Veterinary Industry Summary: February 18–24, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
February 18–24, 2024
Veterinary pricing has been a hot industry topic for some time now, and a new Veterinary Hospital Managers Association (VHMA) survey has provided insights into how practices are approaching their price setting.
Some survey highlights include:
- 40% of respondents increased prices by 7% to 10% in 2023, while 36% increased prices by 4% to 6% last year.
- 66% of respondents will increase prices on shopped and non-shopped services in 2024, while only 2% plan to maintain their 2023 prices this year.
- Only 11% of respondents do not currently have an online pharmacy and are not interested in adding one.
- 62% of respondents charge more for products sold in the practice compared to the same products sold in their online pharmacy.
- 42% of respondents do not plan to change the prices of products in their online pharmacy in 2024.
- 38% of respondents said their clients were more concerned about the cost of veterinary care than they were a year ago.
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| +4.1% Revenue YoY (Last Week) |
-1.5% Visits YoY (Last Week) |
Year-over-year revenue and visits improved last week. Revenue climbed to 4.1% from 1.4% the previous week, and, while visits were still in negative territory, they jumped to -1.5% from -3.9% the week prior.
 -7.8%Heartworm YoY |
-6.3% Flea/Tick YoY |
 +5.8%Services YoY |
-1.2% Products YoY |
Parasiticide protection also improved slightly last week. Year-over-year heartworm increased to -7.8% from -9.6%, and flea/tick improved to -6.3% from -8.9% the previous week. Revenue from services and products also moved in the right direction compared to the week prior, with services revenue improving to 5.8% from 3.0% and products revenue increasing from -3.6% to -1.2%.
| +5.4% Revenue YoY (Last 12 Months) |
-1.9% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows revenue and visits dropping since early February rebounds.
| 5,345 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
North Carolina was once again the only state to see positive growth in year-over-year visits last week at 1.2%. The state also experienced the highest year-over-year revenue growth at 9.8%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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