• Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Login
    Login Login form

2016 AVMA Economic Summit

  • Font size: Larger Smaller
  • Subscribe to this entry
  • Print

The AVMA Veterinary Economic Strategy Committee and the Economics Division hosted the 4th annual Economic Summit in Schaumburg on October 24 – 25. A few dozen participants attended the first Summit in 2013, over 200 representatives of private practice, academia, allied organizations and industry participated in this year's event, legitimizing the AVMA Executive Board's 2009 vision to develop strategies addressing the profession's economic issues.

I'm most gratified, as an inaugural committee member and recent committee chair, to report the progress made in understanding our profession's finance and economics is nothing short of amazing. Twenty-four presentations on wide varieties of financial and economic topics place this meeting at the top of the attendance list for veterinarians seriously interested in fine tuning their practice's financial performance.

A few high highlights-

• Dr. Michael Dicks encourages practice owners to monitor The Conference Board Index of Leading Economic Indicators (LEI). This index displays the United States business cycle revealing clues regarding timing of economic downturns, allowing you to position your practice to weather the storm. Don't rely on the media's interpretation, judge for yourself.

The Conference Board Leading Economic Index® (LEI) for the U.S. increased in September
Source: The Conference Board

Conference Board LEI

• Dr. Lisa Greenhill reports our profession continues to attract robust applicant pools; 7,000 applicants for 4,200 seats at U.S. veterinary medical colleges for the class of 2021, with GPA's remaining consistent at 3.5.
• New graduate income increases continue, according to Dr. Bridgette Bain; the 2016 class mean annual income approximates $73,000.
• SAVMA President, Matt Holland's compelling presentation regarding the profession's wellness guides the Economics Division to quantify compassion fatigue's financial impact on the profession.
• Veterinary CPA Terry O'Neil's presentation includes a plethora of financial strategies and statistics from over 300 of the nation's most profitable veterinary practices. What do they know the average veterinary practice doesn't?

I proudly report the veterinary medical profession leads the way in economic data collection and analysis. No other allied health profession, including the American Medical Association and the American Dental Association, support an Economics Division. Other health professions are noticing the veterinary profession's cutting edge efforts, the AVMA is truly raising the bar to new standards.

As 2016 draws to a close, consider opportunities to improve your practice's financial performance. Practice owners have responsibility to manage practices with high degrees of business acumen, the profession's profitability must increase to the profession's financial benefit.

• March 25 – 26, the WVMA partners with AVMA to present the highly touted Practice Profitability Workshop which debuted at the 2016 AVMA San Antonio convention.
• The Practice Profitability Workshop repeats at the July AVMA Convention in nearby Indianapolis. In addition to presenting the original level 1 workshop, the first level 2 workshop will be available to previous attendees, continue to hone your business management skills.
• Attend the 5th annual AVMA Economic Summit in Schaumburg on October 23 -24, 2017 and learn the current data and research regarding issues impacting the financial health of the veterinary medical profession and its markets.

Why chart this course? You must chart this course because good medicine is good business, and good business financially supports good medicine. Make 2017 the best year yet for your practice, for your profession!

Last modified on
Tagged in: Presidents Message
in Presidents Message Hits: 440
0

Presidents Message

Essential Opportunity, Essential Lessons

Twenty-six years have passed since I lived the rookie season trials and tribulations as a practicing veterinarian, in many respects it seems as though it's yesterday, in other respects it seems as though a lifetime has passed.

As approximately 4,000 2017 veterinary medical school graduates enter rookie seasons, essential lessons will be learned. You're smart, you're hard-working, you're motivated, you're accomplished. Don't let anyone tell you otherwise. You've just completed one of the most rigorous professional curriculums, you've earned your Doctor of Veterinary Medicine degree. Congratulations!
It's time to be proud, walk tall, look people squarely in the eye, shake their hand firmly and confidently and most importantly – smile!

You've accomplished that, which is for most veterinarians a lifelong quest. Now, the learning curve starts all over. Your knowledge of the basic principles of medicine, surgery, pathology and clinical pathology will never be greater; the new challenge? Applying these principles to the practice of veterinary medicine.

It's time to identify your opportunity; it abounds in animal health. Don't settle for the same old manner of doing things. Have the courage to say yes to opportunity. Have the courage to blaze new trails. Urgently pursue your dreams and your vision. In this instance 26 years goes by in the blink of an eye.

It's time to hone your medical and surgical skills; strive to be a kind, caring, highly skilled clinician; develop your mentoring and business management repertoires; raise your level of personal finance acumen. Be willing to be mentored. Leverage technology. Be humble, be grateful, be thankful you're part of society's most respected profession.

It's time to advance to the highest level, always seek excellence and expand your knowledge base. Visit the finest practices, associate with those you emulate, attend the premier continuing education events, find a way to just do it and do it all!

It's time to treat those complex medical cases, perform those challenging surgeries, don't think you always need to settle for referring these cases just when they become most interesting. Once a week do something professionally that makes your palms sweat and resist the temptation to embrace routine!

It's time to put your feet in the sand and dip your toes in the ocean, yes, but it's also time to roll up your sleeves and prepare to do the heavy lifting. It's easy to talk the talk, now you must walk the walk. Bring value to all you do – your life, your practice, your professional relationships, your personal relationships. Be intentional with your personal finances, take care of yourself physically and mentally. Don't hesitate to reach out for assistance. Our profession is a small one with great resources: leverage them!

Ladies and gentlemen, our profession needs you. There is a lot of good work to be done. Please know, you can make a difference. Follow your heart, determine what you truly want and go after it, the opportunity is vast. Your greatest legacy will be the lives you touch, commit to develop them to their greatest potential. Be wise, be savvy, be daring.

0

Past Presidents Messages

Essential Opportunity, Essential Lessons
Continue Reading...
0
20170513 124021
Animal Welfare; What’s Your Role?
Continue Reading...
0
The Need is Great!
Continue Reading...
0
Politics, Politics, Politics!
Continue Reading...
0
Professional Wellness: Break the Dam!
Continue Reading...
0
One Bite at a Time!
Continue Reading...
0
Be Relevant!
Continue Reading...
0
Conference Board LEI
2016 AVMA Economic Summit
Continue Reading...
0
Is Your World Flat?
Continue Reading...
0
logo
4610 S. Biltmore Lane, Suite 107
Madison, WI 53718
Phone: (608) 257-3665
Fax: (608) 257-8989
Email: wvma@wvma.org

WVMA-Foundation-Logo Final