Veterinary Industry Summary: July 23–29, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
July 23–29, 2023
The industry has been abuzz with talk about the workforce shortage, especially since AVMA’s release of “Straight talk about veterinary workforce issues,” a summary of remarks given by President Dr. Lori Teller during a recent VetPartners meeting. Industry leaders are aligned that the profession is facing challenges, but the root cause of these challenges — and how we should address them — is still up for debate.
Based on the data, visits are down. But the cause for the decline in visits is unclear.
- Are pet owners choosing to visit less frequently, or seeking alternative sources for care, potentially due to inflation and increased veterinary prices?
- Are practices short on veterinarians and unable to see the same volume of patients?
- Have practices changed their scheduling, resulting in fewer available appointments per day?
We are working to pull metrics to present at this fall’s AVMA Veterinary Business and Economic Forum intended to help answer some of these questions. Regardless of where you stand on this issue, one thing is clear: Practices can only increase prices so much. To grow revenue despite declining visits, practices must now focus on driving efficiency and increasing appointment volume with the team they have today.
Check out the Veterinary Industry Tracker for daily stats.
Revenue YoY (Last Week)
Visits YoY (Last Week)
Year-over-year revenue was up last week at 5.2% — a slight decline from the week prior. Visits continued to decline, at -1.2% year over year compared to -0.6% the week before.
While heartworm protection dispensed held steady last week at -2.4%, flea/tick protection dispensed was down -0.7% compared to the week prior. Revenue from services and products was still up year over year, but both experienced slight declines from the preceding week.
Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)
The rolling 14-day trendline shows revenue and visits growth year over year continuing to trend slightly higher in 2023 than 2022. Revenue seems to be showing a pattern of slight growth, at 6.4%, compared to 6.2–6.3% in recent weeks.
Revenue per Practice
(Last 12 Months)
Visits per Practice
(Last 12 Months)
Maine remains on top for year-over-year revenue growth on average for the past 12 months, with 10.8% growth, followed by North Carolina at 10.7% and Tennessee at 10.4%.
For daily state-specific stats, please see the Premium Veterinary Industry Tracker on VeterinaryAnalytics.com.
*Numbers are subject to change based on data availability and PIMS adjustments.
Need additional stats? You got it.
The Premium Veterinary Industry Tracker lets you drill into revenue categories, visit types, date ranges, states, and more.
|LEARN MORE »|