This week, the heart of the U.S. Veterinary community beats in Kansas City, as the VetPartners Mid-Year Conference and the Veterinary Innovation Summit (VIS) brought together some of the industry’s most influential voices. These two events, known for driving conversations around the future of Veterinary medicine, offered a deep dive into emerging trends, breakthrough technologies, and the evolving landscape of Veterinary practice management.
VetPartners Meeting: A Confluence of Expertise
VetPartners’ (https://www.vetpartners.org), bi-annual gathering of industry experts, consultants, CPAs, attorneys, valuation experts, architects and other experts, was a testament to the depth of knowledge and expertise in the Veterinary community. It served as a prelude to the broader Veterinary Innovation Summit (VIS), with this year’s meeting focusing on innovation in Veterinary medicine. Discussions revolved around trends, enhancing practice efficiency, improving client relationships, and navigating the complexities of Veterinary business ownership in a post-pandemic world. Topics presented included:
- Introduction and History of the Animal Health Corridor with Kim Young
- Charting the Course: Education’s Impact on Animal Health Regulatory Affairs by Paige Adams, DVM, PhD
- “Medical Innovations in Veterinary Medicine” panel discussion
- “Non-Competes and the FTC: What’s New, Its Impact, and the Things You May Miss” panel discussion
- Veterinary Team Utilization Guide Presentation (including updates from the Task Force)
- “Models for Providing Care” panel discussion
- “Data Analytics in the Animal Health Corridor” by Chris Ragland
- “Update – Knowledge Level and Impact on Perceptions of Veterinarian Trustworthiness and Empathy” by Anne Tomsic
- “Update – Watch Out Dr. Google, Dr. Chat GPT is Here to Take Your Job Is informing Pet Owners” by Craig Spinks and Sarah Rumple
- “How to Get Published” in Vet Med panel discussion
- “How to Get on the Speaking Circuit” panel discussion
Dr. Marty Becker and Peter Weinstein DVM/MBA, two esteemed Veterinary professionals, were recognized for their contributions to animal health and welfare. Dr. Becker received the Pioneer Profession Award and Dr. Weinstein received the Distinguished Life Member Achievement Award.
It is important to note that VetPartners is building a comprehensive “Veterinary Team Utilization Guide” to help improve business operation efficiencies and growth. Given the current climate (e.g., declining visits, difficulties filling team positions, changing client demands, and increasing burnout of team members), Veterinary teams need support regarding workflow, technology, and culture. The project is in need of sponsors, so contact tndewitz@gmail.com for more information.
I want to thank the panelists for the Medical Innovations session which I moderated – Ashley Pochick of Embark Veterinary; Daniel E. Sheres, MBA of Volition Veterinary; and Christine McCoy of Torigen, Inc. Their insights resulted in a lively discussion on the topic.
Veterinary Innovation Summit: Shaping the Future of Veterinary Medicine
Following the VetPartners meeting, the Veterinary Innovation Summit kicked off with a clear focus on the future (https://Veterinaryinnovationcouncil.com/Veterinary-innovation-summit). Known for being a melting pot of ideas, VIS 2024 did not disappoint. This year’s summit was particularly notable for its exploration of cutting-edge technologies and how they can be integrated into everyday Veterinary practice. There were so many excellent presentations.
Among the few notables was “Technologies of the Imagination” by Dave Zaboski. He delivered an incredible presentation with a message about encouraging us to “plus” each other and collaborate rather than compete. (Everyone should check out website at Dave Zaboski (davezart) | Laetro). “What Are the Most Interesting Technologies on the Horizon?” by Indu Subaiya MD, MBA, MFA believes that vet med can leapfrog human health because vet med doesn’t have the legacy systems that hinder response to innovation and consumer demands. In addition, AI is enabling new data frameworks and systems (“What Do Today’s Trends Tell Us About Tomorrow’s Veterinary Medicine?”) Mark L. Cushing, Sheri Gilmartin, and Matt Salois discussed Veterinary practice price increases (inflation) being higher than the overall economy, data showing that pet parents are waiting longer between visits, and the decline in patient traffic and product pruchases. Mark Cushing told us that trends are converging toward a model of “Pet Healthcare.”
Although practices are facing a trough or downturn, the industry will get through it. For now, practices must focus on new client acquisition and client retention and offer a variety of financial solutions to clients.
In addition to keynotes, networking events, exhibits, and topics, the Summit allows attendees to see innovative companies compete in a live Pitch Competition. This year’s winner is Innovative Pet Lab (https://innovativepetlab.com). IPL has created a range of at-home gut health tests for dogs and cats. Veterinarians can drop ship kits directly to their client’s homes or have them available in the office for clients to take home. A stool sample is collected and mailed to IPL, with results in 14-21 days. IPL’s tests identify and quantify health indicators like level of inflammation, pancreatic function, and immune reaction, along with targeted recommendations to address gut health issues, including diet changes, supplements, and lifestyle modifications.
Trends and Takeaways: A Glimpse into the Future
Both the VetPartners and the Veterinary Innovation Summit underscored several key trends that are likely to shape the Veterinary profession in the coming years.
- Integration of Technology: From AI to telemedicine, technology continues to redefine the Veterinary landscape. Practices that embrace these innovations are likely to see significant improvements in efficiency and patient care.
- Economic Savvy: As the business side of Veterinary medicine becomes more complex, the need for financial acumen is more critical than ever. Veterinarians are being urged to think beyond clinical care and consider the long-term financial health of their practices.
- Sustainability: The industry is becoming increasingly aware of its environmental impact. Sustainable practices are not just a trend, but a necessity for the future of Veterinary medicine.
- Wellness: The mental health and well-being of Veterinary professionals remain at the forefront. Addressing these issues is essential for the long-term viability of the profession.
The VetPartners conference and the Veterinary Innovation Summit in Kansas City offered Veterinary professionals a wealth of knowledge and inspiration. Focusing on innovation, financial management, and well-being, these events provided a roadmap for the future of Veterinary medicine. As the industry continues to evolve, it is clear that those who adapt to these emerging trends will be well-positioned for success.
Both events exemplified the spirit of collaboration and innovation that defines the Veterinary profession. As attendees return to their practices, the insights gained from these gatherings will undoubtedly influence the direction of Veterinary care in the years to come.