Feeling financial pressures? CVC panel says you're not alone

Feeling financial pressures? CVC panel says you're not alone

Experts in Kansas City discussed financial, generational and gender issues.
source-image
Aug 26, 2014

Here are three takeaways from “dvm360 Leadership Challenge: Bridging the financial and generational gaps in veterinary medicine.”  At the CVC Kansas City experts John Volk, Jim Kramer, DVM, CVPM, Shawn Finch, DVM, and Fritz Wood, CPA, CFP, delved into data and audience comments concerning finance, gender and generational issues.

Loving your job doesn’t mean you don’t have pressures: 90 percent of veterinarians surveyed in the VPI-Veterinary Economics Financial Health Study said they like the freedom of doing what they do and they live within their means, however a third of respondents classified themselves as poor. This is a profession where it can be extremely difficult to earn a larger salary, Volk says. If you’re in a larger practice, you have more flexibility of scheduling, but there are more people taking a piece of the profits. Finch, who is in an associate role, says that the strain can be felt even more so for associates, who may have to make sacrifices like being a one car family, to be able to save money to send children to college or pay off loans.

Perceptions can be a challenge: When surveyed, 42 percent of women said their practice was not doing well, compared to 22 percent of men, however, when the actual financial statements were examined the practices were doing about the same. Women just perceived their practices were doing worse. While the economy is doing better than it had been during the recession, Volk says that the mean income in the United States is trending downward; practices need to be cognizant of this and find ways to offer services to people who have declining income and keep them coming back to their practice.

Future generations will have trouble too: Is the situation for current students harder than it was for older veterinarians? The 2013 American Veterinary Medical Association (AVMA) workforce study used maps to show areas of excess capacity, and every single state was on the list in some way. Students are leaving school with debt two, three or four times the amount of their starting salary, says Wood. Something to keep in mind is that negation is a strong tool in salary discussions. Kramer pointed out that people don’t necessarily get paid what they deserve; they get paid what they negotiate.

Hot topics on dvm360

Dog of Dallas Ebola patient will not be euthanized, authorities say

Health officials have quarantined and will monitor dog and amid concerns surrounding deadly virus.

Video: How to perform a belt-loop gastropexy

Prevent GDV in your at-risk patients with this simple technique.

Stretch your skills to earn more in veterinary practice

Finding new tasks could be the key to generating more income for your practice—and boosting your pay.

Veterinary community stunned by Sophia Yin's unexpected death

Prominent veterinary behaviorist died of suicide Sept. 28.

Study shows sustained salary slump for veterinary support staff

Since 2009, technicians paid by the hour have experienced a bump in pay, but pay for other team members has stayed stagnant, according to data from the 2014 Firstline Career Path Study. Here’s a look at changes in team pay from 2009 to 2013.