- Annual Revenue: $2.2M
- 5 Full-Time DVMs
- Louisville, KY
- Open 6 days/wk
- General small animal practice
Practice
Snapshot
Challenges
Our Analysis
Background & Challenges
With nine other veterinary practices within a 1.5-mile radius, this hospital was experiencing stagnant revenue and little new client growth. Owner bought out his business partners, hired all new doctors, and upgraded the practice inside and out. While these moves made for an improvement in revenue growth, the owner wanted to take his practice to the next level and increase revenue and his hospital’s image and visibility even more.
Our Analysis
To realize the vision this owner had for his practice would require utilizing all three areas of iVET360’s expertise. Marketing services for digital advertising as well as development and implementation of branding and online presence; HR & Training to resolve staffing issues and provide needed customer service training; Analytics to assess cash flow and revenue streams.
Three-Legged Stool
Approach
Marketing
Rebranded the practice including logo redesign and developing a canine “mascot” as the voice of the hospital; created and provided content for digital and printed marketing materials; create and manage digital advertising and social media; monitor and increase online reviews; host and manage website, including upgrading SEO.
HR & Team
Create and administer staff survey; implement staff improvements based on results from that survey, including clarification of job responsibilities and scheduling; implement online training for staff members including phone training to increase client conversion; implemented cross-training of team members; provided support and guidance at the start of the coronavirus pandemic.
Analytics
Created a budget and set benchmarks for growth; gave owner access to PULSE dashboard so he could monitor all key metrics, analyze DVM transactions, identify lost revenue and adjust prices based on supply costs.
Results
- Increased value of practice substantially: estimated worth of practice is now up to $1.65 million more than in 2019.
- Average transaction charge up $25 / 18.7%
- Revenue increased by 18.4%
- EBITDA up 3.8% to 22.4%
- Identified and recovered hundreds of dollars in lost charges
- Website visits tripled—70% of new clients now originate from website
- Rebranded practice engaged current and new clients, resulting in overwhelmingly positive response to practice messaging and even a sell-out of practice-branded clothing
- Better and easier social media engagement and more consistent response to online reviews
- 80% positive response from staff after staffing changes and training were implemented, reporting that they felt their jobs were easier and the training very helpful
- Phone training improved conversion rate from 55% to 79%
- Hospital was able to implement coronavirus safety procedures apply for coronavirus financial assistance immediately based on iVET360 guidance
The
Difference
