Downloaded 18 times
![>$100,000 revenue per DVM
MARKET 500 Horse Owners per DVM[1]
71%
don’t buy
meds from
their vet[2]
OPPORTUNITY 355 lost clients
55%
conversion
on active
rx[3]
RECOVER 195 clients
2.8
orders per
horse
owner per
year[3]
ANNUAL $546/year
$192
average
order
value[3]
GAIN
$105k
per DVM
26
1) AVMA, 2012 U.S. Pet Ownership & Demographics Sourcebook, https://www.avma.org
AVMA, Market Research Statistics – U.S. Veterinarians – 2014, https://www.avma.org
2) Meyers, 2014 Communications Solutions for Veterinarians study at http://www.csvets.com
3) Vets First Choice Data
Source](https://image.slidesharecdn.com/sarxmanagement-amsterdamsummit2017-171126173018/75/Veterinary-Prescription-Management-26-2048.jpg)
Uploaded byOculus Insights
Veterinary Prescription Management
The document outlines innovative practices in prescription management for veterinary care, emphasizing the need for compliance and persistence from both pet owners and veterinarians. It highlights the challenges of managing prescriptions and the impact of digital tools on improving patient care and financial outcomes. Key findings suggest that effective prescription management can significantly enhance client engagement, streamline operations, and boost revenue without cannibalizing profits.
Veterinary Prescription Management
- 1. Prescription Management Innovative Practice Ideas RobertP. Magnus DVM, MBA Managing Partner - Oculus Insights LLP [email protected] www.OculusInsights.net 1
- 2.
- 3. TODAY What is RxManagement? What is happening in the market? What is the impact for your business?
- 4. Prescription (Rx) Management AnimalHealth Rx Management is the process of providing veterinary clinicians and animal owners the tools to issue, refill and persist therapies across prescription medications and continuity-focused OTC products. Creating the best possible delivery of needed medications to the patient in acute and chronic illness
- 5. -- Dr. C.Everett Koop former U.S. Surgeon General “Drugs don’t work on patients who don’t take them.” 5
- 6. How do youmanage prescriptions today? 6
- 7. North America -Retail Challenges
- 8. Europe The Dutch governmentand other agencies throughout the EU are not happy with the buying behavior of animal owners through international web based retail shops… New legislation in the works…?
- 9. Real Life See aPatient (Patient/Client/Relationship) Assess the Situation Prescribe a Medication Dispense the Medication Write a Prescription 1. Buy from someone else 2. Do not use meds
- 10. Practice Management Options Wait for client to call Hire staff/resources Use technology providers
- 11. What are thecore issues for quality patient care? Compliance Persistence What are the core issues for owner in medicating their pet or horse? Convenienc e Cost
- 12. Compliance: The extentto which the client’s behavior coincides with the provider’s recommendation with regard to dosage and frequency of medication 12 Source: American College of Preventive Medicine, http://www.acpm.org/ What is best for the patient? Persistence: The duration of time from initiation to discontinuation of therapy, at any level of compliance
- 13. Gaps are badfor the patient
- 14. The Leaky Bucket 14 InitialPrescription* The Refill* The Renewal* Adherence* Loss to Others Product Gaps Follow up exams Continuous engagement with your client *Assumes correct dose, correct use, correct timing
- 15. Compliance Compliance will bethe next most significant medical innovation in veterinary medicine Technology enabled prescription management removes barriers for animal owners and veterinarians “Compliance: Taking Quality Care to the Next Level” American Animal Hospital Association
- 16. Order Refil l Exam Renew Prescribe Complete Prescription LifecycleManagement 57% Conversion Through Proactive e-Recommendations
- 17. Examples Portland, Maine USA www.vetsfirstchoic.com Custombuilt tools, applications and analytics for in-clinic and mobile practitioners with advanced e-commerce capabilities to meet changing doctor and animal owner needs
- 18. 1 Quality is Key QualityAccreditation for pharmacy, prescribing, product pedigree, transaction processing An Outstanding Owner Experience
- 19. Rx Notification Refill Reminder RobustClient Communication System Email Marketing Integrated messaging enables follow- through on treatment protocols. Convenience is Key Social Media
- 20. Data - Complianceis High 50% 55% 60% 65% 70% 75% 80% 85% 90% Equine Drug Average Compliance Top equine products average 65-83% compliance but need more years to confirm persistence Source: Vets First Choice compliance data based on 12 months of data, and is prorated for time since script was written
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- 23. Reached lapsed patientsvia email, outbound calls, and social media Emphasis to drive AutoShip subscriptions Tracked revenue per practice, medication compliance and share of wallet 100% pay for performance C A S E S T U D Y: P R A S C E N D ENGAGING LAPSED BUYERS
- 24. O UR PLATFOR M E NA BLES IMPROV E D CLINICAL & FINANCIAL OUTCOMES 41% compliance in Prascend** Proactive client engagement 2 W I T H Simplified prescription management 3 Improved medication compliance 4 Reacquiring lost clients5 INCREASES TO 82% with ** $445,000 Incremental Revenue Opportunity with ** **DVM in-house analysis across 103 veterinarians Identify gaps in care1
- 25. +27% Total Revenue +83% Specialty Pharmacy +62% ProactiveScripting PHARMACY STUDY GROUP PRACTICES A NEW BEST PRACTICE +24% Services +282% AutoShip +426% Renewables Proprietary & Confidential. ©2017
- 26. >$100,000 revenue perDVM MARKET 500 Horse Owners per DVM[1] 71% don’t buy meds from their vet[2] OPPORTUNITY 355 lost clients 55% conversion on active rx[3] RECOVER 195 clients 2.8 orders per horse owner per year[3] ANNUAL $546/year $192 average order value[3] GAIN $105k per DVM 26 1) AVMA, 2012 U.S. Pet Ownership & Demographics Sourcebook, https://www.avma.org AVMA, Market Research Statistics – U.S. Veterinarians – 2014, https://www.avma.org 2) Meyers, 2014 Communications Solutions for Veterinarians study at http://www.csvets.com 3) Vets First Choice Data Source
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- 28. THE PHARMACY STUDYGROUP Companion Animal 1 0 P R A C T I C E S F R O M A C R O S S T H E U S A F r o m 1 t o 8 . 7 F T E V e t e r i n a r i a n s
- 29. 4 QUESTIONS What isthe best practice? What is the financial impact? Does this cannibalize profits? Is it difficult to implement?
- 30. DOUBLE-DIGIT GROWTH PER VETERIN AR IAN +14% TO TAL R E V E N U E S +0.5% I N - H O U S E P R O D U C T S +67% O N L I N E P R O D U C T S +$88K +$.8K +$24K
- 31. NET PRODUCT GROWTH PERVETER IN AR IAN +14% TO TAL R E V E N U E S +12% +$88K +$24K TOTAL PRODUCTS
- 32. SERVICE IMPACT +14% SERVICE REVENUES +21% SU B S E T L AB W O R K +$65K +$30K PER VETER IN AR IAN
- 33. NET ONLINE PROFITS $13,197 NETBANK DEPOSIT 22% Margin No Inventory Cost Little Effort PER VETER IN AR IAN
- 34. INNOVATION: ACTIONABLE ANALYTICS COMPLIANCEREPORTS | PILOT SHOWS IMPACT FUTURE BENEFIT TO PRACTICES: Leverage actionable insights into gaps in care linked to pro-active prescription management to unlock financial and health outcomes for all stakeholders ACTIONABLE ANALYTICS PILOT LAUNCH • On-demand report production • Pilot to test impact 70 partner practices • Consultation calls to practices to train on how to ACT on Actionable Analytics Note: Pharmacy Study Group members had huge input on report design Hometown Animal Hospital, Sunrise, AZ Total Canine Patients Assessed: 8,046 Assessment Period: April 2016 – April 2017 Proprietary & Confidential. ©2017
- 35. KEY REPORT ELEMENTS… Individualized revenue opportunity calculated Actual# of canine patients at the practice Range of compliance calculated In-house vs. online compliance compared Hometown Animal Hospital, Sunrise, AZ Total Canine Patients Assessed: 8,046 Assessment Period: April 2016 – April 2017 Proprietary & Confidential. ©2017
- 36. CONCLUSIONS Improves complianceand revenues Streamlines prescription management Expands your inventory Enhances service revenues Does NOT cannibalize profits Is easy to implement D I G I TAL P R E S C R I P T I O N M AN A G E M E N T:
- 37. Integration is Key MedicalRecords Patient Links Automated Shipping Renewals Proactive Recommendations
- 38. Financial Impact Recapture Sales ReliableMedications & Less Inventory Loss Ethical Veterinary Platforms Sale of Other Items
- 39. Impact on PracticeValue Modest Net Profit € 20,000 Reliable Cash Flow Stream EBITDA Multiple Impact 3X € 60,000 5X € 100,000 7X € 140,000 10X € 200,000 Valuable for Equine and Companion Animal Practices
- 40. Take Home Message Significantgaps exist In patient care In compliance and persistence Significant opportunities exist In better medical care In financial gains for your business Significant changes are taking place in the marketplace in medication purchases
- 41. Thank You! Robert P.Magnus DVM, MBA Managing Partner Oculus Insights, LLP – North America [email protected] 01-262-424-7625
Editor's Notes
- #18 12,000 clients total practice includes data services; 5K practices (4K CA and 1K EQ)