Equine Health Update Issue 2 Volume 19 | Page 35

EQUINE | Business The Skeptic’s Guide to Veterinary Wellness Plans Here are straight-up answers to six questions you may be asking yourself about bundled preventive-care-service plans. By Tom McFerson, CPA, ABV VETERINARY ECONOMICS R eviews from veterinarians are decidedly mixed about wellness plans—those preventive-care- service bundles for which clients pay a monthly set fee. In the right veterinary practice with the correct implementation, they can be a roaring success. In the wrong situation they can land with a loud and costly thud. And how do wellness plans impact the value and salability of a veterinary practice anyway? Thinking about wading into the wellness plan pool? Consider these six burning questions. 1. Do wellness plans really improve cash flow? Once a veterinary practice has committed to wellness plans, trained the team, educated clients, implemented the framework and given the system a chance to ma- ture, then the answer can be yes. One of wellness plans’ more appealing aspects is the potential for steady, reli- able cash flow. There’s comfort to be taken from a large chunk of practice revenue hitting your bank account at the beginning of each month, quarter or year. And re- member, steady cash flow means less risk, which trans- lates into higher practice value. • Volume 19 no 2 • June 2017 • 35