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TUESDAY • August 30, 2022
Dear Veterinary Student, While understanding that the clinical and scientific education you are receiving now is your primary focus, this weekly publication is designed to supplement your education by providing information that helps you learn about the business of veterinary medicine, the emerging technologies that will shape the future of veterinary practice, the ever-changing regulatory environment and more. It features commentary from Terry Sheehan, an industry consultant with a keen eye for trends affecting the animal health industry. We hope this newsletter helps you prepare for your career in veterinary medicine. The Veterinary Student Insider is delivered at no charge, and we encourage you to share it with your peers! To subscribe, click here.
  REMINDER  

Join the discussion on VetMarketingTalk!
Remember, you can create a free account on VetMarketingTalk to connect with your peers about issues that come up in the VSI and elsewhere in your studies.

Click here to sign up for a free account using your .edu email address.
  PERSONAL FINANCE  

Types of Mutual Funds
In an ongoing article series, Dr. Brent Mayabb helps readers understand different aspects of saving for retirement and provides tips to help them get started.

From Dr. Mayabb this week: "Most retirement accounts (401ks, IRAs, etc.) contain a variety of mutual funds as the main investment choices.  But if you’re new to mutual funds, where do you start in deciding which ones to choose for your retirement accounts?

"An estimated 8000 mutual funds are currently available in the U.S. These can range from very straightforward funds which approximate well-known stock or bond indexes to incredibly complicated funds which choose investments based on proprietary analytics or algorithms. The immense variety can make choosing which fund(s) to use for your investments feel overwhelming."

Dr. Mayabb is currently the global chief medical officer at Royal Canin. He has experience working in many different aspects of veterinary medicine, from general practice to industry to nonprofits and shelters. He also has an avid interest in personal finance and helping educate others about financial topics, especially veterinarians, vet techs and vet students.

> Read more of this article here.

  PERSONAL DEVELOPMENT  


How to avoid student loan relief scams
The Biden administration last week announced the federal government will forgive up to $20,000 in student loans per borrower, including for many current students. Scammers may take advantage of this opportunity to try to trick people into paying them money or giving away bank account information.

The Better Business Bureau has tips to help students avoid scams.

> Read more of this article here.
 

Burnout costs veterinary industry $2 billion a year, research finds
Workplace burnout is costing the veterinary industry $2 billion a year, according to research from the Cornell Center for Veterinary Business and Entrepreneurship.

The researchers say it's critical to demonstrate the financial side of workplace burnout to the veterinary industry so organizations and practices can start taking steps to alleviate the issue.

> Read more of this article here.
 

Why online job boards don’t bring in top talent
Only 15% of job candidates last year got hired through online job boards, meaning many more had to be recruited.

Passive candidates—those who aren’t actively looking for new jobs—typically represent the top 5% to 10% of candidates in the employment marketplace at any given time, veterinary recruiter Stacy Pursell notes in her column this week.

And if most of those candidates don’t search online job ads, she says, an employer is unlikely to get a top candidate by posting a job advertisement.

All this means veterinary employers, who are in an industry with an especially low unemployment rate, need to take a proactive approach to hiring, Stacy writes. They’ll have to do more than just rely on job boards.

> Read more of this article here.

  CLIENT SERVICE  

Why the ‘phone fix’ isn’t a fix at all
One of the hardest habits for many hospitals to break is the “phone fix”: offering a solution over the phone rather than seeing the patient for an exam.

These fixes may help temporarily ease burdens on overwhelmed clinics. But ineffective phone fixes can lead to dissatisfied clients and loss of revenue, Dr. Natalie Marks wrote in last week's Fountain Report.

Inappetence, matted hair and itchiness are all common problems that may seem minor and worthy of a phone fix, but they could also be signs of a bigger issue.

In her column, Natalie offers advice on how clinics can address these issues in ways that serve pets and satisfy clients, and ultimately may help practices grow.

> Read more of this article here.

  TERRY'S TAKES  

Lincoln Memorial University announces advisory council for new equine education program

Lincoln Memorial University has named the members of an advisory council for its new Equine Veterinary Education Program announced last month. The program will offer a two-and-a-half-year associate degree program followed by a four-year DVM degree program at the university. “One of the major differences in this program is acceptance to the undergraduate program will automatically provide acceptance to the DVM program for those who maintain the required grades,” said Dr. Beth Thompson, an LMU dean. The list of advisory council members is in the announcement from Lincoln Memorial University.

TS: The Fountain Report recently highlighted the growing shortage of equine workers. This release from Lincoln Memorial seems to be a logical first step to a solution.

> Read more of this article here.
 

The latest from VetWatch
The Vet Watch™ Weekly Insight Report offers updates each week on revenue growth, vaccine purchases and other metrics reported across the more than 32,000 practices and shelters in the Animalytix Marketplace. Metrics are compiled by Tim Witt, commercial director at Animalytix/DVMetrics. Full commentary for the week is available at vetwatch.com.

TS: The last few issues of the Fountain Report have included manufacturer performance in Q2 for many of the important animal health players, as well as comments regarding the overall economy. The economy will challenge every industry, but to follow the animal health and veterinary economy there is nothing more topical than VetWatch. It provides indexes for categories of veterinary products in more than 200 geographic areas.

> Read more of this article here.
 

Petco reports Q2 financial results
Petco reported a second quarter net sales increase of 3% to $1.48 billion. Net income of $13.5 million, with earnings per share of 5 cents, was down 82%. Adjusted net income of $49.7 million, or 19 cents per share, was down 26%. The company lowered its revenue outlook for the year: Petco now expects net revenue of $5.975–$6.05 billion, with adjusted EPS of 77 cents–81 cents. (Previously, the company expected revenue of $6.15–$6.25 billion, with adjusted EPS of 97 cents–$1.)

TS: Equine, large animal and rural veterinary practices are all experiencing the same issues in attracting and keeping veterinarians. While recognition is the first step towards resolution, this issue may take a long time to be resolved.

> Read more of this article here.
  REGULATORY  

Whole Foods sued over ‘No Antibiotics, Ever’ beef claim
Whole Foods is being sued by three consumers and an animal welfare nonprofit claiming the company falsely marketed beef with the slogan “No Antibiotics, Ever.” The proposed class action lawsuit said recent independent laboratory testing found Whole Foods’ beef contained antibiotic and other pharmaceutical residue, meaning the cattle had been treated with antibiotics or other pharmaceuticals. The consumers, along with the nonprofit Farm Forward, said this creates “serious health risks” by contributing to antibiotic-resistant bacteria that consumers eventually ingest, and which may cause infections that cannot be treated with existing antibiotics, Reuters reports. Whole Foods markets at least 42 beef products as free of antibiotics and charges “substantial” price premiums based on that claim, according to the complaint filed in federal court in California.

> Read more of this article here.

Terry Sheehan is currently the CEO of Aniconsilia, LLC an animal health industry only consulting firm he founded in 2009. Prior to the founding of Aniconsilia, Terry had a 30+ year career in the animal health industry with a strong record of achievement in sales, marketing, and commercial operations. Terry held positions of increasing responsibility and leadership in all segments of Animal Health Sales, Marketing, Business Development and Commercial Operations.
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The Fountain Report

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