No, I don’t own a veterinary practice. I can give you a very long list explaining this lapse in my traditional vet career trajectory.
And while on paper it’s a justifiable life choice, I’ll confess: Eschewing practice ownership doesn’t make me feel particularly virtuous or successful as a small-animal practitioner. I suspect the same is true of many of my ambitious colleagues.
Here’s why I’ve opted out (so far):
Money: I attended an expensive school. I had big debts when I graduated (can you say $100K?). I moved to Miami, where almost half of my better-than-average vet income goes into my decidedly unluxurious home (really). And I’m a single parent. To invest in a practice, I’d have to sell my house—not a safe move in this real estate cycle and not a smart option when it comes to my child, either.
Time: Let’s start with, “I’m a single parent” and pretty much leave it at that. Consequently, flexible hours are a requirement for my work. While I don’t mind putting in 80-hour weeks from time to time, it’s the inability to work from home (or work in the half hour here and there for school pickups and orthodontist appointments) that kills me.
Fear of commitment: Life as a practice owner seems all-consuming. I want more from my life than a half-million dollar check in my bank account when I turn 65. Which is not to say this wouldn’t be desirable and laudable, but what would I have to give up? Would I be unable to explore other challenging sidelines to my career, like writing? Would I still be able to go kayaking in the Keys on Sundays?
Though this list sings my own life’s story, conversations with peers echo its sentiments. And lest you think my colleagues similarly feminine in their tales of ownership woe, evidence to the contrary abounds. Most of my sub-40 male counterparts suffer practice ownership anxiety, too.
If this rationale doesn’t resonate with you, you may share one or more of these practice ownership predispositions:
* You graduated with little debt.
* You live in an economically stable area and your income has grown steadily in favorably disproportionate contrast to your expenses.
* You’ve always embraced the concept of practice ownership for its challenges.
* You came of age in a culture where breadwinning was a huge measure of your personal worth.
* Practice ownership was expected as proof of success in your profession.
It’s true, respect for making money and proving your worth with a sizable financial undertaking hasn’t changed much in recent years. Practice ownership still confers significant advantages in terms of prestige and financial remuneration.
That’s why those of us devoid of such an enviable position may feel frustrated and guilty over the prospect of putting off or abandoning the goal of ownership.
Mergers are whence human practitioners sagely migrated in their quest for quality of life, stable economics and the efficient use of high-priced suburban real estate and wickedly expensive equipment.
It doesn’t help that earlier generations of professionals express dissatisfaction with what they perceive to be our “slacker” ways in opting out of private practice. “What, you prefer to kayak with your family instead of meeting your financial obligation to them?” To some, my honestly expressed desire for a rich family life is proof positive that our profession is going to hell in a hand basket.
My rejoinder? “If you had over $100,000 in debt when YOU graduated, you’d require regular bouts of stress-relieving exercise, too!”
Yet it’s more complicated than that. Our culture has changed along with our profession’s economics. The synergy of these two forces has changed veterinary medicine as we know it.
This complex shift in attitudes and finances has made way for the following:
More corporate veterinary hospitals whose business plans rest on the opportunity that comes with an excess of independent professional mouths to feed.
More specialists, many of whom select their field based not only on the potential for higher income but the opportunity to work in larger groups with the oft built-in opportunity for buy-in.
Fewer small practices—with an attendant drop in value when it’s time to cash out.
The possibility of a new generation of veterinarians who may end their careers financially dissatisfied because of limited investment opportunities in their profession.
We can wring our hands over the first one and sing the praises of the high-tech savvy in the second, but it’s the third and fourth that really set the larger community of vets on edge, especially those approaching retirement age. It’s these colleagues who imminently face the prospect of a fire sale on their equipment as their clients vanish into the corporate vet vacuum or court neighboring mega-hospitals.
Add Comment11 Comments
Veterinary medicine is a conundrum to me. Just a few months ago I was talking with a veterinary neurologist (ACVIM diplomate no less) who confessed to making much more than his human neurologist buddy (vet neuro guy said his 1-doctor specialty practice made north of $600k last year with one receptionist and two nurses). Yet the great majority of veterinarians struggle with starting salaries barely better than an undergrad chemical engineer and, usually, a whole load more debt. That's an awfully wide gap.
Patty - one thing I would love to hear you talk about is the increasing percentage of female graduates coming out of veterinary school and what you think this means for the profession. I heard that OSU's graduating class in 07 was 90% or more female! One comment I've heard from various people is that, with the increasing percentage of female grads seeking work-life balances, that their focus will be on the veterinary medicine side and they'll be inclined to "outsource" management by, perhaps, signing up with VCA or what have you.
Alex July 28th, 2008 08:40:00 AM
I too would like to hear what Dr. K thinks of the gender trend.
Someone is going to have to work hard to convince me that its not a good thing, because I'm inclined to believe that it is.
Stefani July 28th, 2008 02:11:00 PM
You graduated from an expensive school $100k in debt.
I'm going to my cheap, in-state vet school and I'm looking at a minimum of $150k before I graduate, and that's not even counting the interest that's already accumulating, though it does count the $20k from undergrad. There's no way I'd ever even be considered for the loans necessary to buy or start a practice, even if I really, really, dead-set, ready-go, wanted to.
I'm just hoping the economy's going to pick up before I graduate so I can even make my monthly loan repayments.
lindabcs July 28th, 2008 03:25:00 PM
A couple years ago, I researched and wrote a piece for a major national veterinary magazine on the topic of generational differences and how they play out in the job/ownership market, etc. It never ran (long story why), but what is interesting is that when the gender wave began building, a bunch of old docs (mostly men) assumed it was that women had a different work ethic (life balance, not wanting ownership, etc.), but the truth is that it's FAR more of a generational difference than a gender one. And, the economic/debt side of it was another HUGE issue.
Roxanne July 28th, 2008 07:39:00 PM
That is really interesting about the old guys chalking it up to gender.
Did you read the KPMG study? I'm not a vet, but I got really pissed on behalf of the female gender, because basically, this study was mostly done by men, at the behest of men, and started looking at the gender issue with the presumption that it was a scary negative thing. They blamed women vets for driving down the entire profession's revenue!
They dealt with the gender trend as though it was a crisis threatening the viability of veterinary medicine!
LOL!
http://www.avma.org/reference/mega715c.pdf
Stefani July 28th, 2008 08:05:00 PM
Alex: Vet specialists do make good money--very good money if they own their own practices. On average it's about double what general practitioners make. Also, your neuro friend's skills are different from a human neurologist--I suspect he does lots of surgery. But his take-home is likely in the $200-$300 range, based on the high practice expenses for a neurologist (CT, MRI, etc). In any case, it's a weird thing in vet medicine, this haves vs. have-nots issue when it comes to practice ownership.
Roxanne: Send me your piece on women in the profession and I promise you I'll print it as a guest post.
Stefani: Yeah. It ticked me off. The insinuations were barely bearable. I agree with Roxanne--it's more of a generational, practical economics and wider-culture issue.
Dr. Patty Khuly July 29th, 2008 08:06:00 AM
I know we do completely different things (I'm an Architect), but it's amazing how similar and parallel the business side of our professions are. The gender and ownership issues are very much front and center in my profession as well.
Interesting post.
Creature of Habit July 29th, 2008 08:34:00 AM
Yep the gender debate is alive and kicking in the UK veterinary profession too, negativity and all. I was particularly irritated reading an interview in one of our magazines In Practise-the article was asking 8 vets about why they took partnerships and their experiences with it. When they were questioned about whether their contract had built-in sabbaticals, the men spoke about taking 6 months off to write a novel, go skiing.. and the women used it to have a child.
Sian July 29th, 2008 01:48:00 PM
Yep, I'm a lawyer in my own small practice and we are struggling. Being a business owner is not all it is cracked up to be unless you start with a big chunk of money in the bank, and a lot of us just don't have that.
Snoozer July 29th, 2008 02:34:00 PM
I'd like to thank everyone, including Dr. Kathy, for talking about gender in the field as it relates to ownership and for providing such solid backing info for these points. I still remember a post months ago which touched on practice ownership and the first comment (presumably from a man) listed feminization of the profession and "the mommy track" as reasons for lower pay and big vet chains. It still burns me to think about!
Agnes July 29th, 2008 05:31:00 PM
I'd be fuming over gender-bias issues, no doubt! When I think back to veterinary services offered 30 years ago, to today---it is a huge difference! Back then it was simple exams, Vets relied on their eye, touch, symptoms---very rarely were tests involved, maybe x-rays. Heartworm tests were filtered whole blood samples.
It has to be astronomical, to not only find a prime piece of real state, but to "stock" the building & then personell!! What does decent used human equipment resell for? Oh, and back then, almost every animal clinic was 24 hour emergency service---by the single practicioner or shared duty.
Barbara A. Albright/New Hampshire July 29th, 2008 07:49:00 PM
Add Commment