June 2nd, 2020

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News

May Data Review: A Return to ‘Regular’ Data

May Data Review:
A Return to ‘Regular’ Data

May’s story is about a hint of a return to ‘normal,’ at least in terms of data. Many states began lifting stay-at-home orders, allowing for more activity in veterinary clinics. May experienced a couple of days where we saw growth in all major KPIs (Revenue, Transactions, ATC, and New Clients), reminiscent of pre-COVID days.

Life in veterinary clinics is far from normal, however. Curbside care is still in full force, with no strong indicators of slowing. The prospect of a COVID outbreak at the clinic level, which could debilitate business, is still a viable concern. Many clinics are managing, through the use of Paycheck Protection Program (PPP) monies, but many questions still exist around the details of loan forgiveness. Veterinary hospital life is far from normal…

Revenue is the product of Transactions and Average Transaction Charge (ATC).

Overall, May was up in revenue by 1.7%, the first time we’ve seen this since the start of the downturn in March. The month of May continued to see struggling transaction growth, but not as dramatic as March and April. With transactions being less off than seen in previous months, continued ATC growth helps create the positive revenue we saw in May.

Below is a breakdown of revenue category performance for May 2020 compared to May 2019. Boarding and grooming continue to struggle, along with dentistry and dietary food sales. Areas of revenue affected by mandates to push off essential procedures – such as anesthesia and surgery – look to be rebounding.

Transactions can be thought of as volume of visits into the hospital, and that’s obviously where we’ve seen some major negative impacts.

Volume has been the area hit hardest by the COVID-19 outbreak. Overall transactional growth for May was -10.5%, but there were promising flashes of transactions returning to normal when May saw a few days of growth. One of the inherent challenges that practices are facing right now regarding transactional growth is curbside care. Curbside care is generally a slower process than the finely honed client processing through the hospital experienced in pre-COVID days. This can lead to hospital teams feeling plenty busy while not running as efficiently as they once did, ultimately capping transitional growth if efficiencies are not implemented.

May continued to see trends of what we saw in March and April with low Transactions and high ATC on weekends. This phenomenon seemed to lessen as the month progressed, potentially hinting at clinics reopening on days they were once open due to greater volume and/or bringing staff back in-clinic to maximize PPP forgiveness.

Average Transaction Charge is the average amount spent during a visit.

ATC continued to see consistent growth over prior periods seen in March and April, up 13.8% in May. Part of this may be attributed to curbside care and clients who are more compliant when it comes to recommendations communicated over the phone because they want to get everything done in one visit instead of potentially returning at a later date. There may also be a hoarding mentality still going on in which clients purchase 12 doses of preventative whenthey might have only purchased 6 previously, for example, thereby supporting the higher ATC we are seeing.

New Client Growth took a strong turn to positive in May. In March and April, we saw overall negative growth in new clients. In May, this turned positive, at 5.3% growth. The majority of May days saw growth in new clients, whereas April only saw a handful. This likely can be attributed to increased pet ownership during the crisis.

Be sure to keep up with our daily stats on iVET360’s dedicated COVID-19 site to see how you are faring when compared to the rest of the industry. We also invite you to take advantage of three complimentary months of our Pulse reporting platform so you can more easily and accurately monitor your business and navigate this difficult time.

June 2nd, 2020

Categories
News Numbers

Weekend Industry Data Update 5/30-31/20

0.8%

Revenue

16.9%

Transactions

19.3%

ATC

5.6%

New clients

Summary: The final weekend in May closed soft with struggling transactions. Month to date finished up in revenue by 1.7% driven by strong ATC.

iVET360 data source: 791 hospitals across all 50 states. Ave hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Tuesday to Tuesday comparison). Month to date stats is based on calendar month over last year.

May 30th, 2020

Categories
News Numbers

Daily Industry Data Update 5/29/20

7.6%

Revenue

3.6%

Transactions

  11.5%

ATC

10.6%

New clients

Summary: Friday was not as strong as Wednesday and Thursday, with transactions lacking growth. Month to date is maintaining growth in all KPIs except transactions.

iVET360 data source: 794 hospitals across all 50 states. Avg hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Monday to Monday comparison). Month to date stats is based on calendar month over last year.

May 29th, 2020

Categories
News Numbers

Daily Industry Data Update 5/28/20

10.3%

Revenue

1.5%

Transactions

  8.6%

ATC

9.2%

New clients

Summary: Thursday was another strong day with positive growth in all major KPIs. Month to date is continuing to be up in all KPIs except transactions.

iVET360 data source: 794 hospitals across all 50 states. Avg hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Monday to Monday comparison). Month to date stats is based on calendar month over last year.

May 28th, 2020

Categories
Marketing News

Separation Anxiety and Your Pet

Don’t Leave Me!

The separation anxiety struggle will be real for your dog when you go back to work.

While you may be dreaming of the day you can go back to the office, your favorite coffee place, and to some gossipy chit-chat with co-workers, your dog might have serious issues when suddenly you’re gone again.

(We say dog, because we know that with some exceptions, most cats can’t WAIT for you to get back to the old routine and leave them alone, already.)

Most dogs thrive on routine and live for the time they have with you, so it’s important you know the signs of pending separation anxiety as well as what to do about it.

Leave the house for short periods of time, but don’t go far. If your pooch begins to bark, howl, whine, or scratch at the door, or tears something up while you’re away for that few minutes, chances are you are going to have a distressed dog on your hands when it’s time to ditch the sweats for suits.

Separation anxiety is no joke—upset dogs can not only do damage to your home and property but to themselves as well. Having accidents in the house, crate destruction, pacing, howling, as well as chewing walls, doors, and furniture are not uncommon.

Some dogs even get anxious when they notice the signals of their owner’s impending departure such as putting on a coat and grabbing keys.

So how do you prepare your pet to be alone again? Here are a few suggestions to help acclimate your canine:

  • Start NOW. Don’t wait until the day before you begin your previous work routine. Ease super-attached dogs into it by telling your pet to “stay” and then going to another room for a minute before calling them to you. Putting your pet in a separate room—with a favorite toy or long-lasting treat for 10-20 minutes while you are home may help as well.
  • One of the most important things you can do is to begin leaving your dog alone in the home for varying periods of time. Leave for just a minute to start, then gradually increase the time you are gone. Your dog will (hopefully) come to learn that absences are safe.
  • Make leaving a non-event. Don’t acknowledge your dog or say goodbye when you go. Yes, it’s hard not to tell them you love them, to be a good dog and that you’ll be home soon—but it’s necessary.
  • If possible, getting your dog out for a walk, run, or some other energy-burning exercise prior to your departure is extremely helpful in reducing stress. A tired dog has a much greater chance of being a calm dog. (And by the way, it works for people, too!)
  • Many pet owners have seen results with herbal solutions and pheromones such as Rescue Remedy or Adaptil products as a supplement to training. Cannabidiol (CBD) is also gaining popularity as a treatment for canine anxiety—but do your research and check with your vet before administering this to your pet.
  • Make an appointment with your veterinarian. If you’ve tried reconditioning and training but your pet is still exhibiting anxiety or destructiveness, your vet can prescribe medications such as Xanax, Clomicalm, and Sileo.
  • Reach out to a professional trainer or behaviorist if necessary. In the long run, this will be less expensive than a demolished den or vet bills from anxiety-caused injuries.

Finally, be patient and don’t give up right away as it may just take time for your dog to adjust to your new schedule. Of course, there’s always the option of finding a new job that allows telecommuting or dogs in the office—which many folks have now found makes for both happier people and pets!

May 28th, 2020

Categories
News Numbers

Daily Industry Data Update 5/27/20

10.2%

Revenue

1.0%

Transactions

 9.1%

ATC

17.5%

New clients

Summary: Wednesday was a strong day with positive growth in all major KPIs and very strong new client growth. Month to date is up in all KPIs except transactions.

iVET360 data source: 794 hospitals across all 50 states. Avg hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Monday to Monday comparison). Month to date stats is based on calendar month over last year.

May 27th, 2020

Categories
News Numbers

Daily Industry Data Update 5/26/20

4.8%

Revenue

2.9%

Transactions

 7.9%

ATC

16.1%

New clients

Summary: Tuesday was decent with transactions off and ATC driving revenue growth for the day. Month to date is near even for revenue with high ATC and low transactions.

iVET360 data source: 793 hospitals across all 50 states. Avg hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Monday to Monday comparison). Month to date stats is based on calendar month over last year.

May 26th, 2020

Categories
News Numbers

Daily Industry Data Update 5/25/20

6.6%

Revenue

11.3%

Transactions

 20.2%

ATC

3.4%

New clients

Summary: Monday was up in revenue, and down in transactions. Many clinics were closed due to the holiday so the sample set for the day was very lite. Month to date is down 4.9% revenue with Transactions continuing to struggle.

iVET360 data source: 793 hospitals across all 50 states. Avg hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Monday to Monday comparison). Month to date stats is based on calendar month over last year.

May 25th, 2020

Categories
News Numbers

Weekend Industry Data Update 5/23-24/20

10.1%

Revenue

5.8%

Transactions

16.9%

ATC

4.5%

New clients

Summary: Weekend data was some of the strongest we’ve seen since the start of COVID-19. We are still seeing a similar trend as previous weekends with high ATC and sluggish transactions, but less pronounced this time around.

iVET360 data source: 791 hospitals across all 50 states. Ave hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Tuesday to Tuesday comparison). Month to date stats is based on calendar month over last year.

May 23rd, 2020

Categories
News Numbers

Daily Industry Data Update 5/22/20

4.0%

Revenue

8.3%

Transactions

 13.1%

ATC

8.9%

New clients

Summary: Friday was not as strong as Thursday but still rendered positive growth in all KPIs but transactions. Month to date is up 2.6% with transactions still lagging.

iVET360 data source: 793 hospitals across all 50 states. Avg hospital size $2 million. Daily stats are compared to the same weekday last year (ie. Thursday to Thursday comparison). Month to date stats is based on calendar month over last year.