The GeniusVets Show with Dr. Vaughn Fish

Welcome to the GeniusVets Show for veterinary practice owners and industry pros. At GeniusVets, it's our mission to help veterinary practices thrive, and this webinar and podcast supports that mission by giving a platform to the best and brightest minds in the veterinary industry, where we identify challenges facing veterinary practices today, discussing ideas, insights, and solutions that practice owners need to know about. If you like today's show, that's something we'd love to know. Feel free to send an email to [email protected] And make sure to check out the wealth of resources available to veterinary practices at GeniusVets.com/Pro.

 

Join us as we talk with Dr. Vaughn Fish, veterinarian and owner of Belton Veterinary Clinic. 

Key Takeaways

  • Wellness care visits are trending down as consumers tighten spending habits in the current economy
  • Relief vets are in high demand but can disrupt client relationships and drive up costs
  • Corporate consolidation and buying power make it hard for private practices to compete on pricing
  • Opportunities exist for well-run independent practices to acquire practices as corporate contracts end
  • Mentorship programs and focus on client relationships are key for retaining talent and clients

Wellness Care Decline

  • Wellness visits are starting to trend down as the economy tightens
  • Consumers prioritize care for sick pets over preventative wellness visits to save costs
  • Practices need to market effectively to maintain wellness visit volumes

Relief Vet Trend

  • Many vets prefer relief work for flexibility and high pay, disrupting client relationships
  • Relief vets can demand very high wages that practices struggle to afford
  • ER relief roles may persist, but supply increase could diminish demand elsewhere

Corporate Consolidation Impacts

  • Corporate buying power yields lower costs of goods that private practices struggle to match
  • Practices are exploring group purchasing organizations (GPOs) to improve pricing leverage
  • Pharma companies giving preferential pricing to online retailers like Chewy over vet practices

New Graduate Expectations

  • New graduates often have unrealistic salary expectations driven by corporate signing bonuses
  • Lack of understanding of value in mentorship and supportive culture at independent practices
  • Need more education on business ownership opportunities beyond just salary negotiation

Opportunities in Practice Ownership

  1. Great window to acquire practices as corporate contracts end and valuations soften
  2. Allows expansion of successful culture, mentorship programs, and client relationships
  3. Practices focused on client experience can outcompete on service rather than pricing

Next Steps

  1. Explore GPO options like VMG, TBC to improve pricing leverage
  2. Advocate for vet practices to get best pricing from pharma companies, not online retailers
  3. Promote practice ownership opportunities and mentorship programs to new graduates
  4. Prioritize client relationships and consider acquiring practices to expand footprint

It's no secret that the past two years have been a roller coaster ride for veterinary practice owners. But the truth is right now is the greatest opportunity of your lifetime to grow and strengthen your veterinary practice for years to come.

Business goes in cycles. These cycles have peaks and valleys.

Right now, we're at a peak. But at some point, there will be a valley.

Smart and successful business owners find a way to build a bridge to get from peak to peak. So that they never have to climb out of a valley. Now is the time for you to build your bridge.

What is that bridge? It's an investment.

Investing in your operations, getting your staff well aligned, and delivering a higher level of customer service. Are you looking to attract doctors and staff? Do you want to make it easier than ever to deliver a higher level of customer service? To attract clients who are ready and willing to follow your advice and will happily pay whatever you charge?

The key to all of this is truly understanding the processes people go through leading up to, during, and after their interactions with your practice.

How do doctors and staff find and evaluate you before applying? What is the complete customer journey for your clients? And how can your practice better support these people in every step they take?

Knowing the answers to these questions and implementing strategies to support them can be transformational to your veterinary practice, leading to increased workplace satisfaction, happier clients, and significantly higher profit margins.

GeniusVets has proven to be an industry leader in helping veterinary practice owners take their businesses to the next level in all of these ways and more. GeniusVets offers many incredibly valuable resources, that can help you grow and strengthen your veterinary practice that are completely free of charge, along with professional services that strongly outperform every other company in their space.

If you've not yet scheduled your free consultation and demo with GeniusVets, we would strongly recommend that you do so now. It might be one of the best things you do for your business this year.