If you run your own veterinary practice, you’ve probably wondered whether to buy new technological equipment. You think it will help you improve your service, but will it be a smart decision? How often do you need to renew your equipment? And, above all, will it be profitable for the business? Before you buy new instruments for your clinic, learn how to evaluate whether it’s really right for your situation.
In this article we will discuss the main factors you need to consider to know if new technologies will help you improve your veterinary practice’s profitability. This will help you avoid impulse purchases that put your numbers in jeopardy.
How Can We Know If an Investment in Technology Will Be Profitable?
Although buying new equipment or investing in new technology may seem optional, the reality is that it is increasingly common for veterinary clinics to have to renew their equipment frequently, as technology advances in the sector. This investment can help clinics stay ahead of the curve with the following benefits:
- The clinic’s resources are up to date, which can increase quality of care and enhance reputation.
- The technology can improve the clinic’s workflow and offer a more complete service to the client (while saving internal costs).
- The new tools show more specific data, which improves diagnoses.
- There is even the possibility of being positioned as a specialised clinic in order to offer services to colleagues in the sector.
In other words, if you have a clinic and you are thinking of purchasing new technology, you have a good chance of staying at the forefront of the industry. That’s great news! But before investing money, it’s worth stopping to think about whether it’s really worth it in your particular case.
Veterinary Technology and Profitability: What Should You Consider?
As mentioned, there are several factors that you should take into account when deciding to make an investment in new technologies and equipment. Let’s review the most important points you should take into account.
- Demand – If you already have demand for this service, you can rest assured that you will get a quicker return on your investment. However, keep in mind that sometimes there is equipment that is useful for your customers that they may not request because they are not aware of its existence. For example, using a multiparametric harness could help improve their pet’s quality of life after surgery, even if they are not yet aware of this option.
- Time spent on training – Most likely, in order to use the equipment, the team will need training. Regardless of the price, you will need to consider this initial investment of hours.
- Time saved in recovery – Most technological advances in clinics have a very clear advantage: they save a lot of time. Therefore, beyond the economic aspect, you should make an estimate of how much time it will help you save. To do so, you can ask the finance team to do a simulation of your particular case.
- Your positioning – How do you want your practice to position itself in the future? Some investments may seem unprofitable in the short term, but they can help differentiate you from the competition. Keep in mind what your long-term goal is, so you know if it will fit with the business you are building.
Technology, a Great Opportunity in the Veterinary Field
We are in a time of transition thanks to the rise of new technologies. In fact, we are probably only seeing the tip of the iceberg of all the new developments to come such as the growth of telemedicine, the development of artificial intelligence in Big Data, the trend towards the use of wireless technology in veterinary devices, etc.
There are many options currently on the market, and it can be easy to fall into the temptation to get all of them, putting the economic health of your clinic at risk. Therefore, when deciding which technology to incorporate, we recommend that you take into account the training, time, and money you will have to invest.
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