As more and more women pursue DVM degrees — they make up about 80% of veterinary school enrollment today — the growing number of women who own a hospital should come as no surprise. At Veterinary Practice Partners, 75% of the 90 associate veterinarians who have signed on with VPP as hospital co-owners were female.
Co-ownership is a possible solution for associates who dream about ownership but perhaps lack the financial means or business experience to go all-in. The arrangement also is an option for independent practice owners who’d prefer to put payroll, hiring and other back-office responsibilities in someone else’s hands, so they might sell a majority share of their business to a company like VPP.
John McDonough, chairman and CEO of the 150-hospital VPP network, said the company’s 190 practice co-owners come in two categories:
- Mid- to late career: “They’re not ready to retire. They’re concerned with the opportunities for future growth and carrying on the legacy they built.”
- Early to midcareer: “They’re buying in because they say, ‘I’ve practiced here for two years, four years, six years, and this is where I want to spend the rest of my professional career.’ ”
For the co-owner looking to become better at business and medicine, Veterinary Practice Partners stands ready with:
- VPP Academy, a seven-day course at Oquendo Center in Las Vegas.
- A leadership academy for doctors and practice managers.
- A co-owner peer group that meets twice a year.
While other private-equity-backed companies might offer similar ownership models and support, VPP tries to be different and strives to “keep veterinary medicine in the hands of veterinary professionals,” McDonough said.
“What’s really important to us is not telling the local team, ‘This is what we do, and this is how we do it.’ It’s about collaboration, listening and finding what works for them and where they’re struggling, and then we bring in the skills that we’ve learned across 150 hospitals.”