Veterinary economic dashboard aims to empower industry

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Veterinary Management Groups (VMG) announced it launched an economic dashboard that will provide data-driven insights into the status of the economic health of the veterinary industry. The VMG Veterinary Economic Barometer is designed to empower veterinary professionals, business owners, and stakeholders with actionable data to help them make informed decisions as well as navigating the economic and veterinary landscape effectively.

"This dashboard and the monthly survey we are doing with VMG members provides the profession with insights into a number of economic indicators, all in one place," Clint Neill, PhD, economist and CEO of Applied Economic Consulting, who partnered with VMG to create the dashboard, said in an organizational release.¹ "The addition of the VMG Veterinary Economic Barometer™ is a key component, as it provides a regular pulse on what practice owners are experiencing and their future expectations of the market."

According to the release, the VMG Veterinary Economic Barometer has a user-friendly interface that presents macroeconomic trends on expenditure and inflation for veterinary services. The tool offers a comprehensive measure of the overall health of the industries economic that is based on a monthly survey completed by VMG members sentiments spanning multiple market indicators.

The dashboard will also provide users with a data-driven approach on several economic measures instead of anecdotal evidence on how the economy and practices are performing through data reported in the dashboard.

"We are thrilled to introduce our Economic Data Dashboard, a significant milestone in our commitment to supporting the veterinary community," Matthew Salois, PhD, president of VMG, said in the release.¹ "In today's rapidly evolving veterinary landscape, access to timely and accurate data is crucial for making informed decisions. Our dashboard fills this gap by providing veterinary professionals with the tools they need to thrive in an increasingly competitive market."

The dashboard is openly accessible to the public on the VMG website, but VMG members will receive an exclusive report each month providing them with a more comprehensive economic analysis.

Reference

Veterinary Management Groups (VMG) Launches Innovative Veterinary Economic Dashboard. News release. Veterinary Management Group. April 26, 2024. Accessed May 7, 2024. https://www.prweb.com/releases/veterinary-management-groups-vmg-launches-innovative-veterinary-economic-dashboard-302128102.html