dream Team, which dives into different aspects of individual jobs within the veterinary practice, how to have courageous conversations, and developing your leadership team.The webinars are available free of charge to members of veterinary medical association.

Credit CEU1:1.0

Tag(s) Financial

Description

Speaker: Karen Felsted CPA, MS, DVM, CVPM, CVA

Dr. Felsted is a CPA as well as a veterinarian and has spent the last 20 years working as a financial and operational consultant to veterinary practices and the animal health industry. She also spent three years with the National Commission on Veterinary Economic Issues as CEO. She is active in multiple veterinary organizations, has written an extensive number of articles for a wide range of veterinary publications and speaks regularly at national and international veterinary meetings. In 2011 and 2017, she was awarded the Western Veterinary Conference Practice Management Continuing Educator of the Year and in 2014, the VetPartners Distinguished Life Member Award.