It’s not hyperbole: the veterinary profession is at a crossroads.
While pet ownership remains strong and the demand for quality care continues to rise, economic headwinds are real. And they’re creating brand new challenges for practice owners. Inflation, shifting client expectations, and a competitive labor market require a proactive approach to practice management.
But there are ways you can stay ahead.
The Economic Squeeze
The storm is here, and inflation is battering veterinary practices from all sides. The cost of medical supplies, medications, and equipment is on the rise, putting pressure on your bottom line.
At the same time, clients are also beginning to feel the pinch. While revenue in the veterinary industry has seen modest growth, the number of veterinary visits has declined. This suggests that while clients are willing to pay more for essential services, they may be delaying or forgoing routine care.
To navigate this, it’s crucial to communicate the value of your services. Price transparency and flexible payment options can help ease client concerns. Focusing on preventive care can also demonstrate long-term value, as it can help clients avoid more costly treatments down the road.
The Staffing Challenge
The veterinary profession is facing a critical staffing shortage. High levels of burnout, coupled with a competitive job market, are making it difficult to attract and retain top talent. According to a study, roughly half of all veterinarians report feeling moderate to severe levels of burnout.
This has led to a rise in locum work, with some experts predicting that it will exceed 10% of all paid veterinary employment in the near future. While this offers flexibility for veterinarians, it can create instability for practice owners.
To combat this, make work-life balance and a positive work environment an essential part of your practice. Offering competitive compensation, flexible schedules, and access to mental health resources can help you attract and retain a team dedicated to success alongside you.
The Technology Transformation
Technology is no longer a luxury in veterinary medicine; it’s a necessity. The rise of telemedicine offers new opportunities to connect with clients and provide convenient access to care. And as we’ve seen over the past few years, artificial intelligence is the talk of the town—poised to revolutionize the field, from diagnostic tools to practice management systems.
More than ever, clients expect a seamless digital experience. Online scheduling, client portals, and a strong social media presence may no longer optional. By embracing these technologies, you can not only improve efficiency but also enhance the client experience and build stronger relationships.
What’s Next?
The economic landscape may be changing, but the core of veterinary medicine remains the same: a commitment to providing exceptional care for animals and the people who love them. By staying informed, adapting to new trends, and focusing on what matters most—your clients, your team, and your community—you can build a practice that thrives in any economic climate.
When you consider the path forward for your practice, how will you turn today’s industry pressures into tomorrow’s strengths? At myVETgroup, we believe the best-run practices are built with intention—and we’re here to help you navigate what’s next. Let’s explore this together.
