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Germany 19th June 2024
How Can You Make Your Pet Health Plan More Successful? Five Important Indicators to Regularly Check
PVA has spent many years studying the performance of thousands of practices’ pet health plans and devised solutions for those areas that are affecting the success and growth of healthcare plans.
It’s especially important to be aware of issues and understand how to make changes to stop plan numbers sliding, or sign-ups slowing down. These issues affect revenue and make it difficult to forecast what your plan income is going to be in the future. This is important because many practices use these projections to decide where their ‘guaranteed’ income is going to be invested.
You should be aiming for a minimum of 30% of active clients on plan, with a goal to increase this to 45% in the next four years*
PVA has access to health plan performance data which we use to analyse and report on what is happening in each practice, allowing us to use our expertise to develop an individual plan to combat weaknesses that are affecting growth and revenue. You should be aiming for a minimum of 30% of active clients on plan, with a goal to increase this to 45% in the next four years*.
We have also built a team of health plan experts who work with practices to develop their plans and improve staff engagement, through a mixture of analysis, strategy planning and training programmes.
What Does This Entail?
Our coaches regularly run data for their practices and identify where plans are performing well, and which elements are negatively impacting success. This is followed by a strategy meeting, where coaches go through the data and advise on what can be done to increase success and reverse negative trends. If staff training is needed, the coach will arrange to visit and hold sessions for staff, to engage/reengage them or teach them new skills relating to those areas needing attention.
What Do We Analyse?
Plan performance can be broken down into many areas but here are five key ones.
- Number of sign-ups versus active clients.
We look at the current number of pets already on plan versus the number of active clients. Any plan that has been running for three or more years should have a minimum of 30% of active clients on a healthcare plan.
- Number of cancellations versus number of sign-ups.
This allows us to calculate the amount of missed revenue through looking at the net growth of plans. This tells us if there needs to be a focus on cancellations, or whether different plan options are needed to keep pet owners engaged.
- Reinstatements
Analysis of the data will tell us whether a practice has a reinstatement plan in place and, if not, we can help with training to introduce an important element of running a successful plan.
- Content reviews
It’s important to look at whether your plan content is still relevant to today’s pet owner demands and what impact that is having on plan performance. Look at our recent blog for more information.
- Pricing reviews
These reviews are crucial to the financial success of plans, and we are aware that practices are often reluctant to increase prices for fear of high cancellations. Our PVA coach will review your content, costs, prices, and plan profitability, to ensure that the plans are a financially positive addition to your practice
What can you do to review how YOUR plan is doing?
The great news is our PVA Coaches and Business Relationship Managers are experienced experts in reviewing and analysing individual practice performances and will come up with a strategy to address the areas that need attention, to improve your plan performance and future financial security.
Everything we’ve covered in this blog is included in PVA’s service at no extra cost, plus lots more and, whether it’s strategising, training, pricing reviews, or how to improve your plan offering, we can help.
These five areas of your plans should be reviewed regularly, as they are so important to the long-term success of your plans and we are happy to help you, whether you’re a PVA customer or not. Just click below to request information on any or all of the above and we’ll provide you with help with anything you think needs to be improved or offer advice if you aren’t sure how your plan is performing.
*Independently verified PVA data
