5 ways to improve cash flow in your veterinary practice

Running a veterinarian practice can be so rewarding, especially if you love animals. In fact, we don’t know anybody in the field of veterinary medicine that doesn’t absolutely love helping family pets. After all, that’s why they got into this field.

However, running a practice is like operating any other type of business, because it is a business, and it needs to make money and have positive cash flow. No positive cash flow means you can’t help the pets and animals that you love.

We serve many in the field of veterinarian medicine and we work closely to help them build up their practice through effective collections and cash flow management. Our experts offer a few tips for improving your cash on hand if you’re running a vet practice.

Do your best to bill at the time of service

We understand in this industry there can be many emergencies and last-minute appointments to see pets. Of course, these are unplanned, and many pet owners are unprepared to pay at the time of service. However, you must do your best to get the clients that can pay, to pay at the time of appointment. We also recognize that in certain cases, emotions can be running high, but do your best to settle fees with pet owners right there on the spot.

Immediately invoice those who cannot pay

If your pet owners leave your practice without payment, issue an invoice immediately. You can hand it to them as they leave the building and of course, you can mail them a copy of the invoice ASAP. Of course, you will need all their contact information including mailing address and you should have their phone numbers on file as well.

Offer multiple ways for payment

Your practice should be offering several ways for pet owners to get current on their bills. Of course, they could mail in a paper check for payment but make sure you are also accepting credit cards. We don’t know many practices that are not utilizing this in this day and age but it’s just a reminder. Also, check your credit card terminal provider and make sure you’re using the latest technology. Many people may want to pay with their device such as Apple Pay, so make it easy for your clients. You can also offer a payment portal on your website which can be connected with your credit card provider.

Utilize your practice management software

Various forms of veterinary practice software connect all parts of your business including your accounting, invoicing, and receivables. Utilize your software the best you can. You can get a pretty good snapshot of where you stand financially if you dig into the features of your chosen software. Review these reports on a regular basis and make sure you understand where you stand in terms of cash flow. We suggest reviewing these with your bookkeeper or accountant weekly.

Use a collection agency that specializes in veterinarians

You’re in luck. There are collection agencies that work with veterinarian practices. Choose an agency that understands your industry, appreciates the challenges that running a veterinary practice poses, and knows how to work with your clients.

What we mean by that is to make sure the agency you have chosen understands that there needs to be diplomacy and tact when contacting your clients. They could be contacting a pet owner that is an emotional person over what may have occurred with their pet. The only way to get a bill resolved is to make sure the people calling on your behalf have compassion when it comes to trying to resolve the debt.

The agency you choose should also have stellar customer service, and an online portal so you can enter accounts as easily as you can with ease, at any time during the day.

Do you need a collection agency that understands your veterinary practice? Give our team a call at (800) 711-0023 and we will offer you a free consultation!