Vet Prices!
Vet prices are to be investigated by the Competition and Markets Authority over multiple concerns relating to overcharging for treatments and medicines. Something that has been highlighted by several high-profile celebrities over recent months. Not to mention headlines appearing in the press, just this month, along the lines of “Turkey sees surge in British pet-vet tourism.” Amazing though it may seem some pet owners are now seeking Turkey’s less expensive veterinary services as an attractive solution to pet care. Studies there show that veterinary tourism is emerging as a growing trend.
So, what’s happened to raise vet prices?
In particular, the watchdog is concerned that with the rise in the number of corporate practices there are now fewer independent surgeries, resulting in weakened competition. In 2013 89% of veterinary practices were independent businesses but this had dropped to just 45% by 2021. An inevitable result of a change in the law in 2005 which, for the first time, allowed anyone to own a veterinary practice on the proviso they employed a registered veterinary surgeon. Before this change, to own a practice, you had to be a registered member of the Royal College of Veterinary Surgeons.
This fundamental change opened the floodgates for large multinational companies and venture capital banks to start buying up practices with what many people consider to be the inevitable, increase in vet prices.
It is unsurprising that Corporates, some funded by merger and acquisition financiers, are seen to be focused on profit alone whilst independent practices, run and owned by vets motivated primarily through their desire to help animals are viewed more favourably!
Before these changes, young vets saw their career path as working their way up through the ranks of a practice over several years, anticipating that one day they would be offered a partnership and eventual ownership. But with so much money available to Corporates to buy out practices it’s understandable that many owners wishing to retire have found it impossible to turn down the sums on offer, rather than accept lower amounts that practice partners can afford.
Someone of course must pay for this trend, and hence the widely held view that this has impacted vet prices and their inevitable rise since 2005. Another concern is that once corporate organisations having taken a stranglehold on a particular locality competition significantly reduces. Without competition vet prices are able to rise, so once again the pet owner takes the hit.
The pros and cons of the changing face of the veterinary market
Any investigation into vet prices by the Competition and Markets Authority will more than likely lead to a discussion about the pros and con’s of Corporate versus Independent ownership; so what might these be.
Pet welfare and business values
There will be little doubt that independent owners will be perceived to care more animal welfare than corporate bodies whose primary aim will always be profit. Venture capitalists are rarely regarded as philanthropists!
Corporate owners are also likely to have a much lower commitment to an individual branch whereas an independent owner will almost certainly have a long-term interest and approach to their own practice. An owner rather than an employee will want to develop long-term relationships with patients and more committed to take long term decisions.
Employees
A vet may be a vet but within a corporate structure he or she remains primarily an employee and answerable to others higher in the food chain and as such will be a small cog within the organisation. They may not like the vet prices they are required to charge but will be powerless to object or change. They may also be encouraged to offer more services than may be necessary for an individual patient simply to boost turnover.
It has been said that many who enter the veterinary profession are independently minded and pre disposed to work in their own way so whilst working in a corporate structure may be a good learning curve it could be demotivating and restrictive long term. For this reason, morale in an independent practice is often assumed to be much higher…… resulting in better care.
Sounds all a bit one sided?
So far, the arguments appear to be against the involvement of Corporates in the veterinary market, but corporate practices do offer some advantages.
In-house referral
Corporates practices usually have the benefit of greater investment in equipment and more extensive networks of referral or emergency practices and can often provide the services that many independent surgeries may struggle to provide. A service however that may come at a high price!
Training
Corporates have the wherewithal to develop in-house training programs for nurses and newly graduated vets which is beneficial to all……. although some cynics suggest it to be the mechanism to lower employment costs.
Vet Prices better with Independent MOBILE Veterinary Practices
With reduced opportunities to purchase existing established practices increasing numbers of vets are turning towards establishing their own mobile practices which offer many pet owners a more convenient veterinary service combined with more acceptable vet prices.
All the mobile veterinary practice vets that we have worked with have been amazing entrepreneurial individuals, excellent clinicians and clearly very caring of their patients and their owners needs. They also provide a service that fixed practices cannot offer and that is one of convience and the care of pets in the comfort of their own home. For those who are unable to transport their pets a Mobile veterinary practice is the perfect solution.
Just a few examples, but by no means a comprehensive list of mobile veterinary practices based on our Animedix mobile veterinary surgeries, are as follows:
Doorstep vet hello@doorstep.vet 07939 932903 Covering the Newcastle Upon Tyne area
Vetcare@home info@vetcarehome.co.uk 01773 302220 Covering Derbyshire
The Small Pet Vet info@wherethesmallthingsmatter.co.uk 0115 7788122 Covering the Midlands
Witney Mobile Vet info@witneymobilevet.co.uk 07706 360278 Covering Oxfordshire
Vet2U enquiries@vet2u.direct 01843 606867 Covering Kent
If you have a pet in need of treatment in any of these areas we recomend you call the above and be pleasantly surprise by the services they offer and the vet prices they charge.
Animedix veterinary vehicles reduce vet prices
Animedix, the veterinary vehicles division of Multi Vehicle Technology Ltd specialises in the creation of bespoke veterinary vehicles which include mobile veterinary surgeries, bespoke pet transport along with fully equipped home visit vehicles. For more information on our range of vehicles and the services we offer call us on 0116 326 1802 or write to us at sales@animedix.co.uk
Main image photo by Freepik
