DSL, the UK’s leading specialist in veterinary debt recovery, has launched the VetDebt Recovery Compass to help veterinary practices recover bad debt. The calculator tool offers a means of assessing the financial impact of unpaid invoices and helps practices with a species-specific breakdown of debts. With bad debt in the sector reaching an estimated £265 million to £530 million per year, the innovative tool provides a simple way for practices to understand how outstanding payments affect their cash flow and practice value, and what steps to take next. The calculator is available free of charge to all veterinary practices at www.dsluk.net
Bad debt is a growing challenge for veterinary practices, with unpaid invoices having the potential to significantly affect day-to-day cash flow and negatively influence the overall value of a business. Many practice owners underestimate the impact of debt on their business value. However, ‘bad debt’ – debt that is unlikely to be paid – in the sector is estimated to account for as much as 5% to 10% of turnover. Based on industry multiples, for every £10,000 in unpaid fees, a practice could be losing up to £130,000 in value. Tackling bad debt effectively could make the difference between positive growth and financial strains and can even hinder the level of care available in practices. The VetDebt Recovery Compass helps practices to effectively identify and mitigate these risks and inspires quick action on debts before they become a larger problem.
“There’s not enough conversation around debt in veterinary practice” explains Mike Brooks, Chairman at DSL UK, “There’s a definite stigma around debts, especially bad debt, when really there should be much more communication around it, because it’s far more common than many may think.” DSL UK has been offering specialist debt collection services for more than eighteen years and has helped over a thousand practices recover bad debt. Mike continues, “The VetDebt Recovery Compass offers a quick and easy way to see the true financial impact of unpaid debt. By making this information free and accessible to everyone, we hope to empower veterinary teams to take control of their finances. It’s also a great place to start if practices are considering enlisting the help of a debt recovery agency because it can provide a structure to make initial discussion around the topic much easier to follow. Specialist agencies will have unique training that prepares them to approach sensitive debt recovery with empathy and respect, maintaining positive relationships with clients and managing payments effectively.”
The VetDebt Recovery Compass is easy to use. In just thirty seconds, practices can see both immediate recovery potential and long-term value impact of their debts. The calculator also provides a species-specific breakdown, helping practices to identify where debt issues may be most significant and where to target first.
Veterinary professionals can access the VetDebt Recovery Compass for free at www.dsluk.net, giving them a powerful tool to take control of their practice’s cash flow. To explore this issue further, Mike also featured on the Federation of Independent Veterinary Practices (FIVP) Practice Matters Podcast, discussing how practices can better manage the sensitive topic of debt. The episode is available at https://fivp.org.uk/ep023-fivp-practice-matters-at-spvs-the-farm-vet-journey-practice-debt/.DSL, the UK’s leading specialist in veterinary debt recovery, has launched the VetDebt Recovery Compass to help veterinary practices recover bad debt. The calculator tool offers a means of assessing the financial impact of unpaid invoices and helps practices with a species-specific breakdown of debts. With bad debt in the sector reaching an estimated £265 million to £530 million per year, the innovative tool provides a simple way for practices to understand how outstanding payments affect their cash flow and practice value, and what steps to take next. The calculator is available free of charge to all veterinary practices at www.dsluk.net
Bad debt is a growing challenge for veterinary practices, with unpaid invoices having the potential to significantly affect day-to-day cash flow and negatively influence the overall value of a business. Many practice owners underestimate the impact of debt on their business value. However, ‘bad debt’ – debt that is unlikely to be paid – in the sector is estimated to account for as much as 5% to 10% of turnover. Based on industry multiples, for every £10,000 in unpaid fees, a practice could be losing up to £130,000 in value. Tackling bad debt effectively could make the difference between positive growth and financial strains and can even hinder the level of care available in practices. The VetDebt Recovery Compass helps practices to effectively identify and mitigate these risks and inspires quick action on debts before they become a larger problem.
“There’s not enough conversation around debt in veterinary practice” explains Mike Brooks, Chairman at DSL UK, “There’s a definite stigma around debts, especially bad debt, when really there should be much more communication around it, because it’s far more common than many may think.” DSL UK has been offering specialist debt collection services for more than eighteen years and has helped over a thousand practices recover bad debt. Mike continues, “The VetDebt Recovery Compass offers a quick and easy way to see the true financial impact of unpaid debt. By making this information free and accessible to everyone, we hope to empower veterinary teams to take control of their finances. It’s also a great place to start if practices are considering enlisting the help of a debt recovery agency because it can provide a structure to make initial discussion around the topic much easier to follow. Specialist agencies will have unique training that prepares them to approach sensitive debt recovery with empathy and respect, maintaining positive relationships with clients and managing payments effectively.”
The VetDebt Recovery Compass is easy to use. In just thirty seconds, practices can see both immediate recovery potential and long-term value impact of their debts. The calculator also provides a species-specific breakdown, helping practices to identify where debt issues may be most significant and where to target first.
Veterinary professionals can access the VetDebt Recovery Compass for free at www.dsluk.net, giving them a powerful tool to take control of their practice’s cash flow. To explore this issue further, Mike also featured on the Federation of Independent Veterinary Practices (FIVP) Practice Matters Podcast, discussing how practices can better manage the sensitive topic of debt. The episode is available at https://fivp.org.uk/ep023-fivp-practice-matters-at-spvs-the-farm-vet-journey-practice-debt/.
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