TLDR:
- Private equity acquisitions have led to salary increases and professionalism in the veterinary sector.
- Veterinary care prices have also risen significantly, causing concerns among pet owners.
Article Summary:
Private equity firms have become the primary buyers of veterinary clinics and hospitals, bringing significant changes to the industry. These acquisitions have led to salary increases for veterinarians and vet technicians, as well as the professionalization of vet practices. The influx of capital has also allowed for advancements in veterinary medicine, providing more treatment options for pets with various conditions.
Despite these positive changes, there has been a notable increase in veterinary care prices. From March 2020 to March 2024, prices have surged by 32%, impacting pet owners who are now facing higher costs for their pets’ medical needs. While some attribute these price hikes to inflation, others point to rising costs of drugs, pet products, and higher wages for veterinary technicians.
One example highlighted in the article is Charlene, a stay-at-home mom who had to make the difficult decision of putting her family’s beloved pet rabbit to sleep due to the inability to afford expensive veterinary care. This showcases the real impact of the rising costs on pet owners.
Overall, while private equity acquisitions have brought positive changes to the veterinary sector in terms of higher salaries and professionalism, the corresponding increase in prices is causing concern and backlash among pet owners.
