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,” [1] 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 [2].
Check out the Veterinary Industry Tracker [3] 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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| LEARN MORE » [4] |