Veterinary Insights gets its data from over 400 practices using Vet Viewer, its benchmarking software which practices use to monitor business metrics.
Apparently, the figures show that while overall turnover has bounced back relatively robustly, sales in certain areas are still lagging, reflecting changed routines in the ‘new normal’. For example, with many practices requesting clients wait in the car park, there has been a sustained drop in the sale of products typically sold in the waiting room, with sales of pet food falling by 44% during early lockdown, and still down by 25% compared with February’s figures.
The company says there are also significant business stresses that may not be captured in current revenue data.
Alexander Arpino, Managing Director of Veterinary Insights, said: “Anecdotally, we’re hearing that vets are increasingly hard-pressed for time, with logistical difficulties arising from social distancing. Consults are taking longer, and there’s an additional headache for receptionists as payments have to be collected afterwards over the phone. While there are some quick fixes, for example using a telemedicine app such as LinkyVet that sets payment expectations up front, there is no doubt that it’s difficult to make all this extra time investment sustainable in the long run.”
Paradoxically, while consults may be taking up more of vets’ time, some clients feel that they are getting less value for money as there is little face-to-face interaction with the vet. Alexander added: "One of the biggest challenges in the current environment is preserving and fostering those positive relationships with clients that are the cornerstone of companion animal practice.
"Ultimately, we want to bring clients back into the consult room, but only as and when it’s safe to do so. Otherwise, the question is: How can we make adjustments to maintain a high level of client satisfaction, without putting undue stress on vets?"
Veterinary Insights says its software can help practices navigate these challenges by presenting up to 24 months of historical data extracted from practice management systems, enabling businesses to draw comparisons with past performance.
For more information, visit www.vetviewer.co.uk.
VetViewer is currently used by over 400 small animal, mixed and equine practices in the UK to track their metrics.
The tool also allows users to run simulations - so for instance if the practice has had to stop offering routine consults, or has a reduced number of vets or RVNS available, they can immediately see the impact on the practice top line.
VetViewer can be used by all practices, independent or corporate, or individual branches. It can track performance for the past 18 months, allowing comparisons to be made with before, during and after the COVID-19 outbreak.
VetViewer Director, Alex Arpino, says the service usually helps practices to thrive but right now offers potential to help them survive: "Many clinics are struggling to know what to do for the best and not knowing the magnitude of the economic impact of their decisions doesn't help.
"Everyone wants to protect their staff but also ensure they have jobs to return to. We can link data from nearly every PMS in the UK to VetViewer and the practice's management team is given access to a portal where they can see the data at a glance. Right now, being able to run simulations is central to current and future planning and could help alleviate stress for many practices managers and owners."
In normal circumstances, VetViewer allows practices to look at their performance over time and the effect of any changes they might make. The company says it can also help practices evaluate where they over and under-perform relative to their region and the UK as a whole.
The data available in VetViewer includes income from food, wormers and flea treatments and other provisions that many practices might find ways to sustain in the coming weeks.
Looking forward to a time when isolation and distancing can be lifted, the tool also shows where there is potential for practices to increase income - whether that's because they are under-charging for consults compared to the regional average, or performing fewer neutering procedures, or under-utilising potential diagnostic or imaging aids.
Such information is likely to be vital to recovery, providing a clear indication of the speed of recovery and the services that are making the biggest contribution to that recovery.
The VetViewer service can be demonstrated remotely by the company's dedicated team of Business Development Managers and the service can be activated at a distance, so practices can set up their account quickly and without any costs, either to set up or maintain.
For more information, visit: www.vetviewer.co.uk / www.veterinaryinsights.com or practice owners or managers can telephone 01403 800135 to make an appointment for an online meeting or to find out more.
Veterinary Insights has announced that it will be unveiling Vet Viewer, its new veterinary benchmarking service, at the SPVS/VPMA event at the Celtic Manor Resort, Newport, South Wales on January 22-24.
As those familiar with the old Fort Dodge Indices will be aware, benchmarking services like these allow participating veterinary practices to compare their own activity and business results against a broad panel of similar veterinary practices so that they can better gauge their own market performance and make changes to their working practices as they see fit.
Vet Viewer is provided free of charge to participating vet practices. It delivers monthly information to help practices get a quick understanding of key business metrics and a clear view of practice activities and the income they are generating.
Veterinary Insights' Managing Director Alexander Arpino said: "The Benchmarking Service has been carefully designed to give practical business support to veterinarians and we have had a great response from the 100 plus clinics that have signed up to the service to date. We have plans to expand the range of services offered to enable an even wider range of meaningful data and KPIs for veterinarians to manage their businesses."
The incoming President of the Society of Practising Veterinary Surgeons (SPVS), Nick Stuart said: "We have been working closely with Veterinary Insights for over a year on this valuable service and we are delighted to say that SPVS members will have access to additional features that track practice profitability and other important financial measurements."
For further information contact Veterinary Insights on 01403 800135 or visit: www.vetviewer.co.uk
Additionally you can download a detailed brochure on the Benchmarking Service here: http://www.vetviewer.co.uk/downloads/vet-viewer-brochure.pdf