Using Data to Find and Capitalize on Opportunities

In our technologically-intertwined world today, data is king. Your practice is a wealth of information that can be pivotal in making key decisions to drive growth into your company. All you have to do is take the plunge and make sense of it. Easy, right?

Unfortunately, it can be difficult to manually delve into the day-to-day data that your office collects and hope to make heads or tails of it. There’s just too much of it! However, with bigger and better technology, it’s becoming easier to interpret your data and turn it into real, actionable information that will help you enhance your community’s health as well as grow your practice’s bottom line.

So, what kind of benefits can you expect to receive when you begin to realize the power of your data?

Identifying Those Missed Opportunities

The concept of a missed opportunity is pretty simple: it’s any chance to grow your company that you might have overlooked. Sure, missed opportunities are commonplace in business, but the measure of success is the ability to navigate and mitigate those missed opportunities. You need to know how to use the tools available to you to help drive ingenuity and innovation in your practice.

Do you know how many missed vaccine opportunities you had last week? Do you know how many lapsed patients you have in your practice? These are both examples of missed opportunities that could potentially help you drive more value into your business. More importantly, you can have more impact on the health of your patients with this information.. From the business perspective, you need to be able to review relevant data that is accessible and easy to understand so you can avoid missed opportunities in the future.

Data’s Role in Managing Missed Opportunities

There is a massive wave of technology targeting the pet industry in recent years. CB Insights reports there are now over 70 pet tech startups looking to help improve pet health. It’s a headache to address all the things that go into running a business like inventory management, practice software, and minimizing overhead—you probably weren’t thinking about these things when you went to school to become a vet!

However, utilizing these technologies is imperative to running a successful practice today. Your practice management system can and should be an integral tool in identifying missed opportunities within your data, and Fetchcare is a great complimentary tool to help ensure patient success. We have an unparalleled mastery of the big data that lives within your PMS and we know how to provide you with new, personalized insights. This data application shows you the demographics of your practice for patients and clients. From there, we can seamlessly identify actionable opportunities that should be targeted within each patient’s visit, allowing you to construct a more successful and lucrative practice and provide more informed care to your clients

Using Data for Improved Communication

We understand that it has been a standard veterinary practice to rely on automated reminders from your PMS. It’s not incredibly difficult to reach out individually to clients about their appointments. But how are you managing the accuracy of your outreach?  Do you know if it is even working?

You should be leveraging your data to craft better-targeted communication with your clients to drive growth in your practice. We conducted a study into unveiling some key missed opportunities in veterinary practices and found that more personalized and fresh communication drove up key growth factors like annual checkups, dental routines, and vaccinations significantly. If you could take the average client visit from one time a year to two times per year and retrieve lapsed patients through stronger education and personalized messaging, what do you think that could mean for your practice?

The data living in your PMS is the most valuable asset that you have for constructing a successful veterinarian practice. By utilizing that data to identify missed opportunities and develop a more personalized outreach program, you can begin to realize strategies that are working and, perhaps more importantly, the ones that are not. Contact us today to take advantage of this info and revolutionize your practice!

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