2010 Purina Veterinary Conference Student Presentation

Equine Veterinary Medicine:

The Next GenerationPurina Veterinary Conference

October 9, 2010

Mike Pownall, DVMMcKee-Pownall Equine Services

www.mpequine.comwww.equinevetbusiness.com

Why Me?

• 5 clinics in greater Toronto area• 11 vets

All hired within last 4 years

• 20 support staff

Why Me?

Why Me?

• mike@mpequine.com• www.mpequine.com• Facebook/McKee-Pownall• Twitter - McKeePownall• www.equinevetbusiness• Facebook/equinevetbusiness• Skype - mpownall

Today

1.The Big Picture2.Practices of the future3.Where do you fit in?

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!

QuickTime™ and a decompressor

are needed to see this picture.

You

• Lifestyle is important-Work is not your entire life

• Changing demographics

• Higher debt levels• Family• Older generation has a

different mindset• Uncertain future

QuickTime™ and a decompressor

are needed to see this picture.

• 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

US Demographics

Equine 3699 6.1% 54.5% 45.5%

Companion animal exclusive

41117 67.5% 44.7% 55.3% 55.3%

Changing Demographics

KNMvD 2009

Student Debt

Student Debt-the Reality

Debt

Starting salaries

AVMA

106%

56%

North America

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

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

Comparisons - Professionals

BLS 5/08

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

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

Vet Practice Owners

• Don’t understand younger generations

• Likely can’t afford to retire soon

• Afraid of change• Need help

QuickTime™ and a decompressor

are needed to see this picture.

Celebrity Vets

QuickTime™ and a decompressor

are needed to see this picture.

The Economy

QuickTime™ and a decompressor

are needed to see this picture.

The Horse Industry

• Declining # & value of race horses

• Shrinking & aging ownership

• Competition for dollars

• New client demands?

QuickTime™ and a decompressor

are needed to see this picture.

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!!

QuickTime™ and a decompressor

are needed to see this picture.

Equine Vet Practice

AAEP Job Bank

572 Resumes

18 Jobs

Where are we going?

QuickTime™ and a decompressor

are needed to see this picture.

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

QuickTime™ and a decompressor

are needed to see this picture.

What’s a new grad to do?

QuickTime™ and a decompressor

are needed to see this picture.

What is a new grad to do?

• Internships• Client-driven

business• Technology• Social media• New skill sets• Other countries• Re-imagine

opportunities

QuickTime™ and a decompressor

are needed to see this picture.

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

QuickTime™ and a decompressor

are needed to see this picture.

The Key to Success!

QuickTime™ and a decompressor

are needed to see this picture.

This is a People Business!!

Our job is to make people have confidence in the decisions we make.

This is a People Business

• Patient Outcomes

• Client Outcomes

QuickTime™ and a decompressor

are needed to see this picture.

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

QuickTime™ and a decompressor

are needed to see this picture.

Technology

• You know it• Practice owners don’t,

and are afraid of it• Ability to troubleshoot

and “tinker”• Cloud based software• iPads

QuickTime™ and a decompressor

are needed to see this picture.

Social Media

• Opens up communication opportunities• You live it

QuickTime™ and a decompressor

are needed to see this picture.

QuickTime™ and a decompressor

are needed to see this picture.

QuickTime™ and a decompressor

are needed to see this picture.

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

What Makes You Different?

QuickTime™ and a decompressor

are needed to see this picture.

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

How You Can Add Value

• Personality• Excellent

communicator• Horse handling skills• Flex hours• Strong “emotional

intelligence”• Selling is not a dirty

word• Potential buyer

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

Other Countries

• Canada• NZ• Australia• China• Russia

QuickTime™ and a decompressor

are needed to see this picture.

Or

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!!

In Conclusion

• “Same old” won’t work any more Economy Debt Demographics

• People Business• Unique skills needed• Value added required• Self Employment

Don’t Be a Stranger

• mike@mpequine.com• www.mpequine.com• Facebook/McKee-Pownall• Twitter - McKeePownall• www.equinevetbusiness• Facebook/equinevetbusiness• Skype - mpownall

Questions?