Did you know that the average veterinary practice has over $80,000 in unpaid invoices?
Veterinarians often find themselves in situations where they sacrifice profit margins due to their love for animals and their desire to provide the best care possible. But providing the best care for your clients doesn’t have to leave you with an insurmountable number of unpaid invoices. Here are 4 tips to help you better handle outstanding invoices:
1. Set expectations from the start
The best place to start is genuinely understanding your clients and their degree of price sensitivity, even before you begin treatment. If you try to push a C-level client to undertake the most expensive treatment options, you’re bound to run into issues when it comes to payment. So, be upfront about all possible costs and tailor your recommendations to the pet owner’s budget when possible.
2. Encourage preventative care
Preventative care measures can go a long way in helping reduce the risk of serious health issues resulting in large, unexpected vet bills for your clients. Personalized preventative care plans can help pet owners see the value of preventative care while making it easy and affordable for them to follow your recommendations. Milo can help your clinic accomplish this, so if you’re interested in launching personalized preventative care plans, contact us today to get started.
3. Offer payment plans
Emergencies do happen, and the cost of treatments can really add up. In these situations, veterinary clinics can help pet owners by breaking down their invoice into affordable, monthly installments. There are 3rd party products such as Scratchpay that enable your clinic to easily to offer this service to your clients.
4. Call your clients
Finally, when all else fails, you’ve got to try the old-school method. Pick up the phone and be empathic of their situation, while remaining firm, and explain to them the impact that they have on your practice and the care you provide. You can then offer repayment options including, payment upfront, pay with a credit card, setting up a payment plan or even being transferred to a third party for collections.
We’d love to hear about how your practice handles outstanding invoices. Leave a comment below to join the conversation and share your practice tips with our growing community of veterinary clinics everywhere!