Zoetis launches new Profit Solver service for vet practices

Zoetis has announced the launch of Profit Solver, an evidence-based software tool that it has already successfully introduced in the US.

The system is designed to significantly boost practice profits in just 12 months and works by using the practice's actual data, rather than benchmarks or accepted norms, to generate insights into cost management, price-setting and returns on investment

By using an activity-based costing model and utilising real data generated and supplied by staff, Profit Solver is able to calculate the correct pricing to both cover costs and deliver a predetermined profit margin.

A number of UK vet practices have already signed up for Profit Solver and are working with the team of business consultants from Zoetis to increase their profitability.

Nick Steele, national consulting manager at Zoetis, said: "Veterinary practices have no standard method for pricing their services and they are often unable to determine which services make money and which don't."

Zoetis is one of the world's largest animal health companies, employing around 10,000 people globally. It sells its products in more than 120 countries.