2010 purina veterinary conference student presentation
TRANSCRIPT
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Equine Veterinary Medicine:
The Next GenerationPurina Veterinary Conference
October 9, 2010
Mike Pownall, DVMMcKee-Pownall Equine Services
www.mpequine.comwww.equinevetbusiness.com
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Why Me?
• 5 clinics in greater Toronto area• 11 vets
All hired within last 4 years
• 20 support staff
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Why Me?
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Why Me?
• [email protected]• www.mpequine.com• Facebook/McKee-Pownall• Twitter - McKeePownall• www.equinevetbusiness• Facebook/equinevetbusiness• Skype - mpownall
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Today
1.The Big Picture2.Practices of the future3.Where do you fit in?
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The Big Picture
• New generation of grad• Student debt• Older practice owners• Celebrity vets• Economy• Declining horse
population• Competition
• It’s a struggle for all!
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You
• Lifestyle is important-Work is not your entire life
• Changing demographics
• Higher debt levels• Family• Older generation has a
different mindset• Uncertain future
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• Female Dominated Profession within 10 years
• Female equine vets work 20% fewer hours.
• Female equine vets are on average 6 years younger.
• No gender differences with respect to diseases and injuries, sick leave, and occupational disabilities.
• Female equine vets are more often employees than employers.
• 50% of the female vets who gave birth, left practice for some months and returned to work on same level.
• Female equine vets had to take care of management and work changes related to pregnancy by themselves.
Loomans et al 2008
Changing Demographics
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US Demographics
Equine 3699 6.1% 54.5% 45.5%
Companion animal exclusive
41117 67.5% 44.7% 55.3% 55.3%
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Changing Demographics
KNMvD 2009
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Student Debt
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Student Debt-the Reality
Debt
Starting salaries
AVMA
106%
56%
North America
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USA Student Debt - the Reality
• Average debt-2009 graduate-US Average debt-2009 graduate-US veterinary collegeveterinary college
• $129,976 (median debt = $125,000) $129,976 (median debt = $125,000) • 89% of those graduating had student debt89% of those graduating had student debt• 90% of the debt was incurred while in 90% of the debt was incurred while in
veterinary schoolveterinary school
• 32% of the 2009 graduates have debt in 32% of the 2009 graduates have debt in excess of $150,000excess of $150,000
• 11% have debt in excess of $200,00011% have debt in excess of $200,000
• Some in excess of $250,000Some in excess of $250,000 JAVMA 9/1/09JAVMA 9/1/09
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USA Student Economic Realities
Salary
Year Debt Practice Debt/Salary
1983 $18,897 $19,872 95.10%
1995 $45,251 $31,925 141.70%
2008 $119,658 $61,518 194.50%
Student Debt to Salary Ratios over Time
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Comparisons - Professionals
BLS 5/08
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USA Debt vs Earnings Problem?
• Cost of veterinary education has risen
dramatically -about 31% over four years (CPI
increase over same period ~ 16%)
• School funding down dramatically
• Increase in tuition exacerbated by the recent
increase in interest charged on government and
private student loans
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Private Clinical Practice % Mean 1st Year $
Large animal exclusive 2.5 62,424
Large animal predominant 2.7 57,745
Mixed animal 9.3 58,522
Small animal predominant 7.6 61,753
Small animal exclusive 31.5 64,744
Equine 3.3 41,636
USA Veterinarian Starting Salaries 2008
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Vet Practice Owners
• Don’t understand younger generations
• Likely can’t afford to retire soon
• Afraid of change• Need help
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Celebrity Vets
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The Economy
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The Horse Industry
• Declining # & value of race horses
• Shrinking & aging ownership
• Competition for dollars
• New client demands?
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Equine Vet Practice
• Referral practices hit hard
• Commodity driven• Competition• Expensive digital
equipment• Lack of business
knowledge • Old business model is
broken• There are
opportunities!!
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Equine Vet Practice
AAEP Job Bank
572 Resumes
18 Jobs
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Where are we going?
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The Practice of the Future?
• Increased competition• Sport and pleasure horse• New business models
Bigger group practices Less infrastructure Shares vs ownership?
• New specialties More boarded vets in
private practice• More collaboration• Embracing technology• Increased client education
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What’s a new grad to do?
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What is a new grad to do?
• Internships• Client-driven
business• Technology• Social media• New skill sets• Other countries• Re-imagine
opportunities
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Internships
• Essential New skills Add value to new
employer It is only one year! Lifelong mentorship?
• Pick the right one Don’t get burnt out Need the reference A solid medical
foundation is priceless Progressive medicine
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The Key to Success!
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This is a People Business!!
Our job is to make people have confidence in the decisions we make.
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This is a People Business
• Patient Outcomes
• Client Outcomes
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This is a People Business
• Need to like people If not, learn to fake it
convincingly
• Don’t talk about yourself Horse people want to
talk about themselves and their horses.
• Remember your clients
• Ask questions
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Technology
• You know it• Practice owners don’t,
and are afraid of it• Ability to troubleshoot
and “tinker”• Cloud based software• iPads
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Social Media
• Opens up communication opportunities• You live it
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New Skill Sets
• Basic Skills are not enough. There are enough sport horse,
surgery, internal medicine & therio vets already
• Acupuncture/Chiropractic• Nutrition counseling• Podiatry• Dentistry• Geriatric• Ophthalmology• Business• Client Communication
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What Makes You Different?
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What Does a Vet Practice Need?
• Stop losing market share
• Maximize facility/equipment use
• Potential buy-in for practice
• Don’t want aggravation
• Flexibility• Help to keep up with
technology & social media
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How You Can Add Value
• Personality• Excellent
communicator• Horse handling skills• Flex hours• Strong “emotional
intelligence”• Selling is not a dirty
word• Potential buyer
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How You Can Add Value
• Unique skills• Business Acumen
Marketing Client education Staff training
• Social media Create/maintain
Facebook or Twitter account
Create content videos
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Other Countries
• Canada• NZ• Australia• China• Russia
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Or
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Entrepreneurs
Pros• Low startup costs• Practice your own way.Cons• Poor lifestyle• Success not
guaranteed• Minimal mentoringAdvice• Be collaborative• Make friends• Don’t cut prices!!
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In Conclusion
• “Same old” won’t work any more Economy Debt Demographics
• People Business• Unique skills needed• Value added required• Self Employment
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Don’t Be a Stranger
• [email protected]• www.mpequine.com• Facebook/McKee-Pownall• Twitter - McKeePownall• www.equinevetbusiness• Facebook/equinevetbusiness• Skype - mpownall
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Questions?