Veterinary practice revenues are recovering post-lockdown
Using our industry leading practice benchmarking software Vet Viewer, we can share the good news that veterinary practice revenues are now at 82% of pre-lockdown figures. Whilst this is certainly encouraging, restoring financial stability whilst mitigating COVID-19 risks, remains a challenge.
Sourcing and analysing anonymised transaction data from hundreds of practices allows us to expose and monitor key business metrics at this critical time. Some interesting patterns are emerging within the data. Clients handing their pets over in the car park has really impacted on the volume of waiting room transactions, with animal food sales still down by 25% compared to February.
Revenue data doesn’t tell the whole story, with many vets sharing that the extra pressure that social distancing puts on their time is having a big impact. Consultations are more time consuming and reception staff have the added work on taking payments over the phone. Affordable telemedicine solutions like LinkyVet can address these issues but concerns around the long-term impact of how consultations and processes have changed remain.
Clients are also expressing dissatisfaction with how things have changed and are expressing that value for money has fallen. Engaging clients and maintaining a positive relationship, whilst essential, will continue to be tricky in current circumstances. The challenge is how to do this without putting vets under even greater pressure.
Being able to compare business performance before and after lockdown is a really valuable tool right now and Vet Viewer can report on up to 24 months of historical data. Now’s the perfect time to start exploring how a better understanding of your business data can inform effective strategic decision-making. To find out more, visit www.vetviewer.co.uk.