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Category: Veterinary

Biotech Startup PetDx Raises $62M Series B to Increase Adoption of Multi-Cancer Early Detection Test for Dogs

December 10, 2021 Admin

PetDx, a molecular diagnostics company, that uses genomic information to improve pet health recently ANNOUNCED the completion of a $62…

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Posted in: Genome, Startups, Veterinary

Walk-In Vet Clinic PetWellClinic Signs 16-Unit Deal to open locations in Phoenix

December 5, 2021 Admin

PetWellClinic, a walk-in veterinary clinic franchise, recently SIGNED a 16-unit deal to open veterinary clinics in the Phoenix area. This…

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Posted in: FRANCHISE, Hospital Groups, Veterinary

Fuzzy Raises $44 Million in Funding led by Icon Ventures

December 1, 2021 Admin

Fuzzy Pet Health (Fuzzy), a leading digital pet care company, recently ANNOUNCED it has raised $44 million funding round led…

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Posted in: Startups, Telemedicine, Veterinary

Independent Veterinary Practice Association (IVPA) Announces Partnership with Trupanion

November 25, 2021 Admin

The Independent Veterinary Practitioners Association (IVPA), a nonprofit trade association representing the interests of independently owned animal hospitals in North…

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Posted in: Insurance, TRUPANION, Veterinary

Ellie Diagnostics Announces Investment from Avego Healthcare Capital

November 23, 2021 Admin

Ellie Diagnostics, the fastest growing independent veterinary diagnostics laboratory in the United States, recently ANNOUNCED a new capital partnership with…

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Posted in: PRIVATE EQUITY, Startups, Veterinary

Veterinary Hospital Group CareVet Reaches 100 Hospitals in Network

November 17, 2021 Admin

CareVet, a growing network of veterinary hospitals, recently made its 100th acquisition of veterinary practices within the U.S. since its…

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Posted in: Hospital Groups, PRIVATE EQUITY, Veterinary

Walk-In Veterinary Clinic Easyvet Secures $7M Series A Funding Round

November 14, 2021 Admin

Easyvet, a veterinary group committed to offering convenient and affordable walk-in veterinary care, recently ANNOUNCED the close of a $7…

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Posted in: FRANCHISE, Hospital Groups, Startups, Veterinary

Bond Vet Announces $170 Million Investment from Warburg Pincus

November 7, 2021 Admin

Bond Vet, a veterinary hospital group located in the state of New York recently ANNOUNCED they have received a $170…

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Posted in: Hospital Groups, PRIVATE EQUITY, Startups, Veterinary

Chewy Alleges Diverting Pet Prescription Sales in Lawsuit

October 24, 2021 Admin

Chewy, a leading e-commerce retailer of pet products, supplies and prescriptions, is accusing a software provider and a competing pharmacy…

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Posted in: CHEWY, Medications, Veterinary

Online Retailer Chewy Launches New E-commerce Platform for Veterinary Practices

October 3, 2021 Admin

Chewy Inc (Chewy), a leading e-commerce retailer of pet products, supplies and prescriptions recently ANNOUNCED the launch of a new…

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Posted in: CHEWY, Medications, Veterinary

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RECENT POSTS

  • Hospital Group Expands into Chicago, Rebrands as Lovet Pet Health Care January 18, 2025
  • Large Veterinary Consolidator Reportedly Launches Sale Process December 10, 2024

THE CORPORATIZATION OF VETERINARY MEDICINE

The acquisition of private-owned animal hospitals by corporate entities such as veterinary consolidators has grown exponentially since 2011, and accelerated in 2017 -- market share has tripled in the last 6 years. Its largely invisible to most pet owners because consolidators view the corporatization of a practice as a marketing liability. Today, nearly 1 out of 3 general practices in the U.S. are owned by consolidators -- operate larger practices and account for 50% of all client visits. Corporate practices will not return to being independently owned again -- irreversible unless consumers push back against industry consolidation.
Are Consolidators Helping or Hurting Veterinary Medicine?

MAJORITY OF CORPORATE PRACTICES LED BY NON-VETERINARIANS
Study conducted by CARE for Pets™ reveals that the majority of consolidators are led by non-veterinarians. Doctors are more often managed by non-veterinary professionals with no experience in the pet medical world. Consolidators require significantly greater revenue to be profitable due to its large infrastructure of managers and support teams -- multiple levels of management that are highly incentivized. The support center is often located in a different state, far from its individual practices -- support staff often lack industry experience.
CEOs of Veterinary Consolidators and Hospital Groups

 

IS PATIENT CARE IMPACTED BY COMMISSION-BASED PAY?
Today, approximately 2 out of 3 full time associate veterinarians are paid on "production" -- how much revenue they bring into the practice. Compensation models for veterinarians consist either of a fixed salary, salary plus commission, or 100% commission -- doctor pay up to 25% of sales. A new full market investigation abroad will focus on incentive-based compensation of veterinary professionals.

 

IS INDUSTRY CONSOLIDATION THE ROOT CAUSE OF THE PROBLEM?
In the next decade, less than 10 large corporate groups will own, operate and control 6 out of 10 general practices based on current u.s. trends and abroad -- reaching at least 70 to 80% without opposition. A consolidated market with many complaints of higher prices and lower quality of care. Major consolidators plan merger to create giant network of more than 730 veterinary hospitals -- industry expert says it’s unlikely that the Federal Trade Commission would block the merger.

 

AFFORDABILITY CRISIS: VETERINARY CARE PRICES RISING RAPIDLY
Today, news media reports cost of vet care increased 8% in past year -- historically 3%. Many practices raised prices 20 to 40%. Insurance companies seek premium increases up to 56% -- provider drops coverage for 100,000 pets citing high vet costs. Corporations often offer higher salaries, benefits and substantial signing bonuses -- retention bonus up to $250k.
What's Behind the High Cost of Veterinary Care?

 

IS PRIVATE EQUITY SADDLING VETERINARY SECTOR WITH DEBT?
Since 2017, private equity firms invested more than $60 billion in the veterinary sector -- serial acquisitions. The use of debt financing and arbitrage caused sale prices of vet practices to more than double -- outbid independent doctors. Several larger consolidators have billions of dollars in outstanding debt.

 

THE VETERINARY HEALTHCARE SYSTEM IS UNDER-REGULATED
First-of-its-kind study conducted by CARE for Pets™ reveals 2 out of 3 independent practices sold are acquired by corporate consolidators -- consolidation continues unabated with minimal federal and no state regulatory scrutiny.

 

PETS.CARE OFFICIALLY LAUNCHES THE COMPANION PLATFORM™
CARE for Pets™ officially launches Companion™ -- the internet's first and only public-facing search engine for veterinary practice ownership information. Our research shows the vast majority of corporate-owned practices may intentionally hide ownership to pet owners and or federal regulatory agencies.

 

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. Most veterinary practices acquired by corporate consolidators often retain their original company name and may purposely avoid corporate ownership identification -- hide ownership.
Is Your 'Local' Animal Hospital Corporate-Owned?

COMMON PERCEPTIONS ABOUT CORPORATE PRACTICES
There is a common perception in the pet care industry that many corporate-owned veterinary practices prioritize profits over patient care -- doctors feel more pressure to generate revenue and see more clients per shift. A common strategy for consolidators is to increase revenue by raising prices after an acquisition -- increase in upselling to clients. Studies in human medicine show that private equity takeovers are linked to rising costs for patients and sinking quality of care. Understanding private equity investments in human medicine will provide insight into its potential impact to veterinary medicine.
Common Perceptions of Corporate Veterinary Practices

WHO OWNS, OPERATES AND CONTROLS THE PRACTICE?
CARE for Pets™ officially launches VERIFIED,™ the first and only veterinary practice ownership verification online tool for the pet care industry -- do you know who owns your vet? Consolidators buying hospitals often require the selling doctor to stay at the veterinary practice for 1 to 4 years post-sale and may fail to disclose change of ownership to pet owners -- "golden handcuffs." Advertising is ethical when there are no false, deceptive, or misleading statements or claims.

 

HEIGHTENED SCRUTINY OF PRIVATE EQUITY M&A DEALS
Today, 3 out of 4 specialty and emergency hospitals in the U.S. are owned by corporate consolidators -- state legislator asks Federal Trade Commission (FTC) to scrutinize closure of emergency hospital. Private equity firms increasingly engage in roll up strategies that allow them to accrue market power off the commission’s radar -- senators urged the FTC and congress to take stronger action against consolidation in the veterinary care industry.
FTC Intervenes PE Acquisition Citing Antitrust Concerns

 

EXIT-DRIVEN STRATEGY: BUYING UP HOSPITALS TO SELL
Roll-ups, a common strategy for consolidators, buys many veterinary practices and combines them into a larger organization to obtain a higher valuation -- grow rapidly. The entity is typically resold within 3 to 5 years to another consolidator for a substantial profit. Hospital groups sell for 100s of millions of dollars -- many times over $1 billion.
Flipping Hospitals Reap Large Profits for Consolidators

CONSOLIDATORS PRIORITIZING PROFITS OVER PATIENTS
Our research shows that common complaints among employees of corporate-owned veterinary practices say their employers prioritize short-term profits -- numerous red flags. Reading company reviews at popular job websites about the corporate consolidator that owns the individual practice can provide greater insight into the company's true priorities, work conditions, culture, and leadership. However, gag clauses are on the rise which may silence doctors and staff -- stifle public debate about the effects of rapid veterinary consolidation.
Common Employee Complaints of Veterinary Consolidators

 

ARE CONSOLIDATORS EXACERBATING VET SHORTAGE?
First-of-its-kind study reveals that veterinarians working in corporate practices reported feeling more pressure than those in private practice to generate revenue and see more clients per shift. There is a large mismatch between employees' purpose and consolidators -- employees and clients blindsided by abrupt closure of hospital. Consolidators primary focus on profits is negatively impacting the workplace culture -- cause burnout and drives workers away from the profession.

 

CONSOLIDATORS ENDLESS PURSUIT OF PROFITS
Large consolidators often make hundreds of millions of dollars a year while many of its employees struggle to earn a livable wage and owners deal with high vet bills -- consolidator launches sale process. The prioritization of profits will continue indefinitely unless workers and consumers pushback.

 

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