AVMA ECONOMIC SUMMIT RECAP
By Dr. Debra Shoulders, KVMA President Elect On behalf of the KVMA, I was chosen to attend the AVMA Economic Summit in Chicago. Tis is a wonderful meeting to attend if you have the oppor- tunity. Te discussion was centered around the eco- nomic challenges and opportunities confronting the veterinary profession and ways to make informed decisions. I am including highlights from the meet- ing that I think you will find interesting.
Te veterinary economic outlook is good based on consumer confidence, U.S. manufacturing sector, unemployment rate and the yield curve. • In 2018, the mean salary was $82,894 for pri- vate practice.
• Rural veterinarians earned $3200 less compared to urban/suburban colleagues.
• Tere is an increase in yearly income $1,648. • Tere are many jobs available. Top four states are California, Texas, Florida and New York.
• Tere are an increased number of practices in Nevada, Florida, North Carolina and Arizona.
• Tere are 113,394 veterinarians in the U.S. 59.9% companion animal, 4.8% food animal 4.5% equine, 4.5% mixed animal.
• 1 out of 3 veterinarians are baby boomers. • Estimated that 20,000 people will leave the pro- fession in the next 4-5 years. 60% of those own a practice.
• Tere are 32% more veterinarians in the last 10 years.
• Tere are fewer practice owners. 11-12% of practices have 100+ employees
Well being is defined by economic compensation, lifestyle and the veterinary profession as a whole. • Mixed animal and companion animal practi- tioners work 50 hours/week.
• Equine practitioners work 61 hours/week. • Exotic practitioners work 40 hours/week. • Practice owners are the most satisfied. • Mixed animal veterinarians had the highest job satisfaction/well-being.
2018 survey of the 15,073 veterinary graduates from 30 U.S. schools and two U.S. accredited foreign schools. • 80% female • $84,982 average salary • 94.7% got full time position or post graduate education
• Mean debt $152,358 for vet school only • 17.3% had no debt. • Debt: Income 1.81. • Women averaged $7,500 more debt than men. • Financial planning advice showed no decrease in the amount borrowed.
Te AVMA still feels financial planning is worth- while but should be done in smaller groups focusing on a yearly budget and strategically timed just before signing for the loan. Help and information can be found: •
vetdebtinitiative.org •
myveterinarylife.org •
www.vmae.org
Te biggest area for growth in the veterinary indus- try is digital technology. Examples: • Babel Vet - data from the pet is sent to the vet- erinarian.
• Fit Bark - shows changes in sleep and mobility in the pet.
• Alexa - ask my pet doc. • Animal Biome - tracks the pets gut health. • Artificial intelligence - Notes from the chart are used to predict future disease in the pet.
I realize this sounds unbelievable but these are al- ready here and being implemented.
How will you utilize these advances and capture the income? Some questions to ask involving your clinic are: Who is your target market? How do they use social media and mobile media?
LETTERS TO THE EDITOR
Every effort will be made to try and print letters that are on topics of the most general interest. The Kentucky Veterinary News reserves the right to edit letters for length and content as necessary. All submissions must contain the author’s name, address, e-mail address (if applicable), and phone number so that we may contact you to be sure of the letter’s authenticity. Only the author’s name and home town will be published. No letter will be published anonymously. Letters may be submitted electronically (Word File please) to:
info@kvma.org or by “snail mail” to: KVMA, PO Box 4067, Frank- fort, KY 40604-4067
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