Veterinary Economics: Are You Reaping the Rewards? Or Fearing for the Future?
Veterinary medicine has always been an exciting field and today, it is one that is realizing unprecedented levels of growth. From enhancements in medical technology and services to corporatization of practices with mergers and acquisitions abounding, to partnerships with on-line pharmacies and the growing role of on-demand telemedicine, our profession is experiencing change, seemingly at the speed of light. The good news in all of this is that companion animal owners are increasingly seeking our services and taking steps to improve the quality and duration of their pets’ lives. This trend has in turn, allowed many of our businesses the opportunity to thrive. Some owners and managing doctors have taken advantage of this opportunity; others have not.
Here’s an opportunity to get your burning questions answered:
How long can our profession continue to grow?
Just how healthy is my practice?
Am I growing like I should or am I close to being on life support, in danger of NoLo status?
How can I position my practice to experience optimal growth rates so that I can invest in my team and the services they offer?
What should be my exit strategy and how I can position my practice for sale to a young associate or a corporate accumulator?
Join us at this year’s VetMed Matters Conference. Our learning objectives include:
Understand the emerging market trends for our profession.
Learn about the growth trends within our profession…the financial picture and what pet owners and young associates bring to the (exam) table.
Understand, with the help from involved experts, the opportunities that corporations and consolidators see for the future of our profession. There’s a reason they are buying practices!
Master the most common challenges that hold practice profitability back and learn how easy it is to address those challenges.
Don’t let fear of the unknown keep you from your most rewarding years in your practice. You matter, your practice matters, so this year, attend Vet Med Matters.
Charlotte Hansen, MS
Charlotte Hansen is the Assistant Director of Statistical Analysis at the American Veterinary Medical Association. Hansen performs statistical analysis, economic modeling, geospatial analysis, and research for the veterinary profession. Before joining the veterinary economics division in 2016, Hansen obtained her master’s degree at the University of Kentucky in Agricultural Economics and received her B.A. in Geography from Virginia Tech with an agricultural economics business management minor. Her areas of specialty include veterinary economics, equine economics, and geospatial analysis. When Charlotte isn’t working, she enjoys being outdoors, taking road trips, working with animals, attending sports games, and landing the occasional acting gig.
John Payne is an executive with 40 years of experience leading companies in both the human and veterinary healthcare industries. He’s the current CEO of Compassion First Pet Hospitals, the former CEO of Banfield Pet Hospital and past President of Bayer Animal Health North America. His background includes the establishment of start-up companies and the growth and development of established companies. John is presently the Chairman of the Board of the American Humane Association.
Jeff Sanford, MBA
Mr. Sanford teaches Practice Management at the UGA College of Veterinary Medicine and consults with veterinarians in Georgia and across the country. He teaches specialized business education programs for veterinarians and has developed industry assessment tools including the Practice Mapping Growth Tool, Practice Performance Health Check, Strategic Marketing Assessment for Veterinary Practices, Activity Based Costing Analysis for Understanding Fees Structures and the Practice Valuation Assessment. Mr. Sanford piloted practice management rotations in 2007 at the UGA CVM and has expanded the program to University of Florida, Auburn, North Carolina State, Michigan State, UC Davis and Washington State. Today over 400 students and 300 practices have participated in the rotations. Many participating practices have had recorded revenue growth in excess of 30% a year and profits above 30% of gross. Overall, he has evaluated over 800 practices. His accomplishments include assisting veterinarians to start, buy or sell practices with a capital formation of over $470 million. Mr. Sanford was the 2014 recipient of the Walter Barnard Hill Fellow Award which is UGA’s highest award for teaching and contributions to improving the quality of life in Georgia or elsewhere. He is currently working on his PhD in Adult Education.
Joseph Coury is Chief Executive Officer of OMNI Group International. In addition to managing the company’s day-to-day operations, Joe’s focus areas include strategic growth initiatives, expansion of educational programming, creating dynamic synergies within OMNI and being an ambassador to the brand. Joe has more than a decade of practice banking experience. As a lender and Regional Sales Manager, he helped more than 150 clients realize their dream of practice ownership and facilitated 50+ startups, 300+ practice transitions and 150+ construction projects. An expert in healthcare practice lending, Joe has spoken at a number of OMNI seminars and related events, and several industry conferences.
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