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Veterinary practice consolidation demystified - Why private equity investors pay so much for clinics

By Michael Dicks & Melissa Maddux

This week the 5th in the series of posts by economist Michael Dicks, gives an overview and explanation of the US veterinary industry and the impact of consolidated ownership.

You can click here to read the previous parts:

Part 1: Fixing the veterinary profession before it's too late.
Part 2: Inertia in the veterinary profession
Part 3: The market for veterinary services - cracks in the foundation: Upside-down pricing, inadequate benchmarks hinder practice performance
Part 4: Is today's approach to veterinary education outdated?

This post, as do the others, discusses the situation in the US veterinary industry, however it still includes great information and suggestions that can also be applied to the Australian industry:

"How to compete with equity investors
Private equity firms are in the business of making money. If the veterinary profession is to maintain independent hospitals as the heart of the profession, independent owners must integrate the financial prowess of private equity firms with their unique practices that respond directly to the veterinary medical needs of their respective communities. And they must do both tasks while being the hospital of choice for new graduate practitioners."

"One way hospital owners can keep their businesses independent is by recruiting and retaining veterinarians who wish to practice medicine independently and wish to make more money than standard associates, nurturing their skills and motivation, and ultimately transitioning ownership to them.

Independent veterinary practices that mimic private equity firms' financial prowess; that continue to provide veterinary medical services specific to their community; and that plan for succession will prove sustainable even in the onslaught of consolidation."

By Nancy Friedman

I live on the Gold Coast so trust me, I'm familiar with many of these customer service mistakes (beautiful beaches and awesome weather we have - great customer service? Not so much!)

If any are familiar to you then check out the post for the solutions, some of which include suggested scripts:

1. Not being friendly enough
2. Poor eye contact
3. Talking with co-workers and ignoring or not acknowledging the customer
4. Being rude
5. Poor product knowledge
6. Leaving a customer without telling them where you're going or why
7. Blaming, accusing and complaining (the business)
8. Not double-checking
9. One word answers
10. Head shaking

Missed this Week's Top Tips We Shared Online?

Just click on the Tip to find out more...

Monday 17.06.2019: If you have a website, there are elements that need to be looked into to optimise it to be found by search engines and deliver the most appropriate results for those searching the Internet.
Tuesday 18.06.2019: Key points to simplifying veterinary information for the public: make your writing easy to scan by using headings, bullet points, etc.
Wednesday 19.06.2019: If your clients and potential clients know that you publish lots of great information about their pets, then they’re more likely to come to you first rather than Dr Google.
Thursday 20.06.2019: This was not just a dog, this was part of my family and through all the tears and the fears that I now face going into the future without my buddy - I am bloody proud to have known him and allow me the time to grieve the loss of a very very close friend.
Friday 21.06.2019: Advice for other veterinarians out there who think they couldn’t possibly be a practice owner: Get comfortable with being uncomfortable.