Just about every industry will see a spike in profits when they open up a new channel of revenue, like third party loan options. For many consumers, traditional credit options are not available to them, usually because of their credit history.
Many businesses, including veterinary clinics, have discovered new ways of growing their clientele and cutting back on giveaways through third party loan options. Vets are often confronted with issues in animals that have to be fixed immediately. These can be very expensive – too expensive for many clients to afford. Rather than try to collect, vets will write off their services, which impacts their bottom line. Vets that have partnered with a third party finance agency don’t have to work for free anymore. With flexible financing options, the client has no excuse not to take responsibility for the care vets provide.
Another issue that veterinary practices have witnessed since the last recession is a drop in the number of visits clients will make per year. More and more pet owners are running to the Internet for medical advice for their pets rather than come in to the clinic. People have less flexibility in their budget for anything and unfortunately, the health of their pets are one of the areas they are willing to cut. However, when the pet owner’s vet is linked with a third party finance company, they have a way to pay for their pet healthcare that doesn’t take such a big bite out of the budget.
Many pet owners don’t know about pet insurance or third party loan options unless their vet lets them know about them. If your veterinary practice has not explored the third party options, it’s worth a look. Vets have watched their business grow more consistent and the health of their animal clients improve through more regular visits and less Internet-diagnoses. Discounting services helps to build customer loyalty, but so does providing more options to pay.
While the new option for revenue increases profits, it also comes with a little risk. Not every client will honor their payment agreement, which means another branch of expertise is needed. Almost 80 percent of lawsuits against veterinarians have been a result of their in-house attempts to collect debt, which is why it’s important to leave that up to the professionals.
Omega RMS, llc., works with consumer product groups, medical practices, educational institutions and membership-driven companies to provide a wide variety of resources, including debt collection. Debt collection is not an easy process, which is why most companies fail with their in-house attempts. However, Omega is a member of the Association of Credit and Collection Professionals, a group that has strict membership requirements.
Omega has plenty of experience in helping consumers meet their financial obligations. Vets with financing options go to Omega when clients get behind on their payments. They leave the billing issues up to Omega so they can do what they do best and help their clients’ beloved pets heal.