Did you know the average practice has about $50,000 per year in missed charges? And that’s per veterinarian!
So if three practitioners are in your practice, you’re potentially losing $150,000 in revenue every year.
How is that possible?
You have to look at the two types of missed charges and opportunities:
- Services performed that you didn’t charge
- Products and services that you didn’t recommend when you should have.
Examples of these are:
- Non-charged rechecks
- Injection fees
- Bandaging
- Consumables during every procedure (swabs, gloves, dental paste), and more!
Add all of these together & it’s a LOT
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.
4 steps to plug the leaks
Follow these four steps:
STEP 1: Monitor daily for one week.
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.
STEP 2: Hold a team meeting and show the annual cost of missed charges.
After adding up the weekly results, you’ll know how much revenue you lose in a year. Share the findings with your employees.
STEP 3: Identify the primary areas of leakage.
Hold another meeting and get your team to identify all the missed charges that could be occurring. Write them all up on the whiteboard.
STEP 4: Get your team’s agreement.
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?
