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Buying A Veterinary Practice

How Appointment Wait Times Can Affect Selling A Veterinary Practice.

Sep 22, 2014 5:53:00 PM

ClockWhen considering selling a veterinary practice, it is often critical to understand how your practice compares with other practices in the market. This will allow you to determine whether there are changes that could be made to increase the income and marketability of your veterinary practice. This week's How Do You Compare stat examines the amount of time it takes for a client to obtain an appointment with their veterinarian.

The AVMA 2012 Pet Ownership Survey asked questions regarding wait time to obtain an appointment with a veterinarian. The majority of pet owners reported that they were able to obtain a visit that same day or the next day with approximately 85% of owners able to obtain an appointment within three days of calling to schedule.  

Wait Times

But, is that good enough when you are considering selling a veterinary practice and competing with other veterinarians for new patients? Only 28% of veterinarians were able to see the patient on the same day as the call was received.

If you are one of the 72% of veterinarians who are unable to see a patient on the same day, that delay could be costing you revenue. If you added an additional staff person, could you increase the number of same day patients? The amount of revenue that you are able to generate throughout the patient's lifetime may far outweigh the additional cost of the staff member.

People often view their pets as family members. Clients may call another office when you are unable to see them on the same day. This can result in a loss of vital new patients to your practice. Flexibility in your schedule for same day new patients could substantially increase the overall financial health of your practice. In a market where you are looking for an edge, same day availability may set your practice apart.

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