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So if three practitioners are in your practice, you’re potentially losing $150,000 in revenue every year.
You have to look at the two types of missed charges and opportunities:
Examples of these are:
Add all that up, and you will see that it’s a lot, considering how often you perform these services.
While you can’t do anything about the charges missed, you can fix this leakage in the future.
I suggest you start with the services you perform but are not charging for.
Follow these four steps:
You can get someone at the front desk to keep track of missed charges. Monitor how many times they occur in one week and for how much.
After adding up the weekly results, you’ll know how much revenue you lose in a year. Share the findings with your employees.
Hold another meeting and get your team to identify all the missed charges that could be occurring. Write them all up on the whiteboard.
You and your team should agree on one or more areas to focus on charging 100% of the time. It may be a good idea to start with a consumables fee. Make it an odd number, such as $6.85.
You won’t believe how much more profit you’ll see in a month. Then you can focus on charging for something else and another.
Would you like to learn about more profit generators that work?
Sam Bowden has spent 15 years as a practising vet. He has owned two practices during this time, each of them achieving phenomenal results in growth and profitability. He has devoted his last 12 years to helping practice owners increase their happiness, work-life balance and profitability. He is the founder of United Vets Group | The Ultimate Veterinary Practice | Complete Vet Systems | More Vet Clients Websites | Accelerate Mastermind Group | Vet Business Manager Program | The Dental Academy His skill set is combining long-lasting mindset changes together with proven practical strategies to allow practice owners and teams to reach their full potential. He is considered a leading educator on how to increase profitability, work-life balance and happiness in the veterinary industry.
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