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How to leverage data to increase revenue and make your clients happier

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Two data scientists show how veterinary practice can provide better service to the community and take simple steps to make more money in the process.

In a 2019 article, Harvard Business Review declared: Data is the driving force of the new economy and the driving force of the future economy. Only three years later, it was made possible by the rapid success of companies such as Google, Amazon, and Microsoft. The commentary feels very modest. But data as an economic impetus isn’t just in the realm of technology giants. Bridget Bain, PhD and Rosemary Radich, MA, presented at the American Veterinary Medical Association (AVMA) Veterinary Leadership Conference in Chicago, insisted on adopting usage data in veterinary practice.

Client segmentation and use of PIMS

How a company like Google monetizes data is not a secret. All of its services, from Gmail to Google Search, Android smartphones and smartwatches, are constantly collecting data that is used to sell targeted ads.

How is this converted into a veterinary practice? Bain believes that it comes down to using the data to better serve clients and patients.

The more data we collect, the more convenient the lives of those who provide our services, and the more we can significantly improve their lives, Bain said. As a non-data person, you might think that the data includes the number of clients and the average transaction cost, but the data goes far beyond that.

One example that the presenter emphasized was using data to segment customers in practice. This means dividing your customers into different groups, communicating with them and marketing them in a way that reflects their value. In other words, treating people the way they want leads to happier customers and better income. This can be achieved by leveraging the data that should already be in the Hospital Health Information Management System (PIMS).

Radich emphasized that understanding pet ownership is essential to the success of the practice, and Weve came up with different types of messages tested to specifically serve members and practice owners, members. And made it possible for the staff to know the really best message. Can be used to increase engagement.

In their study, Radich and Bain identified five segments of pet owners and ideal strategies for meeting communication needs in the clinic.

Spoiled pet owners are the type of dressing pets and celebrating their birthdays on social media. These owners will be willing to pay for the best service, and communication should emphasize personalized recommendations for pets.

Enthusiastic families tend to focus on quality and convenience, but are most concerned with overall value. According to the presenter, communication needs to emphasize compassionate tailored care.

Casual caretakers, who tend to be young couples with middle-class income and children, are looking for knowledgeable staff at a cost-effective price. Communication with the owners of these pets should focus on the highly trained staff of the clinic, working with clients to find the right payment options.

A discreet and childless client may be over 55 and have no children. Parents of these pets are looking for quality and price. The compassion, understanding, and willingness of the clinician to spend time with these patients is of utmost importance.

The final category is occupant owners who tend to earn less than $ 50,000. The best communication to this segment should emphasize the knowledge of the staff and the loving environment provided by the clinic, while offering very convenient service options.

Presenters have found in their research that this simple act of segmenting patients can lead to better results and better profits. Radich, please rate the data you have. Is there a practice management system? What data are you collecting from your clients?

Taking it one step further, Radich said that simply using PIMS is likely to increase revenue. In addition, according to their research, PIMS usage was highest even in practices with the highest revenue growth.

Client segmentation is a simple action that can be performed using data that the clinician may already have. With the data revolution already underway, it’s only a matter of time before more and more veterinary clinics catch up with the value they have left at the table.

People are leveraging data for success, Radich said. You don’t want to be left behind.

References

Chakravorti B, Bhalla A, Chaturvedi, RS. Which countries are leading the data economy? Harvard Business Review. January 24, 2019. Accessed on January 13, 2022. https: //hbr.org/2019/01/which-countries-are-leading-the-data-economyBain B, Radich R. The Power of Data: Live through analysis and insights on how leaders can improve.Announcement location: AVMA Veterinary Leadership Conference; January 6-9, 2022

Sources

1/ https://Google.com/

2/ https://www.dvm360.com/view/be-like-google-how-harnessing-data-can-increase-revenue-and-lead-to-happier-clients

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