Customized financing to consolidate high-interest debt or fund major purchases or expenses.

Tailored commercial financing that supports all your business needs to help you grow quickly. 

Tailored for entrepreneurs that want to establish additional active and passive income streams.

Tailored for entrepreneurs that want to establish additional active and passive income streams.

 

 

 

Customized financing to consolidate high-interest debt or fund major purchases or expenses.

July 7, 2023

How Does Telemedicine Enhance Veterinary Practice? | BHG Financial

Reasons to consider taking a loan to pay for a vacation

Telemedicine—which is the use of technology to provide health services to patients from a remote location—is described as “healing from a distance.” Most often, it’s delivered via synchronous video conferencing.

Through telemedicine, patients have quick and convenient access to care whenever they’re in need, and this extends to pets as well. Veterinarians can take advantage of a telehealth platform to diagnose and treat animals, schedule follow-up appointments, and educate pet owners in need of guidance.

This opportunity comes with its challenges. All services that are delivered remotely must adhere to the same standard of care as those delivered in person.

Can veterinarians legally provide services through telemedicine?

The short answer is yes, as long as they have a Veterinarian-Client-Patient Relationship (VCPR) established.

However, if you’re considering adding telemedicine to your veterinary practice, it’s important to note that the VCPR is defined at the state level. Therefore, you’ll need to familiarize yourself with local regulations to ensure that you’re following the appropriate guidelines.

Perceptions of synchronous video-based telemedicine

In Q2 of 2023, the ASPCA® (American Society for the Prevention of Cruelty to Animals) released new data from a national survey that indicates that telemedicine has the potential to transform veterinary care delivery:
 

  • Of the survey respondents, 69% had an unmet need for vet care in the past two years and reported an interest in using veterinary telemedicine, if available.
  • Also, 66% of respondents reported that they would see a veterinarian more often if telemedicine were available.
Debt consolidation vs Balance Transfer chart

Further, by adding telemedicine to their service offerings, veterinarians can cater to pet owners who are less likely to bring their pets into an animal hospital—thus increasing their client base.

Benefits of telemedicine to providers

Integrating telemedicine as part of your services will help create operational efficiencies. Consider this—if you’re able to maintain a similar number of appointments while minimizing in-person visits (and their costs), your staff will be freed up to tackle other essential tasks, from scheduling to data entry to billing.

Additionally, telehealth can reduce no-shows and allow for strategic scheduling of appointments based on information gathered during online consultations.

Other benefits of integrating telemedicine include:
 

  • Growing your client base—You’ll be able to attract pet owners who like the convenience of video consultations.
  • Improving customer loyalty—By offering quick and effective care that doesn’t require patients to appear and wait in a hospital setting, you’ll provide pet owners with convenience and peace of mind, thus increasing their loyalty to your practice.
  • Extending operating hours with lower labor expense—Virtual consultations do not require the same level of coverage from your staff. Further, while you can be there for your clients 24/7 if you so choose, you will also have the option of customizing your hours to suit your ideal work/life balance.
  • Reducing the number of cases lost to after-hours ERs—By offering telemedicine services beyond typical office hours, you can funnel additional patients into your practice and boost your bottom line.

Questions to ask when choosing a telehealth solution

If you’ve decided that expanding into telemedicine is in line with your goal of practice expansion, the next step is to select a vendor. With various options available, it’s recommended that you ask yourself the following questions when evaluating your options:
 

  1. What is the given vendor’s background? You run your practice in a certain way. Therefore, it’s recommended you find a vendor that has designed a platform that benefits your unique workflows. Additionally, experience is key. Find a vendor that has been in the business for more than a few years, as you’ll be relying on their expertise during the initial integration.
  2. Does the platform provide information security? As a healthcare provider, maintaining the privacy of client information should be a priority. Be sure to choose a telehealth platform that provides the highest level of security and data encryption to prevent hacking. A cloud-based platform allows for real-time security updates, ensuring that your data has superior protection at all times.
  3. Is the telehealth solution easy to integrate and utilize? As a busy veterinarian and practice owner, you want to ensure that the solution you choose allows for fast and simple implementation (i.e., a “plug-and-play” platform) and that it’s intuitive for your staff and clients to use on a regular basis.
  4. What are your peers saying about this solution? Reading customer reviews is critical because it gives you early insight into what you should expect from the platform and support team. By conducting research online or requesting client references from the vendor, you can easily determine if the solution is right for you.

Workspace improvements specific to telemedicine

Telemedicine is a relatively simple way for you to expand your operations, but it takes preparation and careful planning. After all, the intent is to enhance the standard of care.

You may consider repurposing an existing examination room or some other workspace within your practice to accommodate telehealth—a dedicated space is a must.

The room should appear professional in design and be optimized for veterinarian-client communication. It should also be private, with no distractions and background noise. In fact, you should consider soundproofing the space.

For best results, utilize specific technology that ensures quality audio and video, and make sure lighting is optimized for video conferencing.

In turn, make sure your viewing screen is large enough to see the patients’ movements and behaviors, and to evaluate wounds and incisions.

Note: In some cases, you may use your telehealth space to stream an in-person examination of a patient to the client. This would require you to have an examination table nearby and a camera that provides maximum flexibility. You should be able to pan and tilt the view, as well as zoom in and out, easily.

The equipment must allow you to efficiently and effectively receive the necessary electronic data (i.e., medical records, images, activity data), and it must offer secure data storage.

Finally, connectivity is critical. A reliable internet service with the appropriate speed and bandwidth will be worth the investment and provide your clients with a positive experience.

Quick tip: Keep your client's telephone number readily available in case you lose the connection and need to quickly re-connect.

How can BHG Financial help you expand your veterinary practice?

Since 2001, BHG Financial has served over 70,000 healthcare professionals, including many veterinarians.

We offer highly specialized commercial financing up to $500,0001,2 which you can use to expand into telemedicine and pursue other growth objectives, from adding square footage to enhancing your existing space with state-of-the-art features.

With repayment terms up to 12 years1, you can grow your business strategically and affordably. And with dedicated concierge service 7 days a week, you can rely on our team to serve your needs every step of the way.

Get started online by visiting our Payment Estimator.

 

1 Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile. Finance amount may vary depending on the applicant's state of residence. Call for complete program details.

2 BHG Financial business loans typically range from $20,000 to $250,000; however, well-qualified borrowers may be eligible for business loans up to $500,000.

For California Residents: BHG Financial loans made or arranged pursuant to a California Financing Law license - Number 603G493.

No application fees, commitment, or impact on personal credit to estimate your payment.