During the pandemic, pets enjoyed extended time with their owners. However, with more people returning to the office for hybrid work environments, there is increased potential for a wave of separation anxiety to sweep across pet land, USA, and we could possibly see an uptick in prescribed medications. Cats and dogs are likely to become more mischievous, tearing up cushions, having more accidents, and/or messing up their crates.
Vet anxiety stems from outdated veterinary payment systems
Veterinarians became worried about their business in the midst of the pandemic and many questioned whether they could survive the economic climate. Pet hospitals became concerned about closures, as running a veterinary practice became financially daunting for many.
VetSuccess is an organization that helps veterinarians understand their business better. Based on data from over 2,800 practices, they have developed a “Veterinarian Industry Impact Tracker” to track the daily and weekly impact of COVID-19 on the industry. Here are some statistics from a week in 2020:
- Year-over-year daily average revenue per practice was down 14% nationwide
- Pharmacy revenue was up 6%, but over-the-counter and diet revenue was down 8%
- Professional services revenue was down 16%.
- Year-over-year daily average invoices per practice were down 16.5% nationwide
The financial picture was not good. Vets were looking for ways to keep business going, protect their employees and pet owners, cut expenses, improve collections and try to ride out the storm. Many of them are now looking at improving their financial accounting systems to tighten up their finances and improve their bottom line where they can.
And this is what is leading them to check out Liquid Payments.
Payment solution improves safety, cash flow, and efficiencies for Veterinarian Practices
Vets are looking for a veterinary payment system that will handle contactless transactions, including pre-payments. They want something that’s mobile and provides text-to-pay capability. They also want it to be integrated so they don’t have to start over or spend a lot of time (and more money) to make it work with the practice management system they already have.
Liquid Payments meets all of these requirements. It is an all-in-one veterinary patient payments software that adds the speed and convenience of remote, mobile processing to traditional office processing, providing vets and their pet owners with a contactless method of payment. Vets will find the Liquid platform is fast, safe, secure, and simple.
It’s also well-integrated into the current practice. It creates operational efficiencies by enabling integration with any underlying practice management system creating an all-in-one solution – a major requirement of vets and a big advantage over most payment systems on the market today. In doing so, the Liquid Payments solution leverages Robotics Processing Automation (RPA), an AI-based technology, to enable the automatic posting of payments into the pet owner’s account. This means veterinarians have the freedom to choose a modern, more robust payments solution and are no longer beholden to the outdated, subpar credit card processing system offered by their practice management system.
In a time of financial stress, The Liquid solution helps cut down expenses by reducing manual errors and costs and eliminating paper statements – while improving cash flow and A/R cycles. The combination of benefits will give vets a chance to improve profitability.
In addition to all the operational efficiency, the system also adds to customer convenience and satisfaction. Pet owners like the convenient payment options so they can get their pets the fastest care possible. Additionally, the ability to make contactless payments by mobile phone (or from any smart device) gives patients peace of mind and creates a safer environment for all.
Helping Vets upgrade their payments technology and get back on track
With the return to a “new normal,” veterinarians are showing new symptoms themselves – smiles from higher profits and a better, modernized, and safer payments platform!