#132: Beyond the Bottom Line: Redefining Veterinary Business Success and Mastering Money Conversations. With Dr. Paul Harrison

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What if you asked the head of a famous business school for some veterinary business advice, but instead of telling you about a new system to increase productivity or some new marketing hack, he tells you to ‘focus less on the business side of veterinary practice’? 

"You have to stop imposing a managerial mindset on these types of businesses - a 'business mindset.' Managerialism has seeped into everything - into industries where it shouldn't be. "

An interview that started with the goal of helping vets get better at having difficult finance conversations quickly detoured into a discussion about:

- The philosophy of veterinary business,

- Why the managerialism  that works in some industries doesn’t always translate well into ours, and

- What true success could look like. 

(Don’t worry - we do also get insights on how to make those money conversations less stressful!) 

Dr Paul Harrison is the Director of the MBA program and Co-Director of the Better Consumption Lab at Deakin University's School of Business, and Adjunct Professor at Sacred Heart University in Milan.The MBA program that Paul designed for Deakin ranks 1st in the world for class experience. Paul is a renowned  international speaker on issues related to consumer behaviour, public health and well-being, governance, and marketing.  

Topics and Timestamps

Money Conversations: Challenges and Strategies 04:50

Balancing Business and Values in Veterinary Practice 07:29

Rethinking Success: Beyond Financial Growth 12:17

Exciting News: Clinical Podcast Updates 17:24

Embracing Uncertainty and Value 19:32

Controlling the Customer Experience 24:08

Philosophical Approaches in Business 24:29

Understanding Customer Needs 25:45

Money Conversations in Veterinary Practice 27:15

Human Decision-Making in Emergencies 34:05

Emotional Management in Emergencies 40:30

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"5 Ways to Improve Money Conversations in the Vet Clinic"

Here are 5 ways to improve money conversations in the vet clinic, based on the interview with Dr. Paul Harrison:

1. Build a Relationship: Build rapport with pet owners from the beginning so that money conversations are part of the ongoing dialogue and not a sudden, isolated event. When clients trust the vet, they’re more likely to accept recommendations without feeling pressured or misled.
2. Be Upfront About Costs: Don't wait until the end of a consultation to discuss money. Introduce the topic of cost early on to manage client expectations. Transparency is key to building trust and reducing client dissatisfaction.
3. Acknowledge Client Concerns: Be empathetic and understand that clients may struggle with finances. If you sense hesitation or concern, acknowledge it and offer to discuss alternative options.
4. Manage Uncertainty: Uncertainty is a major cause of client dissatisfaction. Provide clear and consistent information about diagnoses, treatment options, and potential outcomes to help alleviate anxieties. In emergency situations, explain the situation honestly and directly, and offer alternative services if appropriate.
5. Create a Calm Environment: A chaotic environment with bright lights and noise can lead to emotional decision-making. Create a calm, welcoming atmosphere to help clients feel more at ease when discussing sensitive matters. Soft lighting and music can help reduce stress and encourage rational thinking.

“Why Talking About Money Doesn’t Have to Be Awkward in Veterinary Medicine”

Talking about money can be awkward, especially in veterinary medicine, where the focus is on caring for animals. However, open communication about finances is crucial for both vets and clients to ensure the best possible care for pets.

The interview with Dr. Paul Harrison, a consumer behavior expert, provides valuable insights into why money conversations can be difficult in veterinary practices and offers practical advice on how to improve them. Here are some key takeaways:

• It's Not Just You: Many vets feel uncomfortable discussing money because it can seem like a conflict with their primary goal of helping animals. This discomfort is understandable and acknowledging it is the first step towards improvement.
• Clients Understand: Clients also recognize that veterinary care is not purely a corporate business and can be empathetic towards vets' hesitation to discuss costs.
• Transparency is Key: Uncertainty about costs is a significant predictor of client dissatisfaction. Being open and honest about fees from the beginning can help build trust and manage expectations.
• Early and Ongoing Conversations: Integrate money discussions naturally throughout the relationship with the client, rather than bringing it up only at the end of a consultation. This makes the topic less daunting and allows for more open dialogue.
• Focus on the Relationship: Building a strong vet-client relationship based on trust and understanding can make money conversations feel less transactional and more collaborative.

By implementing these strategies, veterinary professionals can navigate money conversations with more confidence and ease, ultimately leading to better outcomes for both pets and their owners.

“3 Key Insights on Balancing Compassion and Profit in Your Practice”

Here are 3 key insights on balancing compassion and profit in your veterinary practice, based on the interview with Dr. Paul Harrison:

1. Acknowledge the Inherent Conflict: Veterinarians often feel tension between their passion for animal welfare and the need to run a profitable business. This conflict is normal and should be acknowledged rather than ignored. It's important to recognise that vets are driven by compassion, not corporate greed. This understanding forms the foundation for approaching money conversations with clients.
2. Redefine Success: The traditional corporate model of constant growth and profit maximisation doesn't always fit the unique context of veterinary care. Instead of solely focusing on financial metrics, consider a broader definition of success that includes:
• Client Satisfaction: Building trust and long-term relationships with clients.
• Employee Wellbeing: Creating a positive work environment that supports staff and reduces burnout.
• Ethical Practices: Providing high-quality care without compromising animal welfare.
3. Prioritise Open Communication: Transparency and honesty are crucial for navigating money conversations effectively.

• Discuss costs upfront and throughout the client relationship to manage expectations and reduce uncertainty.
• Offer alternative treatment plans if clients are struggling financially.
• Create a calm and welcoming environment that encourages open dialogue.

By reframing the concept of success and prioritizing open communication, veterinary practices can achieve a balance between compassion and profit, ensuring both the wellbeing of animals and the sustainability of their business.