Hey Team!
We are excited to announce that the latest version (Q1 2024) of CareVet’s Pricing Guide is now available on Fetch! You can download the guide by clicking the “Pricing Guide” button under the “Client Services” section.
Customized based on your hospital’s geography and demographics (cost of living, income, pet spending, etc.), the new version of the price guide builds upon its predecessor by introducing hundreds of new additions and is beautifully organized with individual tabs for drugs, parasiticides, injections, additional fees, and services. (Please note that due to the expansion and organization of the guide, it is not a readily printable document.)
The Drugs tab includes price ranges for the in-hospital sale of our top drugs and medications. The pricing team considered various databases, including prices from online pharmacy competitors like Chewy and 1800PetMeds, as well as online pharmacy platforms like VetSource and Vet’s First Choice, and also took into account recent manufacturer cost updates.
Note: While we have included the most current pricing from Chewy to give you visibility, bear in mind online pharmacies are a different business model, and as such, we do not recommend matching their prices in any capacity. Please contact the pricing team for guidance and coaching on this topic.
The Parasiticides tab covers price points around our portfolio’s key preventatives. Again, the pricing team considered a variety of data resources to put these together, including price points from online competitors and platforms, manufacturer costs, and client rebates. Rebates are listed to the far right, and Chewy prices are again listed for visibility.
The Injections tab houses recommendations for price points for the most common injectables purchased by our hospitals. These have been prepared by considering the dosing information, cost per ml or vial, and function.
The Services tab includes price ranges for the top non-shopped services. Non-shopped services are services a customer is unlikely to price shop, for example, catheter placement or anesthesia. For these items, we are focused on ensuring prices align with overall national trends and margins that best reflect your hospital’s high quality of care while remaining compassionate to the client. These price points are curated starting with AAHA Veterinary Fee references and verified against internal CareVet benchmarks.
The Fee/Markups tab covers markup percentages by category for any products not covered in the Drug Guide and additional price ranges for common, best-practice fees to charge. Please reach out to us at pricing@carevethealth.com if your team decides to implement a brand-new fee.
The guides have three included tiers:
Red is profit-depletive: this pricing will strain the bottom line in the future, making it hard to manage overall labor and COGS.
Yellow represents the average price: if you are below yellow, we recommend at least matching this average, taking small steps to move toward the green price eventually.
Green is growth-driving: these prices reflect a more assertive approach, which helps to build the top line more rapidly for investment back into our people, tools, and facility, while positively affecting both labor and COGS.
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 chat about it.
We ask that the hospital’s leadership evaluate these guides together and update your hospital’s prices to reflect these more recent, informed, and competitive rates. There have been price fluctuations on key items, so please review carefully. If you have any questions, please get in touch with the CareVet Pricing Team (pricing@carevethealth.com).
Thanks, as always, for your continued collaboration; we appreciate all your hard work!
-The Pricing Team