Today's Veterinary Business

FEB 2018

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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24 Today's Veterinary Business Business Big Companies Made Bigger Moves What happened: • VCA was acquired by Mars. • Thrive Affordable Vet Care grew the low-cost, high- quality model. • PetSmart acquired Chewy for $3.35 billion in the largest- ever e-commerce acquisition. Why it's important: Big companies are recognizing the tectonic shifts taking place in the veterinary land- scape — increased owner spending, competition for health care resourc- es — and are positioning them- selves to capitalize by acquiring more market share and looking for novel ways to innovate and meet cli- ent expectations. The evolution into adjacent markets and the tapping of their company's resources will be essential for anyone within the veterinary space who wants to stay relevant for decades to come. Veterinarians Took Ownership of Their Challenges What happened: • The Veterinary Innovation Summit brought those oper- ating on the periphery onto center stage. • The Veterinary Entrepreneur- ship Academy trained and continues to train the next gen- Business INNOVATION STATION 2017 was a big year for the animal care industry. Now that we're a couple of months into 2018, let's take a moment to reflect on some of the changes that took place. By Aaron Massecar, MA, Ph.D., and Adam Little, DVM Corporate jockeying, telemedicine's evolution and new models of care all moved the veterinary needle. eration of students to disrupt their industry for the better. • Not One More Vet continued to spread the message about the real needs of veterinary professionals. • New debt-forgiveness mod- els were launched as Banfield Pet Hospital sought to attract more veterinarians. Why it's important: Many veteri- narians are becoming increasingly aggressive toward disrupting the status quo. From seeking out new opportunities with companies and entrepreneurs on the outside to tak- ing control of product development that will meet their needs, more vet- erinarians are internalizing the locus of control and taking responsibility for their own, and by extension the profession's, development. In com- 1 bination with this, the needs of the profession are being identified and catered to in unprecedented ways. Telemedicine What happened: • New companies entered the market. • New models of care were developed, reaching clients when and where they want. • The doctor-human patient re- lationship can be established through electronic means in all 50 states, and state veterinary boards and VMAs created task forces to address the perceived issues. Why it's important: Telemedicine fully arrived in 2017. The specific models are being worked out, but the general platforms have been es- tablished: either direct to consumer through a third party, or veterinar- ians employing a software tool to connect with clients directly. The notable companies are Whisker- Docs, PetCoach, TeleVet, Guardian- Vets, Petzam, PetDesk and Ask.Vet, among others. The pathway for fur- ther development has been set by human health care. The outcomes we've seen so far indicate that more animals are being seen, and more often, and this is driving revenue for bricks-and-mortar clinics, not taking the revenue away. Humanization of Pets What happened: • The Human-Animal Bond Re- search Institute continued to release data on the multiple effects of pet ownership. • Idexx released data showing that pet-related spending growth outpaced personal consumption. • Rover and DogVacay united to offer a comprehensive ser- vice package of dog walking, pet sitting, boarding and day care to help provide owners with more complete pet care. • Amazon launched Wag.com, which offers everything from food and grooming to health top trends of 2 3 4

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