Do you really know the true cost of running your practice, and how to reflect those costs in your fees for medications and services? We bet the answer is no!

 

Most other businesses have recognised that a structured, consistent costing process is a necessary part of ensuring that they remain competitive and profitable - and now that process is available to RxWorks’ clients.

 

Performance Pack from RxWorks allows you to create and maintain a fee structure that determines the true cost and adds a profit margin for your services and medications.  It also allows the required flexibility for those that you determine are shoppable or have extra value.  By using a simple, step-by-step review of the various components that make up your fees, you are able to accurately manage even complex fees, gain better control of the pricing mechanisms and realise your profit goals. 

 

RxWorks Performance Pack does all this for you and then lets you experiment with ‘What If’ scenarios by adjusting your profit margins, billable minutes and many of the other components that together, make up your services.  The fees are then automatically uploaded to your RxWorks fees database.

 

Performance Pack allows you to calculate and include the “building blocks” that constitute your fees, such as:

• Billable minutes per veterinarian and nurse
• Overhead allocations that can vary by the type of expense
• % markup for all of the core functions of your practice
• Allocation of overheads including expensive equipment
• Allocation of accurate consumables
• Pre-defined protocols or Procedures for all common, repetitive medical activities

An essential part of the fee management process is to compare your calculated or “standard” fees with the fees that are actually charged to the client.  Performance Pack provides tools to calculate those fee “variances” and to establish their effect on the profitability of your practice.  This helps you to make changes to your fee structure over a period of time – avoiding the “sticker shock” that clients could experience with a sudden change – and measures their impact on achieving your goals.  It provides the total of the mix of services and products you actually bill, rather than looking at individual fees in isolation.

 

Take a more detailed look at RxWorks Performance Pack with our eLearning course.