Veterinary Care – Profits over Patients?
It is not your imagination. As any pet owner can attest to, veterinary care costs have dramatically increased over the past three years.
The entire veterinary industry has seen exponential growth over the past three years. However, the number of patients funding the clinics has not increased, hence, all the extra revenue coming in is being borne on the backs of the existing patients.
This begs the question: Are Veterinary Clinics putting their Profits over their Patients?
All industries experience periods of either growth or down-turn.
In times of growth – business owners use profits to invest back into the business to ensure it remains strong in the future. This helps protect the business during times of economic downturn. Thus, a business that is profiting should be re-investing a sizable portion of that money back into their business in ways that will insure their stability in the future by providing their clients with the latest in technology and skill so they do not leave and go elsewhere.
Most commonly, investments in the veterinary industry include building expansion or renovations, upgrading equipment, increasing staff training and knowledge and other services that benefit their clients and patients. By benefitting their clients, these veterinary practices ensure that most of these clients will not start going elsewhere for higher quality service at the same price.
Some veterinary clinics however, do not seize the opportunity to invest back into the business during the “good” times, and may leave their clinic lagging behind the competition.
People love their pets. And people who feel they are not getting the best care and service for what they are spending will most likely find some other veterinary clinic to spend their hard earned money at.
After all, pet ownership is an investment. For the clients, they are investing in providing a long time companion for themselves and their family. For the Veterinary practice, they are investing their time, knowledge and skill into each patient to maintain the pets’ health and the relationship with their owners for a long-term relationship. Dead pets don’t make money, nor do pets whose owners leave for another vet clinic. It is in the vets best interest to make the appropriate investment in their business so it continues to thrive.