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TUESDAYNovember 15, 2022

Dear Veterinary Student,

Whether you have considered practice ownership or plan to enter the profession as an associate, veterinary business education has never been more crucial to your career. This weekly publication is designed to supplement your education by providing information on veterinary business including ownership and management, finance operations, communication, team building and emerging technologies that will shape the future of veterinary medicine.

New to the Veterinary Student Insider? Click here to sign up for free. And if you like what you read here, share it with your peers!

  NEWS & TRENDS  

How is the veterinarian shortage affecting hiring?   

With thousands more jobs available than veterinarians to take them, employers face a serious hiring crunch. Beyond simply finding qualified candidates to fill open positions, companies have to figure out how to convince the candidates they want to take their job offers. 

“Candidates realize they have the leverage in hiring situations,” veterinary industry recruiter Stacy Pursell wrote in Friday’s Fountain Report. “In order to convince them to join a new employer, they have to believe that employer will make it worth it to them.” 

Stacy offers advice to help employers get their ideal job candidates to join the company. 

Pay is a key factor: Veterinarian candidates, including those right out of school, are asking for salaries starting at upwards of $100,000, and sign-on bonuses are important. 

Beyond that, flexible scheduling and a pleasant work environment are important to potential hires. It’s vital that employers offer these things, Stacy notes, since the veterinarian shortage could get worse before it gets better. 

> Read Stacy’s full column here.
 


PetWellClinic expands to Midwest with 10-unit franchise deal in Michigan 

Walk-in veterinary clinic franchise PetWellClinic is expanding into the Midwest with a 10-unit deal for the greater Detroit area. The agreement is spearheaded by Jake Atchoo and Blake George, who also own and operate three Goldfish Swim Schools. 

To start, they’re targeting clinics in Royal Oak, Sterling Heights and Farmington Hills/West Bloomfield, with plans to expand as far east as Ann Arbor in the coming years. 

> Read the announcement here.
 

Starting salaries up, debt down for new veterinarians: AVMA     
The mean debt-to-income ratio for new veterinarians is down to 1.4:1, a figure not seen since 2005 as educational debt decreases and starting salaries increase, the AVMA reports. 

The mean debt from earning a veterinary degree was $147,258 for 2022 graduates of U.S. veterinary colleges, and the mean starting salary was $111,242 for those who secured full-time employment, according to the AVMA. 

> Read the full article here.

Commentary from Terry Sheehan: Certainly a positive sign that is hopefully a harbinger for continual improvement making veterinary education more attractive. 
 

Harbor.vet by Suveto offers to cover VMX attendance for students participating in its new veterinary hospital ownership program   
Harbor.vet by Suveto’s new Graduation to Ownership program will be featured at VMX 2023. The company is offering to pay registration, travel and hotel costs for students to attend VMX if they’re accepted into the program and sign their letter of acceptance by December 1. 

Graduation to Ownership is a two-year paid fellowship that aims to give recent veterinary school graduates practical experience to prepare them for hospital ownership. 

> Read the announcement here.
 

Pet owners should consider insurance and preventive care to avoid high costs, veterinarian says    
A veterinarian joined Wisconsin Public Radio to offer advice for pet owners about how to avoid high care costs. 

Many suppliers to veterinary offices are charging clinics more to deal with their own rising costs, explained Dr. Julia Bates of Madison Mobile Veterinary Specialists. Bates recommended owners consider pet insurance or set aside money each month toward a pet care savings account. 

Bates also noted that preventive care is typically much less expensive than treatment, making something like a leptospirosis vaccine a safer investment than risking a costly and life-threatening disease. 

> Read the full article here.
 

The Vet Watch Weekly Insight Report 
Year-to-date revenue for the week ending November 5 was up 4.9% over the same period last year at veterinary practices across the country, according to the latest Vet Watch™ Weekly Insight Report from Animalytix. Month-to-date, revenue was down 1.7%.

Through October, year-to-date core and lifestyle canine and feline vaccine purchases by veterinary practices were up 2.2% over the same period last year.

Purchases of surgical suite consumables, which serve as a proxy of surgical procedures, were down 0.2% year-to-date through October. Chronic care product purchases were down 3.2%. Kennel cough vaccine purchases were down 0.2%, and parasiticide purchases were up 3.8%.

> Read the full VetWatch update here.
This week’s Veterinary Student Insider was compiled by managing editor Breanna Demaline and industry consultant Terry Sheehan. 

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