Set Pricing for Professional Services, Drugs and Medical Supplies
| Implementation Date: 09/24/2009 | Date of Last Revision: 08/11/2022 | Next Review Due: 08/10/2025 |
| Revised Administrative Team Approval: 09/08/2009 | Reviewed by VTH Board: 09/24/2009 |
| Reviewed by Legal Counsel: N/A | Reviewed by Biosecurity Subcommittee: N/A |
Subject to modification by the VTH Administration Team without approval.
Printable PDF: Set Pricing for Professional Services, Drugs and Medical Supplies Policy
Policy
Pricing of professional services and pharmaceuticals is based on periodic market surveys, competition with peer institutions (both private and public), the need to provide case material for teaching and research, and the need to sustain operations of the hospital which should reflect the unique expertise of the CVM faculty.
Guidelines
The cost to clients for veterinary services should be fair and equitable with consideration for the local market. Pricing should reflect the unique expertise of the CVM faculty. Pricing of professional procedures is determined based on the need to stimulate caseload and the need for teaching professional students routine procedures and for teaching residents advanced techniques. (See Equivalent Pricing for Services Policy)
For tangible goods sold to clients for the care and treatment of their animals, a standard markup will be applied by the service/section and hospital administration. When appropriate, this markup may be adjusted on an individual item basis so that such items are not prohibitively expensive for our clients.
- Items with a cost of $50 or less will receive a markup of 60%.
- Items with a cost of $50 or greater will receive a markup of 30%.
In cases where products (such as pet feeds) have a suggested retail price, that price may be used as a pricing guideline.
Procedure (if applicable)
Pricing of professional services will be based on local market surveys for the procedure and upon pricing set at peer institutions, both private and public. Professional services pricing should be reviewed every two years. An annual increase is applied based on discussions with service/sections. Service/sections are expected to annually review the prices of their drugs and supplies. Prices are adjusted annually on July 1.
Definitions (if applicable)
Veterinary Teaching Hospital (VTH) – The collective clinical services of the Large Animal Clinic, Midwest Equine, the Small Animal Clinic, and the Veterinary Medicine South Clinic.