The subscription and billing management market is forecasted to grow from $4.6B to $17.9B over the next 10 years. There has been a 350% growth in the subscription economy over the past 7.5 years. Currently, the majority of the market share is held by large enterprises.
Even after more than a year, COVID-19 still threatens public health on a global scale, with intervention measures like quarantines, lockdowns, and social distancing causing mental health problems.
The subscription business model is gaining popularity to secure a steady source of revenue for businesses. Leaders in different sectors, including finance, retail, automotive, utilities, and recreation, are becoming more confident about recurring revenue models. Subscription-based companies expand five times faster than typical firms. 70% of firms, according to a recent study, assume that membership and subscription models are essential for future development and expansion.
A popular marketing strategy, the recurring billing system is here to stay. Sure, there have been changes, and you are welcome to tweak your system to extract the best. One of the subscription business models, recurring billing, appeals to both providers and end-users. Sure, you must invest in software but do not have to sell anything outright.
Kudos to you if you are already offering plans/package/memberships to your consumers. You already understand how these are and will continue to grow your business. Depending on how many plans you have sold, you may or may not be experiencing the associated pains. PlanSplit was designed by a health services provider to alleviate the pains of offering in-house plans.
The last two years have been overwhelming for the veterinary profession and I can imagine you want to keep things as simple as possible for your team. First, kudos to you if you already offer wellness plans. You already understand the benefits of increased client compliance, loyalty, and therefore practice revenue. Second, you may be experiencing some of the pains and thus seeking integration.
When it comes to growing your health practice, one of the biggest challenges lies in managing subscriptions and generating monthly invoices.