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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.
  • Transcript

    • 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. Why Me?
      • 5 clinics in greater Toronto area
      • 11 vets
        • All hired within last 4 years
      • 20 support staff
    • 3. Why Me?
    • 4. Why Me?
      • [email_address]
      • www.mpequine.com
      • Facebook/McKee-Pownall
      • Twitter - McKeePownall
      • www.equinevetbusiness
      • Facebook/equinevetbusiness
      • Skype - mpownall
    • 5. Today
      • The Big Picture
      • Practices of the future
      • Where do you fit in?
    • 6. 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!
    • 7. You
      • Lifestyle is important-Work is not your entire life
      • Changing demographics
      • Higher debt levels
      • Family
      • Older generation has a different mindset
      • Uncertain future
    • 8.
      • 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
    • 9. US Demographics 45.5% 54.5% 6.1% 3699 Equine 55.3% 55.3% 44.7% 67.5% 41117 Companion animal exclusive
    • 10. Changing Demographics KNMvD 2009
    • 11. Student Debt
    • 12. Student Debt-the Reality Debt Starting salaries AVMA North America 106% 56%
    • 13. USA Student Debt - the Reality
      • Average debt-2009 graduate-US veterinary college
          • $129,976 (median debt = $125,000)
          • 89% of those graduating had student debt
          • 90% of the debt was incurred while in veterinary school
      • 32% of the 2009 graduates have debt in excess of $150,000
        • 11% have debt in excess of $200,000
        • Some in excess of $250,000
      JAVMA 9/1/09
    • 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. Comparisons - Professionals BLS 5/08
    • 16. 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
    • 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. Vet Practice Owners
      • Don’t understand younger generations
      • Likely can’t afford to retire soon
      • Afraid of change
      • Need help
    • 19. Celebrity Vets
    • 20. The Economy
    • 21. The Horse Industry
      • Declining # & value of race horses
      • Shrinking & aging ownership
      • Competition for dollars
      • New client demands?
    • 22. 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!!
    • 23. Equine Vet Practice
      • AAEP Job Bank
        • 572 Resumes
        • 18 Jobs
    • 24. Where are we going?
    • 25. 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
    • 26. What’s a new grad to do?
    • 27. What is a new grad to do?
      • Internships
      • Client-driven business
      • Technology
      • Social media
      • New skill sets
      • Other countries
      • Re-imagine opportunities
    • 28. 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
    • 29. The Key to Success!
    • 30. This is a People Business!! Our job is to make people have confidence in the decisions we make.
    • 31. This is a People Business
      • Patient Outcomes
      • Client Outcomes
    • 32. 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
    • 33. Technology
      • You know it
      • Practice owners don’t, and are afraid of it
      • Ability to troubleshoot and “tinker”
      • Cloud based software
      • iPads
    • 34. Social Media
      • Opens up communication opportunities
      • You live it
    • 35. 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
    • 36. What Makes You Different?
    • 37. 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
    • 38. How You Can Add Value
      • Personality
      • Excellent communicator
      • Horse handling skills
      • Flex hours
      • Strong “emotional intelligence”
      • Selling is not a dirty word
      • Potential buyer
    • 39. 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
    • 40. Other Countries
      • Canada
      • NZ
      • Australia
      • China
      • Russia
    • 41. Or
    • 42. Entrepreneurs
      • Pros
      • Low startup costs
      • Practice your own way.
      • Cons
      • Poor lifestyle
      • Success not guaranteed
      • Minimal mentoring
      • Advice
      • Be collaborative
      • Make friends
      • Don’t cut prices!!
    • 43. In Conclusion
      • “ Same old” won’t work any more
        • Economy
        • Debt
        • Demographics
      • People Business
      • Unique skills needed
      • Value added required
      • Self Employment
    • 44. Don’t Be a Stranger
      • [email_address]
      • www.mpequine.com
      • Facebook/McKee-Pownall
      • Twitter - McKeePownall
      • www.equinevetbusiness
      • Facebook/equinevetbusiness
      • Skype - mpownall
    • 45. Questions?

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