Exclusive Sneak Peek: Q&A with Veterinary Practice Ownership Symposium Experts!
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Opening a veterinary practice is a dream for many veterinarians - a chance to combine a passion for animal care with the independence and reward of owning a business. However, like any entrepreneurial venture, launching and running a veterinary practice comes with its unique set of challenges. From securing financing to managing a team, the path of ownership requires careful planning, dedication, and the right resources.
At Wild West Vet, we understand those challenges and we’re dedicated to helping you navigate running and owning a practice. Whether you are an established owner, a practice manager, or considering taking the plunge into practice ownership, we’ve got the ultimate educational opportunity for you- the Veterinary Practice Ownership Symposium!
The symposium will feature five insightful lectures and panel discussions, carefully crafted by the GeniusVets team.
An Interview with Dr. Michelle Drake, Founder/Co-Founder & Chief Veterinary Officer, The Drake Center for Veterinary Care/GeniusVets
Q: What is the most rewarding aspect of being a veterinary practice owner?
A: “Building a strong team based upon a mission and working with a strong culture to provide the best care for our patients and clients.”
Q: What is one trend in the veterinary industry that you believe practice owners should pay attention to?
A: “Preventative care - spending one or two times a year with a veterinary team who can partner with you to create the best plan for caring for your dog or cat.”
Q: What is the most critical factor to consider when deciding whether to start or buy a veterinary practice?
A: “You have a vision for your practice, and you hire a team to support and help you with this vision… Plus a few very important advisors which include a veterinary exclusive bookkeeper/CPA.”
An Interview with David Hall, Co-Founder & Head of Product, GeniusVets
Q: What is one trend in the veterinary industry that you believe practice owners should pay attention to?
A: “Veterinary schools have increased class sizes, and 12 new Veterinary schools have been approved. This means that there could be a flood of new veterinarians over the next decade. When that happens, salaries for DVMs could be driven down and this is a formula that would be extremely attractive to large corporate acquirers. Expect corporate acquisition to pick up in a big way in about 4 years if this all looks like it will play out. BTW: This already happened exactly like this in the pharmaceutical industry over the past 25 years.”
Q: Why did you decide to join this year’s speaker line-up for the Veterinary Practice Ownership Symposium?
A: “Veterinarians are brilliant, and this is certainly a booming industry, but over the past 7-8 years we have entered a more perfectly competitive environment where it has become more important than ever for a veterinary practice to be able to market itself effectively and make sure that they are really supporting the informational needs of pet owners.”
Q: What key takeaways do you hope attendees will leave the Veterinary Practice Ownership Symposium with?
A: “A better understanding of what pet owners really need and how to easily deliver it while growing and strengthening their veterinary practice for years to come.”
The Veterinary Practice Ownership Symposium is taking place at Wild West Vet on October 17, 2024, at the Peppermill Resort Hotel in Reno, Nevada. To find out more information about the Symposium, along with to RSVP your place, click here.