Redefining ROI and Profit

Return on Investment (ROI) and Profit are nothing new for the partners and practice managers out there–because they are important in a sustainable business or organization even in the veterinary field.

The investment in personnel, learning, and the arduous task of a culture shift has a large up-front cost. Let’s acknowledge that right away. This takes a lot of training and teamwork time to be able to have quality discussions. It can even cost the loss of team members who are unable or unwilling to shift. It is also true that there could even be a loss of some clients who also are unable or unwilling to shift or whose behavior was historically tolerated.

Objective ROI parameters can be monitored such as cost savings, profit/revenue, client retention, client longevity, referrals, team growth, safety events, turnover, satisfaction scores, etc. 

However, the return on this investment has longevity and can be difficult to measure only as a hard value. Consider the following parameters of success from the investment: quality of life, job satisfaction, belonging, trust, willingness for change, opportunity for growth, novel revenue streams, and professional diversity. This requires us to redefine what an ROI is.

Instead of measuring success in monetary terms, veterinarians can redefine ROI to include the broader impact of their work on the health and wellness of animals, the health and wellness of communities, and their own professional satisfaction.

Witnessing the positive effects of staff’s care on both animals and their owners, veterinarians will find these rewards internal and satisfying, leading to less compassion fatigue due to the ability to save lives. The emotional satisfaction not only leads to job fulfillment, but also promotes lasting client relationships and positive recommendations – both of which could lead to increased revenue.

Increasing access to veterinary care can also be a strategic opportunity as it can open up new revenue streams.  By highlighting services offered to a wide range of clients, veterinarians can tap into new markets.  Additionally, preventative care and early assessments and treatments can reduce the burden of expensive treatments in the future, keeping a steady and growing client base.  You may not see a financial award immediately, but it will come.  The emotional rewards are instant.

It is also recommended that veterinary clinics and shelters collaborate with animal welfare organizations that may be able to assist with financial constraints to providing care.  Know who the local organizations are, what they offer, and who to contact if needed.

Ultimately, redefining ROIs to prioritize community wellness can lead to both emotional fulfillment and financial sustainability if one allows it.