We recognize that there is no “one-size-fits-all” approach for veterinary practices. Depending on your location, the systems you already have in place for delivering care, and the demographics of the clients you serve, current economic shifts may affect your practice to a greater or lesser degree. With that in mind, here are some general recommendations we’ve curated to help your practice successfully navigate today’s economic climate:
1 Understand Your Market and Adapt Your Pricing Strategy
Budgets for veterinary care are tighter for many clients, though the top 20% of income earners may be less affected. Know your market and adapt your pricing strategy and payment options to fit the clients you serve. Consider offering flexible payment plans or wellness programs that make preventive and essential care more accessible without undervaluing your services. Establish an internal referral system so that less experienced doctors can refer complicated cases or procedures to the more experience doctors within your practice — this reduces the need for costly specialty care. Consider expanding hours to capture more of the urgent care market or team up with your ER to co-manage cases when appropriate, helping make treatments more affordable. Whatever strategies you choose to adopt, be sure to communicate them clearly to your clients and your community so they understand the value and accessibility of the care you provide.
2 Maintain Strong Cash Reserves
Financial resilience is essential. Keep at least one month of expenses readily available in cash, and secure access to an additional two months of expenses through a line of credit. This buffer ensures your practice can weather unexpected slow periods or economic downturns without compromising operations.
3 Improve Efficiency and Control Costs
Identify opportunities to streamline workflows and maximize productivity:
Use AI tools for medical record notes, reminders, and general client communications
Track overdue patient services and re-engage clients proactively
Fully leverage support staff to deliver care efficiently
Focus on high-value tasks during slower periods, such as team training, client outreach, and reviewing compliance with medical recommendations
4 Reassess Your Labor Budget
Staffing should match your current caseload. If your practice has slowed down or experienced longer low-volume periods, review your labor budget and adjust schedules to align with demand. This ensures your team remains productive and payroll remains sustainable.
5 Emphasize Your Value Proposition and Build Relationships
Your value lies not only in the medicine you practice but also in every interaction with clients and patients. Take time to identify areas in your practice where you excel at delivering this value, as well as areas where there is room for improvement. Learn from team members who are particularly skilled at building trust and gaining client agreement to recommended treatment plans. Trust creates space for clients to share the barriers they may be facing — such as affordability, managing care or behavior at home, or transportation challenges — so that you can work together to create the best possible treatment plan. Once you have a strong understanding of the value your practice provides, ensure that every member of your hospital team can communicate, and consistently demonstrate that value — even during the busiest times in the clinic.
Melissa Maddux, DVM