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Category: Veterinary

Mobile Vet Startup THE VETS Secures $40 Million in Seed Funding

February 4, 2022 Admin

The Vets, a mobile veterinary startup, recently ANNOUNCED that it has secured $40 million in seed funding. The round was…

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Posted in: In-Home, Startups, Veterinary

Alliance Animal Health Receives Investment from Private Equity Firm L Catterton

January 29, 2022 Admin

Alliance Animal Health, a growing network of veterinary hospitals, recently received a significant growth investment from private equity firm L…

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Posted in: Hospital Groups, PRIVATE EQUITY, Veterinary

Hospital Group MedVet enters Florida Market with Acquisition of Jupiter Pet Emergency & Specialty Center

January 23, 2022 Admin

MedVet, a veterinarian led and owned network of specialty and emergency hospitals, recently ANNOUNCED the acquisition of Jupiter Pet Emergency…

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Posted in: Hospital Groups, Veterinary

First Veterinary Practice on East Coast to Unionize, VSES Workers Voted

January 16, 2022 Admin

Workers employed at Veterinary Specialists & Emergency Services (VSES) in Rochester, New York recently voted in favor of representation by…

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Posted in: Hospital Groups, PRIVATE EQUITY, Thrive Pet Healthcare, UNIONS, Veterinary

Pet Owners Spend up to $55,000 during a Pet’s Lifetime, Synchrony Study Reveals

January 12, 2022 Admin

Synchrony, a consumer financial services company, recently published a new STUDY regarding the lifetime cost of pet ownership for both…

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Posted in: Pet Care, Veterinary

Percheron Capital Acquires Majority Stake in Animal Dermatology Group (ADG)

January 6, 2022 Admin

Percheron Capital (a private equity firm based in San Francisco, California) recently announced the ACQUISITION of a majority stake in…

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Posted in: Hospital Groups, PRIVATE EQUITY, Veterinary

Pet Paradise opens 46th Location, Newest Resort in Yulee, Florida

December 26, 2021 Admin

Pet Paradise, a comprehensive pet care provider offering daycare, overnight boarding, grooming and veterinary care (amenities vary by location) has…

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Posted in: Grooming, Hospital Groups, Veterinary

Pet Care Platform Wag! to offer Wellness Plans and Virtual Veterinary Care

December 24, 2021 Admin

Wag!, a technology platform that supports dog walking, pet sitting and training services nationwide has recently LAUNCHED a suite of…

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Posted in: Telemedicine, Veterinary

Workers at Veterinary Emergency Hospital in Rochester, NY Can Vote to Unionize, NLRB Official Says

December 21, 2021 Admin

UPDATED: January 4, 2022* The National Labor Relations Board (NLRB) recently ANNOUNCED that it will conduct a mail ballot election…

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Posted in: Hospital Groups, PRIVATE EQUITY, Thrive Pet Healthcare, UNIONS, Veterinary

Urgent Vet Hospital Startup Sploot Opens First Location in Denver

December 16, 2021 Admin

Urgent veterinary care startup Sploot, has recently opened it’s first animal hospital in Denver, Colorado and plans to open additional…

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Posted in: Startups, Veterinary

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RECENT POSTS

  • FTC Takes Second Action Against Private Equity Firm, Increased Scrutiny of Veterinary Hospital Acquisitions June 30, 2022
  • Federal Trade Commission Intervenes in Private Equity Firm’s Acquisition of Veterinary Hospitals, Citing Antitrust Concerns June 18, 2022

THE CORPORATIZATION OF VETERINARY MEDICINE

The acquisition of private-owned animal hospitals by corporate entities such as veterinary consolidators has accelerated over the last few years and is largely invisible to most pet owners because consolidators view the corporatization of a practice as a marketing liability. This has potentially serious implications for competition, pet healthcare costs and may worsen the labor shortage of veterinarians and veterinary technicians.
Are Consolidators Helping or Hurting Veterinary Medicine?

MANY CORPORATE PRACTICES LED BY NON-VETERINARIANS
Study conducted by CARE for Pets™ reveals that the majority of veterinary consolidators are led by non-veterinarians. These corporate entities employ a large infrastructure of managers and support teams and require significantly greater revenue to be profitable. It's estimated that 1 out of every 4 companion animal practices in the u.s. are now owned by corporate consolidators.
CEOs of Veterinary Consolidators and Hospital Groups

 

IN FOCUS: LABOR UNION ACTIVITY IN VETERINARY MEDICINE
First Veterinary Practice on East Coast to Unionize
According to union leadership, “today’s victory put the veterinary industry and private equity investors on notice about making sure their business model is based on equity and respect. We can’t afford to let this industry go the path of so many other industries destroyed by private equity investors. Now the hard work begins.”

 

THE IMPACT OF PRODUCTION-BASED PAY FOR VETERINARIANS
Today, approximately 2 out of 3 full-time associate veterinarians are paid on commission. Compensation models for veterinarians consist either of a fixed salary, salary plus commission, or 100% commission. Any source of income generated by the doctor for the animal hospital while seeing a client is used to calculate their commission or "production". This has potentially serious implications on pet healthcare costs.

 

CASE STUDY: Lack of Ownership Transparency in Veterinary Practices

Study conducted by CARE for Pets™ reveals many veterinary consolidators communicate misleading statements about ownership information on their individual practice websites which is most likely to create a false impression to pet owners that the practice is independently owned and locally operated.
Is Your 'Local' Animal Hospital Corporate-Owned?

IVPA EXCLUSIVE INTERVIEW: WHY LOCAL MATTERS
CARE for Pets™ interviews the President of the Independent Veterinary Practitioners Association (IVPA) about the importance, benefits, and value of independently owned & locally operated veterinary practices to pet owners and their companion animals, and to the local community.
Interview with Dr. Bonnie Bragdon of the IVPA

WILL PRIVATE EQUITY FIRMS TAKEOVER PET INDUSTRY?
Today, private equity (PE) firms control thousands of veterinary practices, major pet retailers, pet insurance companies and pet product manufacturers. Other pet care startups are founded and led by former employees of private equity firms and it is not disclosed in a transparent manner.
Private Equity Investments in Pet Care Industry

PRIVATE EQUITY ACQUISITION IS ANTICOMPETITIVE
The Federal Trade Commission (FTC) says "private equity firms increasingly engage in roll up strategies that allow them to accrue market power off the commission’s radar."
FTC Intervenes PE Acquisition Citing Antitrust Concerns

 

ROLL-UPS MAY EXACERBATE VETERINARIAN SHORTAGE
Corporate entities such as private equity (PE) firms engage in roll-ups (buys several companies in the same market and merges them together) to enhance value and drive higher earnings. Veterinary consolidation leads to fewer and larger firms (less choices for workers). Its prioritization on short-term profits may pressure veterinarians to see high numbers of patients and adhere to appointment time restrictions. These working conditions may exacerbate the labor shortage of veterinarians and veterinary technicians.

 

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