2022 MDVMA Summer Conference: Vet Industry Insights

Posted on July 1, 2022

2022 MDVMA Conference | Veterinary Industry Insights

By Alec Kendall, CPA, Vice President, Keiter Advisors

Keiter Advisors was proud to be an exhibitor at the 2022 MDVMA Summer Conference in Ocean City, Maryland. After connecting with attendees and exhibitors we came away with a few veterinary industry insights detailed below.

2022 Veterinary Industry Insights

  • The recruiting environment remains highly competitive throughout the clinic for DVMs, LVTs, and support staff. We heard from some clinics of the creative ways they are trying to hire employees, retaining their current staff, and helping their current staff develop professionally.
  • The acquisition marketplace is morphing – many strategies are emerging and these changes are being reflected in how acquisitions are pursued. The demand for acquiring clinics may have leveled off or plateaued from the frantic level seen a few months to a year ago. Operational challenges, rising interest rates and economic uncertainty are a few of the reasons suggested for the changing acquisition environment.
  • We continue to hear from vet practice owners that there is a need to understand the exit planning process – individuals who spoke with us more education is needed to help clinic owners understand their exit options.
  • The MDVMA urged their members to be active with their elected representatives as there is potential legislation that could impact the practice of veterinary medicine in Maryland.

Please feel free to reach out to Keiter Advisors to discuss current market conditions or gain additional insight into how we can help vet practice owners.

 

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