According to the American Pet Products Association, pet industry sales exceeded $100 billion for the first time in 2020 and are forecast to nearly triple, to $275 billion, by 2030. Now is the time to capitalize on this tidal wave of spending.
Is your veterinary practice doing all it can to attract and retain clients? Upgrading your office equipment may be the solution. New financing solutions can make purchasing or leasing equipment affordable and accessible for even new veterinary clinics.
As you know, most clients will do whatever is needed for their beloved pets. They want their veterinarian to provide high-quality care and are often willing to pay an additional expense to ensure their pets’ health and safety.
Take me, for example. Recently, my English bulldog, Luke, had an infected red eye. A trip to my regular veterinarian provided us with eye drops, which we used as directed for weeks to no avail. We tried cold compresses and an eye patch during rest, but nothing seemed to help.
Finally, we went to a specialty hospital, which I knew would cost me more out of pocket, but I needed a second opinion. This veterinarian office, using more modern diagnostic technology, determined that an eyelash growing on the inside of Luke’s eyelid was causing irritation. It was removed during a simple in-office procedure.
Had I not taken Luke to the specialist, he would be suffering to this day.
Beyond helping you provide a high quality of patient care, the proper equipment can support new services, such as telemedicine and no-fuss nail trimming, ultimately opening new revenue streams and possibly attracting new clients.
In today’s digital age, consumers know what they want, and they want it now. They want to make appointments online, view diagnostic reports online, pay their bills remotely and even watch streamed videos of their pets being boarded at a veterinary clinic. If you are not providing the very best services because you lack the proper equipment, your practice is vulnerable to those who made the best equipment investsments into their practices.
Those offerings can go a long way in building strong relationships with clients. The proper equipment helps give a veterinary practice a reputation for superior customer service, which leads to great word-of-mouth marketing.
The U.S. tax code incentivizes business owners to finance by writing off interest payments, spreading out debts and maximizing cashflow. You cannot finance utilities, employee payroll or other intangible costs of doing business, but you most certainly can write off your equipment.
Financing is especially attractive now as inflation and interest rates rise because it allows you to keep more cash on hand. Even with rising rates, today’s numbers are far below the average lending rates of the past 100 years.
Specialty finance providers offer an alternative to your local bank. Independent, hybrid lenders can provide loans through private funds or a proprietary partner network, offering flexibility in loan terms and qualifications.
Equipment loans typically can be approved within hours, bypassing the arduous paperwork and interviews demanded by traditional lenders. That means you can spend your valuable time running your practice instead of dealing with paperwork.
Financing also is a good option for newly established veterinary offices that do not have the cash on hand to purchase equipment outright. Some service providers even offer a deferral program, where payments are reduced at the onset to allow the practice to develop a more positive revenue stream.I encourage all practice owners looking for new equipment to shop around, speak to potential lenders and their previous customers, and keep service in mind. The bottom line is, if you like working with the provider, and others do as well, your overall experience will be a positive one.