How to Develop Innovative Veterinary Business Models

The veterinary industry is evolving. Pet ownership continues to increase, with 66% of US households owning at least one pet. At the same time, veterinary practices continue to experience increasing costs and competition. This has resulted in many practices looking at innovative veterinary business models other than the traditional brick-and-mortar clinic. Some of the most promising new Veterinary Business Models are listed below.

Subscription Plans

Another very popular model is subscription or wellness plans. These allow pet owners to pay a monthly fee in exchange for discounted services and procedures. Plans often include routine preventative care like vaccinations, heartworm testing, and dental cleanings. Some practices offer different tiers of plans based on the age of the pet or other factors.

It allows pet owners to have incentives of financial nature to bring in their pets for regular veterinary care, thus increasing revenue stability in a practice. It also improves the veterinarian-client relationship in that pets are seen more frequently. Subscription plans enhance client retention and loyalty.

Practices can use software to track plan benefits and make automatic charges each month. Subscription plans require updated payment processing capabilities. But they do offer a modern experience millennial pet owners expect.

Mobile Veterinary Clinics

Mobile veterinary clinics bring services right to the clients. They can serve both urban and rural areas. Mobile clinics operate out of vans or RVs that have been retrofitted with the necessary equipment. This allows them to perform exams, vaccines, testing, and even some medical procedures like an at-home pet euthanasia service on the go.

Mobile clinics can effectively reach multiple locations in a day. They can be used to reach underserved areas or niche services. For instance, a mobile clinic may specialize in accessible, low-cost spay/neuter procedures. Mobile clinics can also offer house-call veterinary business models for homebound pets.

A mobile clinic can be established by a veterinarian with one van and a few employees. This makes it an economical way to extend services. Mobile clinics, however still need legal and licensing attention in all places that it serves. It also requires good time management and routing for efficiency.

Telemedicine and Virtual Care

A woman in a light blue sweater working on a laptop with a shiba inu dog to represent veterinary business models.

Technology advancements have made it possible for virtual veterinary care. With video chat platforms, veterinarians can now make remote appointments and consultations. Telemedicine enables them to treat minor conditions, do follow-up exams, monitor recovery, and give advice to clients. It offers easier access to care while minimizing face-to-face contact.

Virtual care can be a precursor to an in-clinic visit. It also can be an inexpensive alternative for less serious problems. Still, hands-on examinations and on-site diagnostic testing will still be necessary in many cases. Practices must make a responsible determination of what they can feasibly offer through telehealth. Legal and technology requirements differ by state and municipality.

Many pet owners appreciate the convenience of telemedicine. It can help veterinary practices maintain relationships, capture lost opportunities, and keep clients out of emergency hospitals. However, offering virtual veterinary care requires an effective client triage process and communications system. It enables another revenue stream while meeting changing client expectations.

Specialty Services

Many pet owners are willing to pursue specialized care options for their companions. Emerging niche markets can be exploited by veterinary business models. Some focus areas include orthopedics, rehabilitation, ophthalmology, dermatology, and cancer treatment.

It attracts new clients to practice when it offers specialty services. This also allows training and development for the staff. Veterinary specialists can charge higher prices due to expertise in a given domain. However, it demands much investment in sophisticated equipment and facilities. Long credentials and training are required ethically to offer specialty services.

General practices can expand their abilities by partnering with or hiring specialist veterinarians. Some clinics maintain courtesy relationships with specialty hospitals in the surrounding area. They refer out but often stay involved in the care process. Specialized services raise the standard of care and strengthen a clinic's reputation.

The modern veterinary landscape will likely continue to change. But by embracing innovation, practices can stay competitive and keep strengthening the human-animal bond.

Antilasteve is a dedicated writer with a flair for content creation. With a talent for engaging storytelling to inspire readers and ignite meaningful conversations.