Equine Veterinary Medicine: The Next Generation Purina Veterinary Conference   October 9, 2010 Mike Pownall, DVM McKee-Pow...
Why Me? <ul><li>5 clinics in greater Toronto area </li></ul><ul><li>11 vets </li></ul><ul><ul><li>All hired within last 4 ...
Why Me?
Why Me? <ul><li>[email_address] </li></ul><ul><li>www.mpequine.com </li></ul><ul><li>Facebook/McKee-Pownall </li></ul><ul>...
Today <ul><li>The Big Picture </li></ul><ul><li>Practices of the future </li></ul><ul><li>Where do you fit in? </li></ul>
The Big Picture <ul><li>New generation of grad </li></ul><ul><li>Student debt </li></ul><ul><li>Older practice owners </li...
You <ul><li>Lifestyle is important-Work is not your entire life </li></ul><ul><li>Changing demographics </li></ul><ul><li>...
<ul><li>Female Dominated Profession within 10 years </li></ul><ul><li>Female equine vets work 20% fewer hours. </li></ul><...
US Demographics 45.5% 54.5% 6.1% 3699 Equine 55.3% 55.3% 44.7% 67.5% 41117 Companion animal exclusive
Changing Demographics KNMvD 2009
Student Debt
Student Debt-the Reality Debt Starting salaries AVMA North America 106% 56%
USA Student Debt - the Reality <ul><li>Average debt-2009 graduate-US veterinary college </li></ul><ul><ul><ul><li>$129,976...
USA Student Economic Realities Student Debt to Salary Ratios over Time Salary Year Debt Practice Debt/Salary 1983 $18,897 ...
Comparisons - Professionals BLS 5/08
USA Debt vs Earnings Problem? <ul><li>Cost of veterinary education has risen dramatically -about 31% over four years (CPI ...
USA Veterinarian Starting Salaries  2008 Private Clinical Practice %   Mean 1 st  Year  $   Large animal exclusive 2.5 62,...
Vet Practice Owners <ul><li>Don’t understand younger generations </li></ul><ul><li>Likely can’t afford to retire soon </li...
Celebrity Vets
The Economy
The Horse Industry <ul><li>Declining # & value of race horses </li></ul><ul><li>Shrinking & aging ownership </li></ul><ul>...
Equine Vet Practice <ul><li>Referral practices hit hard </li></ul><ul><li>Commodity driven </li></ul><ul><li>Competition <...
Equine Vet Practice <ul><li>AAEP Job Bank </li></ul><ul><ul><li>572 Resumes </li></ul></ul><ul><ul><li>18  Jobs </li></ul>...
Where are we going?
The Practice of the Future? <ul><li>Increased competition </li></ul><ul><li>Sport and pleasure horse </li></ul><ul><li>New...
What’s a new grad to do?
What is a new grad to do? <ul><li>Internships </li></ul><ul><li>Client-driven business </li></ul><ul><li>Technology </li><...
Internships <ul><li>Essential </li></ul><ul><ul><li>New skills </li></ul></ul><ul><ul><li>Add value to new employer </li><...
The Key to Success!
This is a People Business!! Our job is to make people have confidence in the decisions we make.
This is a People Business <ul><li>Patient Outcomes </li></ul><ul><li>Client Outcomes </li></ul>
This is a People Business <ul><li>Need to like people </li></ul><ul><ul><li>If not, learn to fake it convincingly </li></u...
Technology <ul><li>You know it </li></ul><ul><li>Practice owners don’t, and are afraid of it </li></ul><ul><li>Ability to ...
Social Media <ul><li>Opens up communication opportunities </li></ul><ul><li>You live it </li></ul>
New Skill Sets <ul><li>Basic Skills are not enough. </li></ul><ul><ul><li>There are enough sport horse,  surgery, internal...
What Makes You Different?
What Does a Vet Practice Need? <ul><li>Stop losing market share </li></ul><ul><li>Maximize facility/equipment use </li></u...
How You Can Add Value <ul><li>Personality </li></ul><ul><li>Excellent communicator </li></ul><ul><li>Horse handling skills...
How You Can Add Value <ul><li>Unique skills </li></ul><ul><li>Business Acumen </li></ul><ul><ul><li>Marketing </li></ul></...
Other Countries <ul><li>Canada </li></ul><ul><li>NZ </li></ul><ul><li>Australia </li></ul><ul><li>China </li></ul><ul><li>...
Or
Entrepreneurs <ul><li>Pros </li></ul><ul><li>Low startup costs </li></ul><ul><li>Practice your own way. </li></ul><ul><li>...
In Conclusion <ul><li>“ Same old” won’t work any more </li></ul><ul><ul><li>Economy </li></ul></ul><ul><ul><li>Debt </li><...
Don’t Be a Stranger <ul><li>[email_address] </li></ul><ul><li>www.mpequine.com </li></ul><ul><li>Facebook/McKee-Pownall </...
Questions?
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2010 Purina Veterinary Conference Student Presentation

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  • Boxer or fighting horses
  • Aaep faqs
  • Add slides of US vs EU figures
  • 32 resumes for every job. Odds are tighter than when applying to vet school
  • Confused person. Talk about our experiencs with interviews
  • Zebra in horses
  • Start a new business. How many here would like to own a new their own practice.
  • 2010 Purina Veterinary Conference Student Presentation

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