Is your hospital growing this year?

A new national survey of veterinarian owners shows a majority of hospital revenues are up 2 to 5 percent this year.

survey Q1

Other key findings from the survey:

– Pricing appears to be slightly improved with more vets raising prices 3-5% and fewer raising 1-2%. However, 23% of respondents (9 of 40) did not raise prices, up from 15% (6 of 39) last year.

– Wage pressure appears to be increasing with 38%, or 15 of 39, expecting increases of 3-5% compared to only 23%, or 9 of 39, expecting over 3% increases last year (including some increases over 5%).

– More than half of veterinarians surveyed said they were increasing their use of generic medications.

– All owners were planning to keep prices flat or raise them in the next year.

survey q2

The survey was conducted by First Analysis, a Chicago-based equity research firm. A link to the full research report is HERE.