VBMA Lunch Talk: Building Revenue For Your New Practice

I am a member of the UC Davis Veterinary Business Management Association and today we had the pleasure of listening to a talk given by Howard Friedman, MBA on "How Graduating Veterinary Students Can Help Build Revenues for their New Practice." I attended the lunch even though I am still more than 3.5 years away from even possibly joining a practice because I was interested and there was free lunch! (One of the many benefits of veterinary school=lots of free lunches).

I became very absorbed in the talk which introduced something I don't often get to think about, "what happens after veterinary school?" As a new vet, you have to develop an entirely new client base. If you are joining an existing practice, you have to find a way to contribute to this practice while also establishing your own clients and building long-lasting relationships.

The majority of the meeting focused on marketing strategies in securing new clients and marketing yourself as a new veterinarian. Mr. Friedman mentioned how most veterinary practices get new clients via WOM (word of mouth). If word goes around that your practice is the best, animal owners will spread the word to their fellow animal owners. This makes sense and it's been in use since communication began!

Other proactive marketing strategies that were mentioned were websites and blogs. Having a GOOD website with practice information, pictures and contact information can really help your business. Direct marketing (mail and print media) were also mentioned. Providing coupons of sorts can encourage owners to come to your clinic in the first place, then they can see what a great clinic you have to offer. I think one of the biggest forms of marketing is community exposure and media relations. Getting involved in your community is a powerful marketing strategy and promotes animal health and wellness in your area.

One of my biggest ideas on improving revenues for a veterinary business is offering free client education sessions. As a pet owner, you probably don't really want to see your veterinarian very often, but it is important to take your animal to the vet at least once a year for good preventative care and your pet's health. I also believe any good pet owner would be interested in increasing their pet's wellness.

I think it is important for new veterinary graduates to discuss their ideas for increasing the practice's revenue. Besides you are fresh out of vet school and you may feel like you still have a lot to learn, but the practice you join has a lot to learn from you too!