Today's Veterinary Business

APR 2018

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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32 Today's Veterinary Business Business There has been no end to the number of comments on all this, but there hasn't been a sustained effort to demonstrate the mech- anisms underlying some of the biggest changes taking place within the industry. The more we can understand these changes, the more we can improve outcomes for pet owners by reducing costs and increasing access, and the more we can create revenue opportunities for veterinarians. Four major drivers are power- ing a series of interrelated innova- tions within the veterinary profes- sion. These trends are: The Digitization of Diagnostic Tools Diagnostics tools underwent a major change when they were able to focus and convey information across mediums, such as when René Laennec first invented the stetho- scope. Being able to focus and convey information has undergone many iterations over time, but the digitization of information convey- ance is only a step in that process. Diagnostic tools can now focus and convey information without respect for geographic or political barriers. The ubiquity of digital receptors, from remote Bluetooth Business INNOVATION STATION The veterinary profession is undergoing a period of unprecedented change. This cliché is usually accompanied by a series of tropes like: • Revenues are increasing but new-client numbers are staying flat. • Veterinarians are experiencing burnout at an increasing rate. • Corporate consolidation is putting more pressure on small practices. • New models of low-cost care are putting upward pressure on clinics and forcing them to change. devices to activity collars to in- home devices that alert owners and veterinarians about animal needs has created unprecedented levels of information capture and delivery. Harnessing these tools will increase the veterinary eco- nomic footprint and with that the access to care. The Benefits of Economies of Scale The drive toward acquiring new tracking metrics and developing analysis tools that determine areas of highest values allows businesses to focus their energies on the most 1 valuable customer experiences. In combination with this, it has never been easier to build a veterinary clinic, if for no other reason than simply because finance opportuni- ties are very attractive today. Com- bine these two items and clinics are able to scale their businesses through focusing on areas of high- est value and constantly expanding upon their abilities to deliver that value by scaling their efforts across different locations. Using Artificial Intelligence to Better Triage Cases and Augment Care Companies such as Ask.vet and whiskerDocs are taking their ex- changes with clients and looking for patterns. They found that the vast majority of cases are relatively straightforward and easy to answer. The questions include vomiting, lethargy, fleas or ticks, and diarrhea. 2 3 By Aaron Massecar, MA, Ph.D. Digital drivers are moving the industry forward, but not every clinic business model will survive. The changing veterinary landscape By Adam Little, DVM

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