Don’t Lose Any More Revenue to Lapsed Clients
How an Effective Recapture Program Can Boost Your Revenue–Without Risk
Running a profitable veterinary practice isn’t just about obtaining new clients, or offering additional revenue-generating services. Another important key for success is recapturing lost revenue, ideally without putting additional pressure on your staff by making them work longer hours, or performing additional admin tasks.
Lapsed clients can account for a significant portion of lost revenue for your clinic. In recent research, Covetrus found that in a typical two-vet practice, 20% of the client base is lapsed, or not seen within the past 18 months. With a typical client base of 7,000 clients, that worked out at 1,400 clients lost to the clinic.
With a recapture rate of 4% and the value of each recapture appointment being on average $150, this equates to approximately $8,400 in potential lost revenue if there’s no recapture process in place.
A smarter, faster way to win them back
Veterinary communication consultant and industry leader, Wendy S. Myers, says that while it’s reasonable to expect a 70% compliance rate once clients have received three reminders, this is a time-consuming process that places additional pressure on your staff. Further, with the rapid changes in technology your reminders need to set clients up for scheduling success in order to edge close to the 70% compliance goal.
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When standard reminders are just not enough a recapture program comes in. Sending the additional email and direct mail to clients after they have fallen out of your reminder cycle, including overdue reminders, not only reinforces your focus on patient care, but also brings revenue back to your business. Setting up these additional reminders, querying for the lapsed patients, and executing would add additional admin work for an already busy staff. Fortunately, this is an area where advances in software and automation can do the ‘heavy lifting’ for you. The right technology can take care of the process by generating personalized communications that sends to your clients at the right time for maximum response rates.
The Covetrus Patient Recapture Program makes it easy to recapture lapsed customers who haven’t been to your clinic in over 18 months. Once it’s setup, our automated program does all the hard work for you, by sending lapsed customers a series of email and postcard communications that remind them about the important role that regular veterinary care plays in the health and life of their pet.
To date, this program has sent out communications to 609,000 clients and has recaptured 15,000 patients, generating $2.6 million in practice revenue as a result.
Pro-active appointment scheduling
The great news is that, even before your customers become lapsed, there are proactive steps you can take to ensure your patients don’t miss crucial checkups.
Scheduling their next appointment while their owners are still in your clinic is a great first step. Many practice management software solutions allow you to add an automated prompt to remind staff to book in an appointment while they’re processing a client’s payment.
Next, back up your schedule with automated appointment reminders, in conjunction with an online booking system so your client can easily confirm or reschedule if needed. This will not only increase the likelihood they will arrive for the appointment but also frees up staff to concentrate on patient care rather than time-consuming administrative tasks.
If you want to increase the revenue of your veterinary practice, don’t just focus on new initiatives or services you can provide. A quicker win is looking at how you can bring back clients who may simply have forgotten to bring their pet in for an annual check-up. This will help the ongoing health of your veterinary practice and also that of your patients.
Implementing the Covetrus Patient Recapture program increases your ability to bring lapsed clients back to your practice, reinforce the patient-veterinarian relationship, and help owners provide the best possible care for their pets.
Learn more about adding Patient Recapture to your practice by completing the form at the top of the page.