Lec 1

• Veterinary compliance


  Veterinarians' ability to increase compliance with what they believe is the best wellness care and treatment of medical problems
• Millions of dogs and cats are not in compliance with veterinary recommendations
• Branded vs generic products


  Increase in number of generic products entering the market and steady pressure from price sensitive clients who see advertisements promising lower prices from online pharmacies
• Recruiting new veterinarians


  67% become vets because they love animals, 56% said they have difficulty balancing work and family responsibility
• Market segmentation analysis


  • Ambitious achievers (33%)
  • Aspiring strivers (30%)
  • Distressed and depressed (22%)
  • Disillusioned toilers (15%)
• Ambitious achievers


  • Largest client base, second highest gross revenue, high income earners, high average client transaction
• Aspiring strivers


  • Client base smaller than ambitious, highest gross practice revenue, earn about on par with ambitious achievers, work about the same hours per week
• Distressed and depressed


  • Economic condition is bleak, largest client base but spend least amount of time with their clients and have the lowest average client transaction, the lowest annual gross practice revenue, earn less than successful peers despite working similar number of hours, group that is least likely to have a structured business plan for their clinic and to monitor profitability and ROI
• Disillusioned toilers


  • Have the lowest gross practice revenue, among the lowest earners, worked fewer hours and saw fewer patients than other groups, have about an average average client transaction, and spend nearly as little time on average with clients as Distressed and depressed
• Understanding the demographics and psychographics of today's pet owner is an important part of providing quality veterinary care
• Factors driving changes in the veterinary marketplace


  • Increased awareness of human-animal bond
  • Generation filling empty nest with pets
  • Innovative products spilled over in pet world
  • Mass media focuses attention on pet owners spoiling their pets
• Today's pet owners are savvy and familiar with elite businesses like internet pharmacies that offer lower rates
• The change in typical family (housewife and working husband) towards most adults male or female are working during normal business hours and consumer debt is rising
• Like in other industries, consumers want selection, choice, value, and time-saving options, and on their own schedule
• Veterinary practices have changed very little, with the vast majority owned as sole proprietorships or partnerships
• The small number of veterinarians does not bode well for continued success
• Most veterinary practices are remarkably similar
• Small practices have high overheads
• The current model in which clients who have pets with health problems is a system fraught with inefficiencies
• Human physicians learned that they could not be doing all things
• For a similar system to work for veterinary clients, there needs to be considerable consolidation in the industry
• Efficient models of veterinary practice have vets performing the duties best suited and working in collaboration with other professionals to deliver more comprehensive care
• Elements of a client-centred veterinary practice


  • Client must be aware that specialists are available for animals
  • Specialists are an extension of primary care
  • Access to specialists
  • Access to reliable medical information
  • Access to health educators
  • Access to chat rooms with other clients moderated by veterinarians
  • Access to training and behaviour consultants
• Veterinary trade area


  The geographic area that a veterinary practice can reasonably expect to serve
• Determining veterinary trade area


  1. Radius rings (easy but doesn't consider factors like access and barriers)

  2. Drive times (better representation, depends on urban, suburban, or rural location)
• Guidelines for veterinary trade area sizes: 10-15 minutes (small animal), 30-40 minutes (mobile and large), 30-40 minutes (emergency), 45 minutes or more (specialty)
• Establishing the boundaries of potential trade areas gives a foundation for analyzing the market potential of a planned practice
• Needs of veterinary practice teammates


  • What the practice needs to succeed
  • What each member needs to succeed
  • What the profession needs to succeed
• Most veterinary practices can function as long as the staff fulfill their duties
• Tools to ensure job expectations are clearly understood


  • Letter of engagement
  • Job description
  • Performance plan
  • Organizational chart
• More vets leads to increased competition, which can put downward pressure on prices
• The costs of goods and services have increased twice as fast as revenue, limiting the chance for growth
• Ways to overcome financial challenges


  • Develop niche areas
  • Reduce inventory
  • Better use of facility, equipment and staff
• Factors important to veterinary staff beyond just wages


  • Flexibility
  • Split shifts
  • Time off
  • Team approach
  • Job sharing
  • Support staff
  • Benefits
  • Nice facility
• Owners/partners


  • Need strong leadership skills, vision, and ability to foster a team, plant ideas and cultivate a problem-solving environment
• New graduates


  • Need adaptability, supervisory/developmental planning ability, ability to train others
• Practice associates


  • Need interpersonal skills, staying power, compassion, multitasking triage, patience and perseverance
• Client services representatives/reception


  • Need standards of care, leverage of technician ability to increase profitability, acknowledge skill level of technicians vs. lay staff
• Technicians/technologists


  • Need to be responsible for the well-being of pets in wards, understand the link between cleanliness and disease prevention, be able to give medication and check bandages, understand nutrition for sick and/or well pets, understand canine/feline behavior, practice safe handling and restraint
• Animal care personnel


  • Need clearly defined authority, a business plan, budget and financial goals, a long-term vision for the facility and team, a team to lead, staff to delegate to, support network and resources, continuing education