Equine marketing

Equine veterinary practices are finding themselves under increasing financial pressure due to increased competition from other equine practices and non-veterinary providers, falling client numbers, loss of drug sales to pharmacies and internet providers and inefficient and expensive working practices.

The 4 common pitfalls that Equine practices need to address are:
1. Competition from other vets, practices and non-vets reducing client and patient numbers
2. Poor pricing, invoicing and debt control leading to poor cash flow
3. High vet costs to cover rotas and after-hours and inefficiency of vet time
3-4 working hours per day
4. Poor practice branding, marketing and communication with clients and potential clients

Development strategies need to address the three drivers of practice income
1. Increase the number of active clients - Being competitive through branding, marketing and zone visits, improving client relationships by delivering better information to clients about available expertise and services and promoting a stronger equine brand.

2. Generate more income (profit) from each client transaction identifying missed opportunities for professional services, improving debt collection and invoicing, enhancing the use of insurance and clinical work rather than drugs and visit fees.

3. Visit each client more frequently (more transactions) - Proactive medicine and zone visits, Equine Health maintenance schemes, increased efficiency in getting vets in front of clients.
Vetfocus works to address these key areas for Equine Practice Development
1. Detailed financial analysis of equine business units to leverage performance and profitability.
2. Improved cost management, accurate and detailed budgeting and effective debt control to
improve cash flow and profit.
3. Increased efficiency of veterinary time, pricing, invoicing and productivity, particularly in Ambulatory equine practice.
4. Improved communication and marketing of services for specific equine business units to attract and retain target clients.
5. Improved Equine Brand image and promotion to improve competitiveness and visibility.

Equine Practice Financial analysis
As a comprehensive assessment of the practice we would analyse your equine practice finances from five perspectives;
1. Profit analysis and Cost Control
2. Debt Control
3. Pricing
4. Implementation and consistency of charging
5. Missed opportunities for professional services

Cost and profit analysis
• Analysis of the separate Strategic Business Units - Ambulatory Equine practice, Surgical & hospital facilities, Stud or Racing Practice. Cost analysis and cash flow budgeting to produce accurate monthly management accounts.
• Set budget parameters for the year
• Set monthly budget review meetings with practice manager
• Set quarterly review meetings with directors
• Focus on Key cost areas for analysis and budget setting

Debt control
In equine practice more time, effort, energy, and heartache is spent on debt collection and getting the money in than any other activity. Debt control is about clear systems and protocols Credit and Debt Management policies - that prevent outstanding debt occurring in the first place improving cashflow, profitability and client compliance.

Pricing
In equine practice some products and services such as vaccines and visit fees are more competitive and are often discounted. Drug sales are under threat from regulation and internet providers. Professional veterinary fees only make up a small percentage of equine practice income. With the investment in vets, staff and equipment professional fees need to be priced profitably to cover costs and make a profit for the business to thrive.

Correct invoicing
Correct invoicing is about setting and sharing Standards of Care based on the best medicine for the patient and clear information to the client. These processes will be discussed and implemented to enhance the use of insurance and clinical work rather than drugs and visit fees.

Proactive Medicine
Proactive medicine is based on the Standards of Care that the practice chooses to adopt. It will generate more income (profit) from each client transaction through taking up missed opportunities
for professional services and encourage vets to visit each client more frequently (more transactions).

If practices took up all the opportunities for professional services that were offered to them, they invoiced the work they did do properly and collected the money they invoiced they would improve their cashflow, income and profits overnight!

Equine Branding, practice literature, promotion and websites
The Branding of many equine practices from the potential clients perspective is, at best, confusing and at worst, non-existent. With the advantages most practices have in areas of clinical and surgical excellence, facilities and equipment as well as veterinary skills this is probably not matched by the publics perception of what you have to offer. This is reflected in the lack of promotional material and client information. Practices need some serious thinking about core values (uniqueness) of their practice and some good professional graphic design work - logo, letterhead, complements,
brochure, business cards etc (to start) upon which you can deliver a consistent, co-ordinated marketing / communication programme to your current and potential clients.

Client Communication and Information
• Develop Equine brand logo, practice folder, letterheads, business cards etc.
• Developing equine client Enquiry Pack and welcome letter
• Review client booking and reception process
• Review and establish practice equine protocols
• Developing client information packs and website
• Creating advertising, P.R. and marketing opportunities

Zone Visits and Health Schemes
Zone visits and Health Schemes offer the practice a dramatic increase in efficient use of veterinary time condensing non-routine work and reducing travel time and geographical coverage. This increased efficiency can be given back to the client as reduced fee or free visit charges. For discretionary work the client is willing to sacrifice visits at their convenience and which particular vet they see for a considerably reduced fee. This potential loss of visit revenue is more than made up
by the increased routine work, client attraction and practice efficiency.

Benefits of Zone Visits
• Increased number of active clients and patients year on year
• Increased efficiency of vet time - more fee earning hours per day
• Increased usage of surgical & diagnostic facilities
• Optimises vet costs to cover rotas and after-hours
• Improved communication with clients and potential clients
• Improved Equine reception processes and customer service
• Promotion of Equine Health Care, Vaccination & Dental schemes