Veterinary Industry Summary: January 28–February 3, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
January 28–February 3, 2024
According to the latest Today’s Veterinary Business feature article, “When Caring Costs More,” increasing prices for veterinary services are contributing to a decline in year-over-year veterinary visits, increased demand for low-cost and subsidized care, and a fall in pet ownership and adoption rates.
The article offered six tips for veterinary practices to help their clients navigate rising veterinary costs:
- Place veterinarians at the center of money discussions, rather than passing cost-of-care discussions to technicians.
- Be direct, empathetic, and inclusive. Bring up money proactively rather than waiting for the client to ask how much something will cost, and use words like “we” and “us” instead of “you.”
- Offer various financial options. Some to consider include CareCredit, Scratchpay, VetBilling, a charitable fund, and a wellness plan.
- Consider slowing down on technological advancements for your practice.
- Make smart decisions with your clients’ money. Rather than focusing on the gold standard of care, choose the most effective treatment options within a client’s budget.
- Think about other factors before raising fees. You don’t have to increase prices every year, especially if your community has been affected by a natural disaster or mass layoffs, or your clients are visiting your practice less regularly.
Read the complete article here.
Check out the Veterinary Industry Tracker for daily stats.
| +7.3% Revenue YoY (Last Week) |
+2.2% Visits YoY (Last Week) |
Year-over-year revenue and visits enjoyed big rebounds last week, with revenue at 7.3% from 4.1% and visits at 2.2% from -1.6% the previous week.
 -1.4%Heartworm YoY |
 +1.2%Flea/Tick YoY |
| +8.7% Services YoY |
+3.3% Products YoY |
Year-over-year parasiticide protection continued to improve last week. Heartworm was -1.4% and flea/tick was 1.2%, compared to -6.5% and -5.3% respectively the previous week. Revenue from services and products also gained ground at 8.7% and 3.3%, growing from 5.4% and -0.3% respectively the week prior.
| +5.3% Revenue YoY (Last 12 Months) |
-1.9% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows revenue and visits rebounding since mid- to late-January lows.
| 5,359 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
North Carolina saw higher year-over-year revenue and visits growth than any other state last week, with revenue up 9.5% and visits up 1.1%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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