Frequently Asked Questions
What is Profit Solver
Profit Solver is a financial solution for veterinary practices that
Profit Solver was developed by Fee Technology Inc., a software company headquartered in Austin, TX.
How does Profit Solver work?
Profit Solver is essentially a formula, albeit a very complicated one, that takes your unique practice data and provides insights concerning the financial health of your practice.
Our proprietary software automatically performs the math calculations in the formula and our consultants interpret the results.
This financial analysis shows where your practice is making money vs. losing money and gives direction on what changes can be made to immediately improve profitability. One of our consultants walks through this analysis with you to answer questions and implement the recommended adjustments to your practice.
What does Profit Solver do for my practice?
With Profit Solver, you can:
- Confidently set fair, competitive service fees that increase profits without losing or disenfranchising your customers.
- Conduct forecasting models to see if adding a new service, purchasing a new piece of equipment, or hiring a new employee would make sense based on its impact on the profitability of the practice.
- Fund expansions or improvements to your facility by setting profit goals that your practice can actually realize.
- Improve employee productivity by using Profit Solver’s time-and-motion database to establish standard benchmarks for the amount of time it should take your team to perform each service.
- Run a more successful practice by gaining deeper insight into your practice’s finances and learning what factors influence profitability the most.
What's included when I sign up for Profit Solver?
Profit Solver includes a one-year license to our cloud-based financial software along with personal support from one of our consultants who will guide you through the initial set-up process, answer questions, and help you maximize your results.
Our consultant teaches you how to get the most out of the software so that you can utilize it to the fullest extent for the duration of your one-year license.
We pride ourselves in providing white-glove service. Our consultants are dedicated to making the experience as smooth and straightforward as possible. You’ll never be left in the dark, and you’ll never be left to fend for yourself. We’re here to help you!
What kind of time and financial investment is required?
You’re running a veterinary practice, so we know your time is scarce. That’s why we’ve streamlined our process to minimize the impact on your schedule.
On average, our customers only need to dedicate 6-8 hours of time spread out over the span of a few weeks to implement Profit Solver. Less than the equivalent of a full working day!
The monetary investment depends on the size of your practice. You can click here to visit our pricing page and see a full price chart.
We know that the viability of your practice depends on the financial decisions you make, which is why we offer our 100% return-on-investment guarantee to all customers, regardless of practice size. We promise that you’ll double your investment within your one-year service period or we’ll give you a full refund.
We want to make implementing Profit Solver as swift and risk-free as possible for you.
How does the software work?
Our patented software (Patent No. US 7,742,957) takes your practice’s unique financial data and creates a custom solution that fits the specific needs of your practice.
The software uses an advanced algorithm and a proprietary database of time-and-motion information to calculate the ideal amount to charge for the services you offer.
The algorithm that drives the software is based on the same proven accounting process created by our founder over 20 years ago that uses incremental pricing changes to snowball into huge boosts in profit.
Our time-and-motion database contains anonymized data from thousands of practices that show the average amount of time it takes to perform a particular service. Our software uses this time-and-motion data to ensure you are accurately accounting for the correct labor costs for each service you offer.
We combine the algorithm and data into a powerful, user-friendly software that’s unlike anything else on the market.
What can I do with the software?
Our software gives you unlimited control over all financial aspects of your practice. With just a few clicks, you can run tests to see how certain changes in your costs and service fees will impact your practice’s cash flow and profitability.
Maybe after implementing Profit Solver, you learn that a service you offer is actually hurting your practice’s profits. You can use the software to run several projected scenarios and find out the best course of action for your practice:
- Find out how much of a price increase is necessary to make the service profitable and decide if such an increase is feasible;
- See if a reduction in the amount of time it takes to perform the service can cut labor costs enough to make the service profitable;
- Determine whether or not the service could be profitable if a staff member with a lower labor rate performed the service;
- Discover if there is a break-even point when the service starts to become profitable after performing the service a certain number of times;
- Explore whether you’d actually be better off stopping the service altogether rather than continuing to offer it to patients.
Running projections like this can be done to help with staffing decisions:
- Can I hire a new associate?
- How much of a raise can I offer my employees and where will the funds come from?
- If the doctors increase their time spent on billable activities by 10%, how much can profit increase?
Forecasting can also be used to find the best opportunities to cut costs:
- Are you unnecessarily spending money on staff overtime that could be avoided with more efficient scheduling?
- Are you overspending on supplies and need to renegotiate terms?
- Is your payroll unbalanced with too large a portion devoted to covering non-billable staff hours that don’t generate income?
These examples are just a glimpse of the software’s capabilities; there are endless tests and projections you can run to find ways to improve profitability.
How do I access the software?
Our software is cloud-based, so you can access it from any device with an internet connection and a web browser.
When you sign up for Profit Solver, you are given a username and password that provides you access to the online software through the Profit Solver Login Page.
There’s no usage or time limitations on how much and when you utilize the software. We want you to get the most out of the software and use it as much as you’d like!
How tech-savvy must I be to use the software?
We’ve built our software to be as user-friendly as possible, so you don’t need to worry about whether or not you’ll be able to properly use the software.
There is a small initial learning curve, but our consultants and training videos will bring you up to speed in no time.
Navigating our software is just as straightforward as navigating our website. The fact that you are reading this now is all the assurance necessary to know that you can use our software!
Is support included with the software?
Yes! Our team of consultants streamlines the set-up process for you, trains you on how to use the software, and answers any questions that you might have along the way.
Additionally, we have technical support agents who are available to offer assistance and resolve any issues that may come up during your one-year service period.
Getting help is as easy as reaching out to us via our Profit Solver Support Page.
Who exactly will help me implement Profit Solver?
After signing up you’ll be introduced to one of our consultants who will be your personal guide and walk you through the entire implementation process.
All of our consultants have firsthand experience as either a practicing veterinarian or a veterinary practice manager. In fact, many of our consultants are still actively involved in their fields in addition to serving Profit Solver customers.
You can rest assured that you are in good hands because our consultants have extensive industry experience and are experts in maximizing the impact that Profit Solver can have on your practice.
What kind of service can I expect?
We offer end-to-end, white glove service to each and every one of our customers.
End-to-end means your personal consultant will be there to help you throughout the entire implementation process: beginning, middle, and end. Once Profit Solver is fully deployed in your practice, your consultant will check in on your progress along the way to make sure you’re hitting all of your financial goals and make adjustments, if needed. We’ll never leave you hanging.
White glove means we take special care to understand the unique needs of your practice by paying attention to every little detail. The initial software report we create contains tons of data about your practice that our consultants carefully comb through in order to identify the ideal course of action that will get you the best results. Our team dives deep into the details so you can focus on what matters most without any of the distractions.
We measure our success by yours, so our goal is always to do what’s best for you and your practice.
How can I get in touch when I need help?
If at any time you have questions or need assistance, our team is ready to help resolve your problems as soon as possible.
You can reach out directly to your consultant or visit the Profit Solver Support Page to get in touch with another member of our team.
What if I need help after implementation?
After Profit Solver is fully implemented in your practice, your consultant will conduct a follow-up evaluation to measure progress and assess if any adjustments need to be made to help reach your profitability goals.
In the vast majority of cases, this check-in is all the additional assistance necessary.
In the rare case that you need further assistance after the check-in, we offer consulting packages that you can purchase as needed. Just let us know that you need help, and we can discuss which package makes the most sense for you.
How is Profit Solver able to get results?
We get results for our customers because we use a proven methodology that’s been perfected across 15 years of experience while helping thousands of practices.
When we run a financial analysis for your practice, our software shows a huge range of possibile paths for improving the financial health of your practice.
All the information can be daunting if you don’t know what you’re looking for and how to use it. But because of our experience, we can read the software’s financial analysis report for your practice and immediately know which recommendations are ideal for your particular circumstance.
How we implement these recommendations is just as important as the recommendations themselves. It’s all based on finding opportunities where we can make minor pricing changes that create a snowball effect and generate new profit.
For a given practice, the average number of services we adjust the price of is 38. And the average amount we adjust a given service is only $2.78. Our method lets you mitigate the risk of scaring away or disenfranchising customers because the changes are so incremental that they are virtually imperceptible.
What kind of results can I expect?
While we can never make a promise on the exact results you can expect (other than our minimum 100% return-on-investment guarantee), we can show you the average results from over 1,800 customers:
- 1 – 2 Doctors (or FTE)
- First Year Profit Increase: $59,000
- Second Year Profit Goal: $110,000
- 3 – 5 Doctors (or FTE)
- First Year Profit Increase: $106,800
- Second Year Profit Goal: $199,500
- 6 – 9 Doctors (or FTE)
- First Year Profit Increase: $150,300
- Second Year Profit Goal: $297,500
- 10+ Doctors (or FTE)
- First Year Profit Increase: $237,952
- Second Year Profit Goal: $328,502
How quickly will I start seeing results?
You’ll start seeing your practice’s profits increase immediately after implementation.
In fact, if you opt to pay for Profit Solver in four quarterly payments, then it is very possible that by the second or third quarter Profit Solver will have generated enough new profit to reimburse your initial payment and even cover the remaining payments. It isn’t uncommon that the first payment is all that our customers actually have to come up with since Profit Solver generates the rest!
Has a practice ever failed to reach the ROI Guarantee?
Everyone always wants to know: has a customer ever come short of the 2x return-on-investment guarantee?
The answer is yes; out of 1,800 customers we have had four who did not double their investment. That’s a 99% success rate.
But what might be more interesting to know is that of the four that did not reach the guaranteed return, only a two practices actually asked for their full refund. Why? Because the insights gleaned from the process were so valuable and useful that those other two practices didn’t care about the immediate return-on-investment.
Profit Solver is more than just a way to increase profits and cash flow. It also gives you a deeper understanding your practice, empowers you to make informed business decisions, and helps you be more successful in managing your practice.
What happens after the one-year service period ends?
After your practice has one year with Profit Solver under its belt, you’ll have the opportunity to either renew the software license or renew the entire package (software + service).
If you feel comfortable operating the software and interpreting its results on your own, then we’d recommend just the license renewal.
If you would prefer to have the same white-glove experience as you had with your initial year, then we’d recommend renewing the whole Profit Solver package.
We believe in doing right by our customers, so we always offer discounted rates for renewal packages.
Why should I consider a renewal if I've already implemented Profit Solver?
Profit Solver isn’t just a one-time experience, and the results aren’t one-time either. Believe it or not, Profit Solver can give you repeatable results year after year after year. All you need to do is just complete the process in its entirety at the beginning of each year.
When you initially implement Profit Solver, we use your practice data from that particular period in time to determine the ideal financial adjustments your practice needs to make.
After the one-year service, your practice data has changed. You will certainly have changes to service fees, but you’ll probably also have changes in personnel, salaries, equipment, inventory, and overhead costs.
The recommended adjustments we presented for the initial Profit Solver implementation no longer apply since the circumstances (practice data) have changed.
In order to truly know what your practice can do to further improve its financial health after the first year, we need to account for all of this new practice data.
Is Profit Solver really able to improve on previous results?
Some of our customers are incredulous when we tell them that Profit Solver can continue to bring in new revenue and further improve the financial health of their practices on an annual basis.
The truth, though, is that Profit Solver really can deliver results for your practice each and every year. In fact, many of those very customers who were skeptical to begin with have adopted Profit Solver to serve as their own annual financial health check-up.
Does Profit Solver still offer the ROI Guarantee for contract renewals?
Yes! Anytime we complete a full implementation of Profit Solver, regardless of whether it is your first time or your tenth time, we always extend our 100% return-on-investment guarantee.
If you don’t double your investment, then we provide a full refund. We know what Profit Solver is capable of and stand by our product.