3 ways to get more out of your veterinary practice

Improve compliance, client retention and profitability with compounding.

© Copyright 2011 Wedgewood Pharmacy

Contents

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749

Get more out of your practice. 31. Non-Compliance: When pets won’t cooperate 3

Increased information leads to increased compliance. 38 ways to make non-compliance a non-issue 3Did you know? The high cost of non-compliance 4

2. Client retention: a lost art 4Knowledge is power. 4Make time for patients. 47 ways to increase client loyalty and retention 5Did you know? The high cost of defection 5

3. Increase profits by saving time, lowering costs. 66 fresh ways to control your practice’s expenses 6Did you know? The drop in profits 6

Let us do our part to help 7Convenient ordering 7Reducing preparation prices 7RefreshTM Exchange Program – a refreshing solution for expired medications 7Home delivery to your patients 7

Guide to compounding pharmacy in veterinary practice 8

2

Get more out of your practice.Non-compliance, losing customers and increasing costs are key challenges that your practice faces every day. These challenges could cost your practice your most valuable assets: time, money and patients. That’s why we develop innovative ways to deliver medications, services and solutions that go beyond the basics, to help you with every facet of your practice.

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

3 ways to get more out of your veterinary practice How to improve compliance, client retention and profitability.

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749 3

1. Non-Compliance: When pets won’t cooperateCompliance is a serious issue for veterinarians and pet owners. Many pet owners don’t realize the dangers and consequences of abandoning or interrupting treatment, and most are not aware of other options that could make administering medications more pleasant for them and their pets. When they become frustrated with administering medication, they may just decide to take their business elsewhere. When non-compliance results in lost business, it could cost your practice more than you realize.

Increased information leads to increased compliance.The more informed owners are about the consequences of non compliance, the less likely they are to stop their pets’ prescribed treatment regimens. We take patient care very seriously; our pharmacists and customer care specialists are available to answer any questions pet owners may have – either by telephone or in person. We offer printable patient-counseling materials and veterinarian-authored information online to give you and them important information about the compounded preparations you prescribe for their pets.

8 ways to make non-compliance a non-issueGive pet owners information about the dangers of non-compliance.1. Give pet owners simple, detailed instructions and easy administration 2. techniques.Prescribe medications that taste better.3. Prescribe medications that are smaller and easier to administer.4. Prescribe medications that are more affordable, when possible.5. Provide automated refill reminders.6. Make it easier, safer and more convenient for pet owners to get the medications 7. they need.Increase communication and follow-up with pet owners.8.

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

3 ways to get more out of your veterinary practice How to improve compliance, client retention and profitability.

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749 4

Did you know? The high cost of non-compliance

Several studies have been conducted regarding non-compliance among companion animals. Some of the findings may surprise you:

The rate of compliance for chronic •

medication is just 76%. That means

an astounding 24% of pets are not

being treated with the medications

they need to live healthy lives – and

in some cases, simply to live.1

Pet owners who are shown one or •

more ways to administer medication

had a significantly higher rate of

compliance (73% vs. 59% for those

not shown). Yet, only 43% of practices

show pet owners how to administer

medication.2

60% of owners would pay more for •

medication that is palatable and easy

to administer.3

93% of veterinarians say that •

compliance monitoring has a positive

impact on their practice.4

72% of pet owners would like to •

receive information in writing about

their pets’ medication so they could

refer back to it.5

2. Client retention: a lost artA measure of success for any practice is the ability to retain patients. Even though you believe you’re doing everything you can, it isn’t always easy. There are many reasons pet owners switch practices. There may be reasons you can’t control, such as patient relocation, or reasons you can control, like lack of time or attention during office visits. Whatever the reason, client loyalty and retention are on a decline nationwide. And this trend could be costing your practice.

Knowledge is power.When your clients feel they are true partners in the health of their pets, they are more likely to remain loyal to your practice. You, your staff, and your patients can find information about compounded medications such as printable drug monographs, dosage forms, disease-state information and much more in our Learning Center at WedgewoodPetRx.com.

Make time for patients.Pet owners’ biggest complaint, and the number-one reason they leave a practice, is that their vets don’t spend enough time with them.6 We understand that your time is valuable, and we’ve developed tools and services to help you preserve more of it. With our online payment and ordering options, automatic email order-confirmations and shipment-tracking notifications, fast delivery, guaranteed satisfaction and home delivery, you’ll have more time to spend with your patients.

7 ways to increase client loyalty and retentionProvide information to owners so that they can become active participants in their pets’ health.1. Spend quality time with patients and their owners during office visits.2. Create a comfortable, welcoming environment.3. Provide ongoing training for your staff, so they can be increasingly responsive and helpful. 4. Limit waiting time for pets and their owners.5. Increase communication and follow-up, like phone calls, with pet owners. 6. Provide treatment solutions for hard-to-treat animals.7.

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

3 ways to get more out of your veterinary practice How to improve compliance, client retention and profitability.

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749 5

Did you know? The high cost of defection

According to recent studies, the number of unhappy veterinary clients may be larger than you think:

The average companion •

animal clinic loses

10 - 15% of its client

base every year.7

38% of patients never •

return after a first visit.

The main reason is lack

of attention from the

practice and too little of

the veterinarian’s time.8

Only 25% of owners •

reported that their vet

appointments lasted

more than 10 minutes –

a major reason why they

switch.9

3. Increase profits by saving time, lowering costs.If you’re like most small-business owners trying to improve profitability, you’re looking for ways to increase efficiency and client retention, and decrease the cost of carrying inventory.

6 fresh ways to control your practice’s expensesReduce inventory – fewer products on your shelves means more money for the practice. 1. Stop carrying items that you haven’t ordered in the past year. Order so that your inventory arrives just before you need it.2. Capture your client’s email addresses and send electronic communication – it is much 3. more cost-effective than printed materials.Pay bills with a credit card that gives you cash back.4. Negotiate lower fees with your merchant account when your clients pay with a credit 5. card.Trade time spent with vendors for time spent with patients. Choose vendors that are 6. reliable, high quality and easy to work with, vendors that are an extension of you, and are committed to improving efficiencies and the job satisfaction of your staff.

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

3 ways to get more out of your veterinary practice How to improve compliance, client retention and profitability.

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749 6

Did you know? The drop in profits

47% of veterinarians •report that costs are rising.10

87% of veterinarians •report a drop in volume of medication dispensed from their practices.11

The average amount •of drugs and medical supplies on hand per veterinarian is 16,804.12

Drugs and medical •supplies are a veterinary practice’s largest variable expense.13

Let us do our part to help.We are committed to ensuring that your patients not only receive the proper medications they need, but also taking them as prescribed. That’s why we offer solutions like an array of tasty flavors and innovative dosage-forms to help make medications more appealing to even the most uncooperative animals; printable patient counseling materials that give owners information about the importance of adherence; and offer administration tips and refill reminders, so there’s no interruption in their pets’ treatment schedules.

Convenient orderingIt’s easy to order compounded preparations for your office at WedgewoodPetRx.com. Search by keyword, preparation, species or disease state and choose from among the 7,300+ formulations for more than 250 therapeutic agents in our formulary.

Reducing preparation pricesWe reduce the time – and cost – it takes to prepare medication every time we compound a new preparation in Gourmeds or Tiny Tabs dosage-forms. When we minimize our costs, we can pass those savings on to you. When you are prescribing a common compounded medication in a capsule, ask for our pricing for these often more cost-effective dosage forms.

RefreshTM Exchange Program – a refreshing solution for expired medicationsThrowing away compounded medications, which have conservative beyond-use dates, is a waste of money. Our industry exclusive Refresh Exchange Program lets you exchange recently expired and soon-to-expire, unopened, compounded preparations for those in our formulary, absolutely free – even if you bought them from another pharmacy. For more information and to enroll, visit WedgewoodPetRx.com.

Home delivery to your patientsOf course, we can ship medication directly to your office. But if you prefer, you can have prescriptions delivered directly to your patients – saving you shelf space and inventory carrying costs. At your request, we will bill and ship the preparations you prescribe directly to your clients’ homes. We’ll remind them by phone, email or mail when their prescriptions are due to be refilled. When you are ready to prescribe, visit WedgewoodPetRx.com 24 hours a day, 7 days a week. Provide us with your clients’ phone numbers or email addresses and we’ll contact them to let them know their prescriptions are ready.

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

3 ways to get more out of your veterinary practice How to improve compliance, client retention and profitability.

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749 7

Guide to compounding pharmacy in veterinary practiceWedgewood Pharmacy has created a guide designed to help you better understand the role of compounding in veterinary practice with useful information such as how to select a compounding pharmacy, how flavoring medications may improve compliance and references to some of the regulations affecting veterinarians’ use of compounded preparations. You can find this information in the Learning Center at WedgewoodPetRx.com along with other practice tips.

Guide to compounding pharmacy in veterinary practice

Customer Care Specialists and pharmacists are available:Monday - Friday 8:00 a.m. to 8:00 p.m. EasternSaturday 9:00 a.m. to 5:00 p.m. Eastern800.331.8272 WedgewoodPetRx.com

3 ways to get more out of your veterinary practice How to improve compliance, client retention and profitability.

Wedgewood Pharmacy405 Heron Drive, Suite 200Swedesboro NJ 08085-1749 8

1 Albers J, DVM, Hardesty C. Compliance: Taking Quality Care to the Next Level. Lakewood, CO: AAHA Press; 2009:5.2 Ibid., 5-6.3 Ibid., 8.4 Ibid., 18.5 Ibid., 7.6 Ackerman LJ, Blackwell’s Five-minute Veterinary Practice Management Consult, Hoboken NJ: John Wiley & Sons, Inc.; 2006:72.7 Ackerman LJ. Blackwell’s Five-Minute Veterinary Practice Management Consult. Hoboken, NJ: John Wiley & Sons, Inc.; 2006:78.8 Ackerman LJ. Blackwell’s Five-Minute Veterinary Practice Management Consult. Hoboken, NJ: John Wiley & Sons, Inc.; 2006:78.9 Albers J, DVM, Hardesty C. Compliance: Taking Quality Care to the Next Level. Lakewood, CO: AAHA Press; 2009:6.10 Which expenses are on the rise? Veterinary Economics. 2007; 48 (8) :112.11 Veterinary Economics. Benchmarks 2009: A study of well-managed practices.12 Ibid., 7.13 Ibid., 41.

Bonus for veterinarians: Request a free trial Rx for in-office evaluation of one of Wedgewood Pharmacy’s innovative dosage forms