The veterinary industry is changing. Pet ownership continues to grow, with 66% of US households owning at least one pet. At the same time, veterinary practices face rising costs and competition. This has led many practices to explore innovative veterinary business models beyond the traditional brick-and-mortar clinic. Here are some of the most promising new veterinary business models.
Subscription Plans
One increasingly popular model is subscription or wellness plans. These allow pet owners to pay a monthly fee in exchange for discounted services and procedures. Plans often include routine preventative care like vaccinations, heartworm testing, and dental cleanings. Some practices offer different tiers of plans based on the age of the pet or other factors.
Subscription plans provide financial incentives for pet owners to bring their pets in for regular veterinary care. This increases revenue stability for practices. It also strengthens the veterinarian-client relationship when pets are seen more frequently. Subscription plans can increase client retention and loyalty.
Practices can use software to track plan benefits and make automatic charges each month. Subscription plans require updated payment processing capabilities. But they provide a modern experience that millennial pet owners expect.
Mobile Veterinary Clinics
Mobile veterinary clinics bring services directly to clients. They can serve both urban and rural areas. Mobile clinics operate out of vans or RVs that have been retrofitted with the necessary equipment. This allows them to provide exams, vaccines, testing, and certain medical procedures like an at-home pet euthanasia service on the go.
Mobile clinics can efficiently serve multiple locations in a day. They can provide care in underserved areas or offer niche services. For example, a mobile clinic may focus on providing accessible, low-cost spay/neuter procedures. Mobile clinics can also provide house-call veterinary business models for homebound pets.
A veterinarian can start a mobile clinic with just one van and a small staff. This makes for a relatively low-cost way to expand services. Mobile clinics still require attention to legal and licensing requirements in each area served. Good time management and routing are also essential to maximizing efficiency.
Telemedicine and Virtual Care
Advances in technology are making virtual veterinary care possible. Through video chat platforms, veterinarians can now conduct remote appointments and consultations. Telemedicine allows them to treat minor conditions, do follow-up exams, monitor recovery, and offer clients advice. It provides easier access to care while limiting in-person contact.
Virtual care can be a starting point before recommending an in-clinic visit. It also serves as an affordable alternative for minor issues. However, hands-on examinations and on-site diagnostic testing may still be required. Practices need to carefully determine what telehealth services they can reasonably provide. Legal and technology requirements vary between states and municipalities.
Many pet owners appreciate the convenience of telemedicine. It can help veterinary practices maintain relationships, capture lost opportunities, and keep clients out of emergency hospitals. Offering virtual veterinary care requires an effective client triage process and communications system. However, it enables another revenue stream while meeting changing client expectations.
Specialty Services
Many pet owners are willing to pursue specialized care options for their companions. Veterinary business models can take advantage of emerging niche markets. Some focus areas include orthopedics, rehabilitation, ophthalmology, dermatology, and cancer treatment.
Offering specialty services attracts new clients to practice. It also provides opportunities for staff training and advancement. Veterinary specialists can charge increased prices for expertise in a given domain. However, they require significant investment in advanced equipment and facilities. Extensive credentials and training are needed to ethically provide specialty services.
Partnering with or hiring specialist veterinarians allows general practices to expand their capabilities. Some clinics develop courtesy relationships with nearby specialty hospitals. They refer clients out but remain involved in the treatment process. Specialized services raise the standard of care and strengthen a clinic’s reputation.
The modern veterinary landscape will likely continue to evolve. But by embracing innovation, practices can stay competitive and keep strengthening the human-animal bond.
