Hey Team,
Reaching out today to inform you that the latest version (Q1 2023) of CareVet’s Price Guide is now available on Fetch for your reference. You can download the guide by clicking the “Pricing Guide” button under the “Client Services” section.
Our official guides are customized based on your hospital’s geography and demographics (cost of living, income, pet spending, etc.) and target the following pricing areas of focus:
- Drugs and medications
- Non-shopped services
- Categorical markup percentages
- Common additional fees
The Drug Guide includes price ranges for the in-hospital sale of our top 300 drugs and medications at the SKU level. The pricing team considered various databases including prices from online pharmacy competitors like Chewy & 1800PetMeds, as well as online pharmacy platforms like VetSource and Vet’s First Choice.
The Service Guide includes price ranges for the top 125 non-shopped services. Non-shopped services are services that a customer is unlikely to price shop or be price sensitive to. For example, catheter placement pricing or inhalant anesthesia. For these items, we are less concerned with the local market and more interested in making sure prices are in line with overall national trends. These price points are curated using AAHA Veterinary Fee references and verified against internal CareVet benchmarks.
The Fee/Markups Guide covers markup percentages by category for those products not covered on the Drug Guide, and additional fee ranges for those common, best-practice fees to charge.
The guides have three included tiers:
Red is profit-depletive: going forward with this pricing will strain the bottom line, making it hard to manage overall labor and COGS.
Yellow represents the average price: if you are currently below yellow, we recommend at least matching this average (with the intention of eventually moving toward the green price).
Green is growth-driving: these prices reflect a more aggressive approach which helps build the top line and allows us to invest back into our people, tools, and facility to ensure that we can continue to serve as a leader in service and grow our clientele base even more. All this while, of course, positively affecting both your Productivity Score and BAPS budget.
Note: If your current price is already higher than what is listed in the green column, do not reduce your prices; instead, make a note, and let’s have a chat about it.
We ask that the hospital’s leadership review these guides together, and using the provided references agree on updating your hospital’s prices to a more recent, informed, and competitive rate.
If you have any questions, please contact the CareVet Pricing Team at pricing@carevethealth.com