Current trends, threats, and opportunities for veterinary practice owners in 2024

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Earlier this year, GeniusVets conducted a survey for practice owners to get a better understanding of their challenges, how they succeed, and how they have maintained growth after the spikes that came to veterinary clinics during the COVID-19 pandemic On this week's episode of The Vet Blast Podcast, David Hall, cofounder of GeniusVets, and our host Adam Christman, DVM, MBA, discuss the results of the survey and how certain trends in veterinary medicine are affecting practice ownership.

Below is a partial transcript

David Hall: So we did a study in late January, we put it out, and we continue to collect some information in February. We identified top performing veterinary practice owners nationwide, and by top performing, what we were talking about is, not only were they continuing to stay strong here in this environment, whereas everybody was spiking during COVID in terms of demand, but a lot of practices around the country have felt a cool off, number of invoices went down by a few percentage points last year, that sort of thing. But that's not everyone across the board. That's just the average. There certainly is practices out there that have continued growing, practices that have been adding staff successfully, which is something everyone wants to do, practices that have been really achieving their goals and are performing at a high level.

So that's really kind of who we wanted to target. And they're all at different levels. Some of them are 2 doctor practices. Some of them are 3, 4, 5, some of them are 6 [to] 10, so we want, we also want to get you know good diversity of opinion there based on kind of the maturity of their own veterinary practice. But we put out a simple survey, three questions, open ended questions, what do you think the trends are that are facing veterinary practice ownership in 2024 and then similar for the threats facing ownership and the opportunities facing practice owners right now.