AVMA Economic Summit 2017 - Agenda

 

MONDAY, OCTOBER 23, 2017

Session 1: Setting the Stage - The Economy and Economic Projections

Time Session Speaker
2:00 PM Welcome to the AVMA Economic Summit Michael J. Topper, DVM, Ph.D., DACVP
2:05 PM Macroeconomic Forecast Michael R. Dicks, Ph.D. 
2:45 PM Questions  

 

Session 2: The Market for Veterinary Education

 

TUESDAY, OCTOBER 24, 2017

Session 3: Veterinary Practice

 

Session 4: The Market for Veterinarians

Session 5: The Market for Veterinary Services

 

Sessions Overview

Macroeconomic Forecast

An overview of the current state of the economy will be presented along with an analysis of multiple economic factors and projections for these variables. Attendees will learn how to interpret macroeconomic forecasts and use these predictions to optimize practice management skills. How the macro-economy affects your practice and how to manage inventory and human resources in preparation for adjusted consumer spending will be discussed.
Michael R. Dicks, Ph.D.

The Student Applicant Pool

The maldistribution of veterinarians across practice types and locations is often shaped, in part, by the demographic profile and characteristics of job applicants. An analysis of the veterinary college applicant pool will be provided. The audience will learn about pre-veterinary students' propensity to be averse to several frontline matters such as financial literacy, as well as what is being done to cultivate a population of more diverse applicants.
Lisa Greenhill, MPA, Ed.D.

DVM Delivery: Looking at the Supply of Educational Services

The supply of veterinary education has been fueled by growing tuition costs, but the investment required to produce new veterinarians has not been met with proportional increases in starting salaries within the profession. Using an economic index, the trend in debt-to-income ratio over recent years is analyzed, and a general overview of educational costs, student debt and starting salaries is presented. Fluctuations in the supply of veterinary educational services over time will be highlighted.
Bridgette Bain, Ph.D.

Profession's Impact on the Debt-to-Income Ratio

In April of 2016 Michigan State University hosted a "Fix-the-Debt Summit," at which the AVMA's Veterinary Economics Division provided an overview of the components of DVM debt and income that could be altered to aid in lowering the debt-to-income ratio to 1.4:1. This session provides an update on what the profession has accomplished toward this initiative to date -- and what efforts might yet be made to achieve this target, which is seen to represent a more sustainable balance in the profession.
Mike Dicks, Ph.D.

Through the Eyes of Veterinary Students

While economists and industry analysts look at financing a DVM degree in terms of supply, demand and the economic viability of the profession, students view financial choices and challenges from a personal standpoint. Analysis of a survey of veterinary students, their debt and the economic, professional and social implications of this debt will be presented from the student perspective. The veterinary student population's financial awareness will be discussed, along with steps that have been taken to empower students and educate stakeholders to improve financial literacy among aspiring veterinarians.
Ori Eizenberg

View from Campus: A Veterinary College Perspective

Dr. Freeman will respond to the information provided by the previous "Market for Education" speakers and provide a college dean's perspective on the direction of DVM education. From budget pressures to curriculum development, Dr. Freeman will enlighten the audience on opportunities and challenges in preparing veterinary school grads to meet 21st century market needs.
Douglas A. Freeman, DVM, Ph.D., DACT

Congressional Action and the Affordability of Veterinary Education

Even as the cost of a veterinary education continues to rise, legislative proposals have been advanced to limit the federal government’s exposure to debt subsidies. A significant piece of legislation expected to be acted on by the current Congress, the Higher Education Act (HEA), governs debt financing options for students. Potential implications of changes to the HEA on debt associated with the cost of DVM education will be presented, and discussion invited on what the veterinary profession can do to ensure that only those provisions that improve the situation for new veterinarians struggling with debt load get enacted.
Kevin Cain and Gina Luke

Metrics of Money: Lessons in Practice Finance

During this session attendees are presented with year-to-year changes in a sample of veterinary practice financial ratio components, such as profitability, labor costs as a percent of total revenue, compliance measures, number of invoices per DVM FTE and dollars per invoice.
Terence O'Neil, CPA, CVP

A Systems Approach to the Financial Management of Veterinary Practices

As the veterinary industry continues to face personal debt and practice management challenges, financial analysis of veterinary practices is becoming increasingly important. Historically, financial management of veterinary practices has focused on profitability. When measured alone, profitability ignores the role that investment and borrowing play in earning financial returns. The DuPont Model allows profitability, investment, and financing activities to be analyzed separately. Then overall financial performance is combined and analyzed based on Return on Equity. This work provides a model and reference point for veterinary practice managers to measure their own financial performance.
Lynn Dodge

'The Goods' on Veterinary Product Markets

Findings from an analysis of the veterinary products market conducted by a public clearinghouse for industry sales will be imparted during this session. The demand for and supply of pharmaceuticals, parasiticides and other products in the veterinary services market is examined and values are quantified. Access to this market as well as a valuation of various product segments will be discussed.
Travis Meredith, DVM, MBA, DACT

Understanding Practice Finance Analytics

In this overview of the performance and key problems of veterinary practices from the perspective of a consultant who works with veterinary practices on a daily basis, a picture will be presented of the industry that underscores the importance of the charge the AVMA Economics Division has to provide outreach to the profession.
Karen Felsted, CPA, MS, DVM, CVPM, CVA

Income Implications of a Changing Demographic

This session will present the change in veterinarians’ demographics and its impact on professional income.  Particular attention is given to change in generations and the gender shift. The Age-Earning-Profile (AEP) is used to present the expected labor income of a veterinarian at any given age. Gender shift, practice ownership status, and age distribution were also used to explain the atypical shape of the AEP observed for veterinarians.
Fred Ouedraogo, Ph.D.

Veterinarian Supply and Demand

This session presents analysis on the demand and supply of veterinarians, including unemployment and underemployment levels, the geographical distribution of job seekers and job openings, and the net present value of the DVM degree. The session will also discuss the trends of the supply and demand for veterinarians and how this demand and supply differs across various practice types, gender and years of experience.
Charlotte Hansen, MS

A Hiring Manager's Outlook

An overview of the market for veterinarians from the perspective of someone charged with identifying veterinary candidates to meet practice employment needs, this session will offer an assessment of the profession's talent pool, and discuss staffing and skillset requirements – including wishes expressed and shortcomings spotted.
Scott Spaulding, DVM

Analyzing Economic Implications of Policies, Programs and Strategies

An overview of a new veterinary markets model designed to simulate the impact of changes in variables in the context of one or more markets will be provided by the director of quantitative analysis at the World Agricultural Economic and Environmental Services. The presentation will provide a walk-through of how a specific policy, such as the Fairness to Pet Owners Act, or a program or strategy can be analyzed through the dynamic economic modeling approach discussed.
John Kruse, Ph.D.

Pet Demographics and the Demand for Veterinary Services

This early look at findings from the latest AVMA pet demographic survey will feature highlights from this important research undertaking performed at five-year intervals. Analysis of the demand for veterinary services, including the changing supply and demand at various price levels, will be demonstrated, given characteristics ascertained from the survey about pet-owning households.​
Maureen Kilkenny, Ph.D.

Of Vaccines and Volumes: What the Products Market Tells Us

What can the veterinary products market tell us about the health of and trends in the veterinary services arena? A representative of a public clearinghouse for aggregated market share information will discuss how data he examined represent the nation's animal health marketplace. Trends related to pharmaceutical, surgical and other products will be discussed, and the highlights of price-volume analyses will be presented.
Chris Ragland

Lunch, Wrap Up, and 2018 Direction

This session offers a brief summary of the current state of the profession with respect to the veterinary education market, the market for veterinarians, the market for veterinary services, and the general financial performance of veterinary practices. Problems are identified and future efforts of the AVMA and partners to respond to these industry challenges will also be discussed.
Michael R. Dicks, Ph.D., Roger Saltman, DVM, MBA