The 2018 summit, facilitated Utpal Dholakia, Ph.D., Rice University professor of marketing and an authority on motivational psychology, consumer behavior and marketing, brought together more than 40 of the industry’s most influential and experienced professionals.

Over a day and a half, attendees participated in presentations, breakout sessions, brainstorming, and discussions that focused on pricing veterinary services. Professor Dholakia’s extensive pricing research served as the foundation for the group’s activities.

The white paper introduces and details the core concepts, frameworks, and tools for pricing strategically in the veterinary services industry. The ideas, experiences, recommendations, and conclusions about strategic pricing generated by the veterinary industry thought-leaders are contained in the publication.

The white paper offers a smart analysis of current pricing approaches, an overview of the downside of current strategies and illustrations of the utility of VALUE-BASED pricing. Also included is a historical analysis, current pricing review and a discussion of the future of pricing and highlights these topics:

• The importance of strategic pricing in the industry
• The current state of pricing
• The role of costs in a veterinary practice’s pricing strategy
• An explanation of the importance of customer value and veterinary services
• Customer focus and value propositions
• Developing a pricing structure
• Ways to improve pricing in veterinary practices
• The steps involved in conducting a pricing audit

“The VHMA is confident that the insights and expertise contributed by the illustrious group of industry leaders who co-authored this paper will further the understanding of veterinary managers who are interested in understanding pricing and implementing VALUE-BASED Pricing. We are thrilled to offer this groundbreaking report to move the pricing conversation forward,” said VHMA Executive Director Christine Shupe, CAE.

For more information about VHMA go to www.vhma.org. The white paper can be downloaded free.

Traditionally, the accounting methods of individual veterinary practices are as diverse as the owners themselves. Times are changing… and for the better. Through this partnership’, AAHA’s previously members-only Chart of Accounts was revised and expanded. The new AAHA/VMG Chart of Accounts is now available and free to all veterinary professionals.

“We are thrilled to provide the AAHA/VMG Chart of Accounts to members of the veterinary profession,” said AAHA Chief Executive Officer, Michael Cavanaugh, DVM, DABVP (C/F) Emeritus. “By using an apples-to-apples comparison of productivity, costs, and profitability, veterinarians can better assess the financial health of individual hospitals and the industry as a whole.”

Human dental and medical professionals have long recognized that the lack of standardization in practitioners’ charts of accounts, diagnostic codes and procedures have impeded individual and professional success.

“Standardization of the veterinary chart of accounts yields data that is essential to strengthening practice profitability, improving individual financial wellbeing and enhancing the veterinary workforce as a whole,” said Link Welborn, DVM, DABVP, CCRT, the former chair of the AVMA’s Veterinary Economic Strategy Committee (VESC), past president of AAHA and president of VMG.

The AVMA tasked its Veterinary Economic Strategy Committee (VESC) with bringing the profession together to collaborate to improve business knowledge, acumen and financial success. Consequently, the AVMA-VESC initiated the profession-wide Economic Advisory Research Council (EARC). Through the development of partnerships and collaboration, the EARC is working toward organizing and efficiently using the veterinary profession’s scarce resources.

“Practice managers play a vital role in the practice. The EARC recognizes their capabilities and contributions and is committed to providing them with the tools to succeed and bring even greater value to their practices,” said Christine Shupe, CAE, VHMA Executive Director.

The AAHA/VMG Chart of Accounts is the cornerstone of a broader economic initiative. It is the first of many new high-value management resources to come from this collaboration.

The AVMA, VetPartners, and the VHMA have endorsed AAHA/VMG Chart of Accounts as the industry standard for classifying revenue, expense, and balance sheet accounts in the small-animal veterinary practice.

The AAHA/VMG Chart of Accounts is a valuable tool that will allow practitioners to better organize practice finances in line with generally accepted accounting principles.

Furthermore, AVMA, AAHA, VetPartners and VHMA recommend all accounting firms working with veterinary practices adopt the standardized codes.

View the AAHA/VMG Chart of Accounts free at www.AAHA.org.

VHMA and VetPartners to host the webinar Managing with Metrics on August 24, 2017, at 1 p.m. EST to educate management professionals on the benefits of using the standard chart of accounts.