Vets are notorious under-chargers. According to one source, veterinarians give away the equivalent of $60,000 in services every year. EVERY. YEAR. Apparently, medical math and financial math are two very disparate mathematical species, and we are much better at calculating complicated CRIs than we are at adding up money dollars.
We often hear the call from financial gurus and veterinary experts to “charge appropriately” for our services. After all, how much we charge tells people what we think we are worth. If we routinely give away or undercharge for our time and skills, why should clients value our expertise?
This kind of thinking leads to statements that are variations on the following themes:
“I set my fees higher than my competition’s so clients know that I practice high-quality medicine.”
“The vet on the other side of town charges way less than I do, so I know she’s cutting corners.”
“That corporate chain is undercutting me on prices, and I can’t compete. They’re trying to run me out of business!”
But are these statements necessarily true? Or are they just describing different business models? If they are, then maybe, just maybe, there are lots of different, but equally valid, ways to run a vet practice.
Click here to check out my article on Dr. Andy Roark’s site!
Andy Roark DVM MS is a practicing veterinarian, international speaker, author, and media personality. Dr. Roark has been voted Practice Management Speaker of the Year at NAVC, one of the world’s largest veterinary conferences, two out of the last three years.