We are experts at helping veterinary practices
The business of veterinary medicine is rewarding, but continues to have its challenges. Part of the challenge is in actually running the business. well.financial has experts that have worked in the veterinary industry for years. We work hard to find ways to reduce your overall expenses. This helps impact your bottom line and it helps save time so that you can focus on your patient care.
well.financial Veterinary Practice Stats
After utilizing the buying power, tech platform and expert guidance, veterinary practices see some pretty good results. Below are some key data points we track to make sure we’re delivering value to our clients.
Avg # Hours Saved
% of Practices that Save
Avg Savings / Service
Current Savings Opportunities
Data as of: 6/1/20 @ 6.30 pm EST
+ Rates as low as 3% for Real Estate
+ Rates as low as 1.99% for all else
+ Loan amounts $5K up to $10MM
+ Premiums reduced for vet risks by 40%
+ Competitive Marketplace with new players
+ Cyber coverage still 75% cheaper than risk
+ Opportunities to reduce rates by 30%
+ Access to major networks readily available
+ Lower deductibles reduce OOP costs by 40%
Veterinary Industry Benchmarks
70% of practice owners say that managing the business and its operations is hard and it’s tough to find people to manage it.
Average revenue & profit of practices continues to increase however, hiring a new DVM is also getting more expensive.
More practices are for sale and not as many buyers want to buy them. Work/Life balance happiness goes down with time.
The better a practice makes room in profits in order to get a higher payout when they sell is key, but it also helps long term.
Veterinary Industry Blog Posts
Helpful information and best practices from veterinary industry experts on how to save or find efficiencies in your practice.
No. 10: Create a budget If you’re like most, you just cringed a little when you read the word “budget.” As much as they’re disliked, budgets are a vital tool in your practice’s path to success. Your accounting software and/or your accountant should be able to help you get started if you are unsure how…
When it comes to increasing the bottom line of your Profit and Loss (P&L) statement, you have options. You can take the approach of focusing on expense management, or you can focus on increasing revenue. Which do you choose? Scenario 1: Jack decides to increase profitability using the revenue approach Jack manages a $2 million-a-year…
First off, let’s be clear: Taking steps to increase your practice’s revenue will put money in your pocket a lot faster than cutting costs will. For a veterinary hospital, spending lots of energy on cutting costs is a futile effort. Many expenses (such as rent) are fixed, and variable costs (such as medical supplies and…