UA-170695639-1 Offering Payment Options to Your Clients in Veterinary Medicine - The Veterinarian Success Podcast

Episode 15

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Published on:

18th Aug 2019

#15 Tony Ferraro - Meeting Your Clients Where They Are Financially

In today's episode I'm joined by VetBilling's founder Tony Ferraro. We talk about the founding of VetBilling and what they do. As well as the following:

  • How third party financing can be more rigid in the offering. Tony mentions a 40% approval rate, so what about the other 60%? I did push for some data behind this number and here is the reference source
  • The typical delinquency of clients on payment plans being 3%-5%, but can reach closer to 10%-15% and why even at the elevated level it still makes sense. 
  • How to construct a payment plan and the down-payment, payment length, and details. How VetBilling allows for more control at the clinic level than third party financing. 
  • Understanding your cost per minute as a method for a down-payment. 
  • Cost Per Minute = Expenses + Cost of Goods Sold / Minutes open per year - $2 - $10 per minute is the wide range for practices.
  • We review case studies and the amount of care that can increase as well as the dramatic revenue increase. One case study added 707 new clients in a year while adding $413K in revenue. 
  • The training and marketing that must be done to do this effectively.
  • The trends in the industry and why something "boring" like a payment plan can help fund other reinvestment opportunities. 
  • Finally, the goal for payment plans should only make up about 10%-20% of outstanding accounts receivable not the majority of revenue. 

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About the Podcast

The Veterinarian Success Podcast
Welcome to the Veterinarian Success Podcast where you go in-depth with a veterinarian specific financial planner Isaiah Douglass, MBA, CFP® to hear stories, opinions, and leading information about the world of veterinarian medicine from industry professionals. The podcast covers topics relating to the clinical, business, financial, and personal side of to help encourage, promote, and advocate for a healthy and happy standard of care for veterinarians, their families, their staff, and their businesses.

About your hosts

Isaiah Douglass, MBA, CFP®, CEPA

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I am a CERTIFIED FINANCIAL PLANNER™ and a Fee-Only advisor. I left a large national firm to found a solo financial planning firm in 2018 to pursue a planning approach dedicated to identifying ways to grow the net worth of veterinarians and dentists. In the summer of 2020, I merged with another financial advisor and became a partner in Vincere Wealth Management.

To check out Vincere Wealth Management ➡ www.vincerewealth.com

Provide

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Lendeavor is now Provide. We're the modern practice finance company, innovating for dentists, veterinarians, and other healthcare professionals like you. Today, more than ever — as our country perseveres through a global pandemic — we recognize the importance of healthcare providers. We call ourselves "Provide" in tribute to you.