Artwork for podcast The Veterinarian Success Podcast
#109 [Replay] Tony Ferraro - Meeting Your Clients Where They Are Financially
Episode 10917th October 2021 • The Veterinarian Success Podcast • Isaiah Douglass
00:00:00 00:42:43

Share Episode

Shownotes

In today's episode, I'm joined by VetBilling's founder Tony Ferraro. We talk about the founding of VetBilling and what they do. As well as the following:

  • How third party financing can be more rigid in the offering. Tony mentions a 40% approval rate, so what about the other 60%? I did push for some data behind this number and here is the reference source
  • The typical delinquency of clients on payment plans being 3%-5%, but can reach closer to 10%-15% and why even at the elevated level it still makes sense. 
  • How to construct a payment plan and the down-payment, payment length, and details. How VetBilling allows for more control at the clinic level than third-party financing. 
  • Understanding your cost per minute as a method for a down-payment. 
  • Cost Per Minute = Expenses + Cost of Goods Sold / Minutes open per year - $2 - $10 per minute is the wide range for practices.
  • We review case studies and the amount of care that can increase as well as the dramatic revenue increase. One case study added 707 new clients in a year while adding $413K in revenue. 
  • The training and marketing that must be done to do this effectively.
  • The trends in the industry and why something "boring" like a payment plan can help fund other reinvestment opportunities. 
  • Finally, the goal for payment plans should only make up about 10%-20% of outstanding accounts receivable not the majority of revenue. 

https://vetbilling.com/