The Business of Wellness Outlines the Roadmap to Success

Perhaps you’ve mulled over launching wellness plans in your practice for some time, and think now is the right time to do so.

 

First, congratulations. A well-run wellness plan program can deliver myriad benefits to your practice and, importantly, the pets you serve. According to the Journal of the American Veterinary Medical Association, clients visited the veterinarian 67% more after signing up for wellness plans.

 

With more than 350,000 wellness plans on VCP’s platform, our data also shows multiple benefits of well-run programs, including:

 

  • Higher per-pet spending (up to 3.2x) when compared to spending on non-wellness pets, leading to an overall practice revenue growth of 10% in the first year
  • Greater compliance (90%+ for preventive and non-preventive care services)
  • More new clients (60% of wellness clients are typically net new)

But what constitutes a well-run wellness program? What goes into it? What are the key pitfalls that may trip up practices?

 

To set yourself up for success, it’s essential to thoroughly answer these questions before launching wellness plans in your practice.

 

At VCP, our answers to these critical questions center on both the Practice of Wellness and the Business of Wellness™. You may not be familiar with these terms, but both encapsulate VCP’s approach to wellness.

 

As the name suggests, the Practice of Wellness focuses on software, wellness plan design, and day-to-day management. You’ll find deep dives into the Practice of Wellness here and here.

 

And while many wellness plan programs include features of the Practice of Wellness, the vast majority overlook the Business of Wellness.

 

This is a mistake.

 

Neglecting the Business of Wellness shortchanges your wellness program, your practice — and the pets you serve. At its core, the Business of Wellness is about creating a unique program in your market, building your brand, and increasing your business’s overall value. The Business of Wellness outlines your roadmap to success, with actionable business intelligence to answer questions like:

 

  • How do I best market my plans?
  • Do I need to discount at all, and if so, how do I scientifically figure that out?
  • How do I attract new customers?
  • How do I get my staff to comfortably position these plans with our pet owners?
  • What goals should I set for my program?
  • What results can I reasonably expect and how do I easily measure progress?
  • If I’m discounting, how do I know it’s worth it?

If you ignore these questions, your wellness plan program may fail to yield positive results, such as higher compliance, more clients, and higher spending to help your practice thrive.

 

Stay tuned for next week’s blog post, where we’ll outline how the Business of Wellness delivers answers to these crucial questions and others. 

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