Missed charges can lead to significant revenue loss for veterinary practices. ezyVet’s automatic billing triggers make it easy to patch up these revenue leaks. Read on to learn more about how you can use ezyVet to put an end to missed charges and get your revenue goals back on track.
How much revenue are you losing out on?
Missed charges have come to be seen as an inevitable part of doing business in the veterinary industry. The issue is so widespread that it’s easy to get a bit nonchalant about billing mistakes - after all, how much revenue are you really losing out on with the occasional invoicing error?
For many practices, the answer to this question is measured at least in the tens of thousands of dollars. According to the American Animal Hospital Association, 17% of lab tests go unbilled. Other sources estimate that the average practice misses 5-10% of all charges, which means a hospital bringing in $1 million in annual revenue could be leaving as much as $100,000 on the table every single year.
Using ezyVet to minimize missed charges
Even the most diligent veterinary hospitals make the occasional billing mistake. The risk is further amplified in practices that rely on manually adding items to the client’s invoice by hand. In the hustle and bustle of daily veterinary life, it’s all but guaranteed that the occasional blood test is forgotten about, or injection fee is skipped, or hospitalization fee is miscalculated. In isolation, the financial impact of an innocent slip-up is negligible, but over time these missed charges can have a surprisingly big impact on your bottom line.
The most effective way to take the risk of human error out of the equation and minimize missed charges is to use ezyVet’s automatic billing triggers.
Billing triggers automatically capture all billable products and services, and instantly adds them to the client’s invoice, ensuring that all products and services are accurately and consistently charged for. Billing triggers can be used anywhere on your ezyVet site, from your appointments to your clinical templates and everywhere in between. You can even add billing triggers to your Product Bundles to simplify complex billing procedures and ensure that treatments involving multiple products or groups of products are accurately charged for.
For step-by-step instructions on setting up billing triggers, be sure to check out the following help guides:
What are the benefits of reducing missed charges?
1. Increased revenue
Reducing missed charges translates directly to an increase in revenue. ezyVet optimizes your invoicing processes by automatically capturing all billable products and services, regardless of who performed the task. An increase in revenue provides you with greater financial certainty, gives you the opportunity to invest more resources back into the practice, and makes your business more attractive to potential investors - crucial if you’re thinking about one day selling your veterinary clinic.
2. Better customer experience
Automating your invoicing processes can also improve the overall customer experience. Billing triggers ensure that charges are captured regardless of who performed the task, eliminating the risk of miscommunication between members of the team. That means no more awkward phone calls asking clients to pay for items that you forgot to invoice (or swallowing the revenue loss!).
Removing manual invoicing processes also allows your team to focus more of their attention on the client. With ezyVet’s automatic billing triggers, front-of-house staff no longer have to split their attention between the client and time-consuming invoicing processes, resulting in a better customer experience from beginning to end.
3. Reduced manual workload
Efficiency is key when resources are stretched thin. Billing triggers help you eliminate many of the repetitive manual tasks associated with the invoicing process, freeing up your staff to focus on more important tasks. Reducing the administrative burden also promotes staff wellbeing and can help alleviate work-related stress.
Takeaway
Missed charges could be costing your veterinary practice tens of thousands of dollars in revenue every single year. ezyVet’s billing triggers offer a simple and effective way to capture more charges and ensure you’re compensated fairly for the services you provide.
Schedule a demo today to find out how ezyVet can help you reduce missed charges and grow revenue.