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In this episode of the Inventory Nation Podcast, Rachel Lemcke and I discuss the logistics of managing and pricing laboratory services and some tips and strategies for how to make lab services a successful and profitable part of your veterinary practice.
- You need to understand all your costs to price lab services correctly. Knowing costs is the starting point.
- Providing emergency care is great, but proper billing is what makes that care possible.
- Have a clear understanding of where that cost and price falls in the market.
- Prices of resources that you use are always going up. You should evaluate price frequently to be sure that your margins are where they need to be.
- Empathy can be a strong communication skill to help customers understand value and decide on tests.
- There are big emotions in vet medicine. An important aspect of running a business is helping coach the team to navigate big emotions with emotional intelligence.
- Budget, Flexibility, Testing Volume, Patient type or mix, are all things to consider when planning for lab services, costs, and pricing.
- When purchasing equipment and machines for the lab, consider how well that equipment is supported and how accessible the resources for it are.
- Be proactive when it comes to tasks to be completed. Get them out of the way so that you are ready for whatever comes.
MEET RACHEL LEMCKE
Rachel’s passion for improving human and animal welfare motivates her to find and share meaningful insights. Her in-depth experience in animal health, coupled with her intrinsic ability to connect data to real-world situations and outcomes makes her a great partner. She formed Amwell Data Services LLC to help give veterinarians and their teams more margin with the larger goal of helping make veterinary medicine careers more sustainable. She builds a variety of hands-on, custom tools and projects to help veterinarians better leverage their laboratory services for improved practice stability and growth.