{"id":6661,"date":"2019-12-01T00:00:33","date_gmt":"2019-12-01T00:00:33","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=6661"},"modified":"2022-06-15T17:45:08","modified_gmt":"2022-06-15T17:45:08","slug":"the-past-and-the-future","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/the-past-and-the-future\/","title":{"rendered":"The Past and the Future"},"content":{"rendered":"

Who wants to own a veterinary hospital? Listening to the American Veterinary Medical Association\u2019s chief economist, Dr. Matthew Salois<\/a>, I found out that fewer people do.<\/p>\n

\u201cWe hear anecdotally that a lot of new associates are less interested in practice ownership for a number of reasons,\u201d Dr. Salois reported at the AVMA\u2019s annual Economic Summit. Many of today\u2019s younger veterinarians, he explained, are looking for greater work-life balance and, in some cases, desire \u201ca different career trajectory.\u201d<\/p>\n

That\u2019s potential trouble for the older practice owner. Dr. Salois and his team forecast a surge in retirements over the next 10 years, which is no surprise given that the average owner is in his or her 60s.<\/p>\n

\u201cThis is one of the biggest trends that\u2019s going to shape the future of veterinary medicine,\u201d Dr. Salois said.<\/p>\n

Deep-pocketed consolidators<\/a> are eagerly buying hospitals, but they\u2019re picky. Large group practices follow the money. They\u2019re more likely to go into affluent urban areas and the East and West coasts, said Charlotte Hansen, assistant director of statistical analysis.<\/p>\n

AVMA research also revealed an increase in hospitals employing at least 100 people \u2014 from 3% of all practices in 2002 to 11% today. The prediction for 2025 is 22%. Hospitals with one to nine employees are expected to dip from 53% today to 44% in 2025.<\/p>\n

\u201cThe economy is changing,\u201d Dr. Salois said. \u201cIt\u2019s no surprise that our profession is changing.\u201d<\/p>\n

Two more nuggets from the Economic Summit:<\/p>\n