Stay Financially Healthy with AVMA’s Economics Team Sessions

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Convention attendees looking to better connect with clients or see how their practice stacks up in terms of economic performance have a few must-see sessions on Saturday, July 30 at the 2022 AVMA convention.

Members of the AVMA Veterinary Economics Division will give three presentations, all taking place in Room 109AB of the Philadelphia Convention Center for in-person attendees as well as online for virtual attendees. Topics to cover include student debt, communicating with customers, and marketing to different types of pet owners.

Sessions begin at 1 p.m. with Bridgette M. Bain, PhD, Associate Director of Analytics at the AVMA, reviewing the state of the veterinary profession from an economic perspective during the presentation “Economic State of the Profession Review”.

Bridgette M. Bain, PhD, Associate Director of Analytics at AVMA, will give the “Economic State of the Profession Review” presentation on Saturday, July 30 at AVMA Convention 2022.

It will analyze and report on veterinarian starting salaries as well as associate and practice owner salaries, education debt, and practice efficiency.

For example, the average debt of all 2021 graduates from US veterinary schools, including those with no debt, was $147,394 in 2020 dollars. And 18% of vet graduates had no debt, compared to 19% in 2020. , according to data from the AVMA Senior Survey 2021.

At last year’s AVMA Business and Economic Forum, Dr. Bain recommended communication between institutions, including veterinary colleges, to identify effective debt management strategies.

At 2:00 pm, Charlotte R. Hansen, AVMA Assistant Director for Statistical Analysis, will present “The Language of Veterinary Care”.

The AVMA Language of Veterinary Care initiative provides a comprehensive set of resources designed to help clinicians use language that works when talking to clients about why and when they should go to the vet, the range of services offered by a veterinary practice and how to pay. for veterinary services.

Hansen was part of the AVMA team that partnered with Maslansky + Partners, a language strategy firm, to conduct language-focused research with pet owners across the United States. The initiative launched last year. Resources include an eBook, “Language that Works: Changing the Way We Talk About Veterinary Care,” which compiles practical lessons from this research into a tool for veterinary teams. Hansen will refer to these materials and ideas during his speech.

Finally at 3 p.m., Rosemary Radich, Senior Data Scientist in the AVMA Veterinary Economics Division, will give the talk “Pet Ownership: What You Need To Know”.

She will lay out information from the recently released 2022 AVMA Pet Ownership and Demographics Source Book. The report is based on a survey of more than 2,000 pet owners in early 2021, and the data reflects the year 2020.

Pet owners vary in their beliefs, values ​​and spending habits, and to better explore these differences, pet owners have been grouped into five segments in the report: pet pampers, a group for enthusiastic families, a low-key, childless group, busy owners and occasional caretakers.

These speakers will also appear at the upcoming AVMA 2022 Veterinary Business and Economic Forum. This event brings together veterinarians and veterinary leaders from across the profession, showcasing cutting-edge information on business trends and consumer behavior, interactive dialogue among attendees and presenters, as well as the latest data and research on issues impacting the financial health of veterinarians.

This year’s event will take place on October 24-25 and will be held virtually.

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