Insights and Strategies from Industry Experts
Navigating the Evolving Veterinary Landscape
The recent VBG 2024 Plenary session brought together a panel of industry experts to share their insights on the current state of the veterinary market and the challenges and opportunities ahead. Moderated by Paul Blanc, the panel featured Gabi Dwyer from Covetrus, Caroline Willemse from Credabl, and Dr. Lachlan Campbell from VetCentral, providing a comprehensive view of the industry's trends and dynamics.
Navigating Market Shifts and Workforce Challenges
The discussion began with an overview of the market data presented by Paul Blanc, which highlighted a decrease in active clients and invoices, but with continued price growth. Gabi, the Director of Technology Solutions at Covetrus, shared three key trends observed in their customer base: staff shortages, burnout, and a strong focus on technology adoption to improve efficiency.
Caroline Williams and Dr. Lachlan Campbell provided insights into the financial landscape, noting the impact of inflation, interest rate changes, and the need for vet practices to explore restructuring options and leverage unique financing opportunities available to the industry.
The panel also addressed the ongoing workforce challenges, with Lachlan Campbell and Shannon Wood from SA Recruiters acknowledging the easing of labour pressures, but emphasising the importance of retaining and attracting new talent through initiatives like new graduate programs and improving work-life balance.
Embracing Technology and Innovative Solutions
A recurring theme throughout the discussion was the role of technology in addressing the industry's challenges. Gabi highlighted the potential of AI-powered tools and software to assist with tasks like medical record documentation, diagnosis support, and client communication, ultimately reducing the administrative burden on staff. I would add to that AI-assisted business analytics, for obvious reasons!
The panel also explored opportunities to integrate dictation software more seamlessly into practice management systems, streamlining workflows and improving efficiency.
Improving Accessibility and Client Engagement
The discussion touched on innovative partnerships and programs that could enhance the accessibility of veterinary services. Gabi mentioned the potential for collaborations with the NDIS to support clients with disabilities, as well as the integration of social work services within veterinary practices to better serve disadvantaged communities.
The panel also emphasised the importance of educating clients on preventative care, pet insurance, and the value of services like dental care, which are often under-utilised. Leveraging technology and data-driven insights to re-engage inactive clients was identified as a key opportunity for vet practices.
Taking the First Steps
As vet practice owners navigate this ever-evolving landscape, here are some suggested first steps to address the challenges and capitalise on the opportunities:
1. Assess your practice's technology infrastructure and identify areas for automation and efficiency improvements. Explore integrating AI-powered tools and dictation software to streamline workflows.
2. Review your staffing and employee engagement strategies, focusing on initiatives that promote work-life balance and career development to retain and attract top talent.
3. Evaluate your client education and engagement efforts, ensuring you are proactively communicating the value of preventative care, pet insurance, and other essential services.
4. Explore partnerships and programs that can improve the accessibility of your veterinary services, such as collaborations with local, complementary services or referral to support services.
5. Analyse your financial management practices and consider restructuring loans or exploring alternative financing options to improve cash flow and reduce expenses.
By embracing technology, prioritising employee well-being, enhancing client engagement, and exploring innovative partnerships, vet practice owners can navigate the evolving industry landscape and position their businesses for long-term success.
Ask us how VetIQ could help you drive your business further.
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