TUESDAYMarch 14, 2023

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!


How a conflict of values leads to burnout           

When workers feel their values clash with practices at work, conflict can arise and, with it, employee burnout. 

Lack of support from the organization’s management, limited ability of clients to pay for necessary pet care, and revenue-based key performance indicators that prevent employees from delivering optimal care can lead to burnout. 

In the final column of their burnout series in the Fountain Report, the Galaxy Vets team discusses how veterinary clinic leaders can ensure their employees can practice in a way that aligns with their values. 

By clearly outlining the organization’s values, aligning hospital policies with those values and educating clients to avoid outcomes like economic euthanasia, veterinary hospitals can ensure their operations match staff values. 
“Values-based leadership inspires, builds team cohesion and engages employees around a common set of beliefs,” the Galaxy Vets team writes. “It impacts everything from recruitment to retaining employees to business performance.” 

> Read the full article here.

Also: Galaxy Vets last week released the results of its latest burnout survey, showing financial instability and economic euthanasia are significant contributors to burnout. Click here for more. 

How setting appropriate boundaries can improve emotional well-being             

While it may take some getting used to, setting appropriate boundaries is an important aspect of improving our well-being. 

In a column in the latest Fountain Report, Julia Behr, director of coaching operations at Veterinary Growth Partners, discusses how veterinary team members can practice this vital piece of self-care. 

Being overwhelmed, feeling resentful of coworkers and not being able to say no are signs of unhealthy boundaries. Still, a desire for affirmation and a fear of negative consequences or missed opportunities can make us continually agree to things when they’re not in our best interest. 

Julia gives several pieces of advice to help you set boundaries effectively. By sharing responsibilities with your team, effectively managing your time and taking appropriate breaks and time off, you can set boundaries that allow you to thrive at work. 

“Practice self-care,” Julia writes. “You cannot give from an empty cup, so you must take care of yourself so you can continue to take care of your clients, your patients and each other.” 

> Read the full column here.

How to attract and retain veterinary staff in an uncertain economy        

Amid mixed economic signals, veterinary practice leaders should focus on attracting and retaining team members, the AVMA advises. 

Strategies to do this can be monetary or nonmonetary. For example, signing bonuses and moving allowances can help attract new hires, but defining yourself as an employer and communicating your differentiating values is also important. 

“While financial incentives are useful for attracting talent, a practice with a vision that aligns with the potential employee’s can seal the deal,” the AVMA says. 

> Read the full article here.

AVMA president discusses workplace challenges for veterinary teams        

Houston Public Media spoke with Dr. Lori Teller, president of the AVMA, about workplace challenges facing veterinarians and technicians. 

There are “lots of inefficiencies in how veterinary practices typically run,” Teller said. “Veterinarians need to be doing a better job of using our paraprofessional staff to the top of their abilities so we can focus more on what we do best, which is diagnosing problems, determining a prognosis and then recommending treatment plans. And when there’s a well-oiled, smoothly operating machine, things seem to go a lot better.” 

> Listen to the interview here.

Corporate buyers squeezed by rising interest rates        

Companies that took on debt during the pandemic and the economic recovery could face challenges paying their bills as rising interest rates make refinancing difficult, The Associated Press reports. 

Inflation pressure is keeping costs high for many companies while stifling consumer demand and draining purchasing power. Corporate debt rose from roughly $16.3 trillion just before the pandemic hit to about $19.8 trillion near the end of 2022, according to the Federal Reserve. 

> Read the full article here.

The Vet Watch Report    

Year-to-date revenue the week ending March 4 was up 7.2% over the same period last year at veterinary practices across the country, according to the latest Vet Watch™ Weekly Insight Report. 

For the month of February, year-to-date purchases by veterinary practices of core and lifestyle canine and feline vaccines were up 10.8% over the same period last year. 

Purchases of surgical suite consumables, which serve as a proxy for incidence of surgical procedures, were up 3.4% in February. Chronic care product purchases were up 0.4%. Kennel cough vaccine purchases were up 11.1%, and parasiticide purchases were down 1.1%.  

> Read the full report here. 
This week’s Veterinary Student Insider was compiled by managing editor Breanna Demaline. 

Like what you read? Click here to sign up for free. 
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