AVMA Economic Summit 2017 - Agenda

 

MONDAY, OCT 23, 2017 – SESSION 1

Setting the Stage - The Economy and Economic Projections

Time Session Speaker
2:00 PM Welcome to the AVMA Economic Summit AVMA President
2:05 PM Macroeconomic Forecast Michael R. Dicks, Ph.D., AVMA Director, Veterinary Economics
2:45 PM Questions  

 

MONDAY, OCT 23, 2017 – SESSION 2

The Market for Veterinary Education

 

TUESDAY, OCT 24, 2017 – SESSION 3

Veterinary Practice

 

TUESDAY, OCT 24, 2017 – SESSION 4

The Market for Veterinarians

Time Session Speaker
9:15 AM Profession Segments: How Do They Stack Up? Frederic Ouedraogo, Ph.D.
9:35 AM Veterinarian Supply and Demand Charlotte Hansen, MS
9:55 AM A Hiring Manager's Outlook Speaker TBD
10:15 AM Questions  
10:30 AM Break  
 

TUESDAY, OCT 24, 2017 – SESSION 5

The Market for Veterinary Services

 

Sessions Overview

Macroeconomic Forecast

Michael R. Dicks, Ph.D., AVMA
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.

The Student Applicant Pool

Lisa Greenhill, Ph.D., AAVMC
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.

DVM Delivery: Looking at the Supply of Educational Services

Bridgette Bain, Ph.D., AVMA
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 presented. Fluctuations in the supply of veterinary educational services over time will be highlighted.

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

Mike Dicks, Ph.D., AVMA
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.

Through the Eyes of Veterinary Students

Ori Eizenberg, SAVMA Veterinary Economics Officer
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.

View from Campus: A Veterinary College Perspective

Douglas A. Freeman, DVM, Ph.D., Diplomate ACT, Dean of Western College of Veterinary Medicine, University of Saskatchewan
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.

Congressional Action and the Affordability of Veterinary Education

The cost of a veterinary education continues to rise, and numerous provisions and programs within the Higher Education Act could affect how students are able to contend with this rate of increase. AVMA Veterinary Economics has assembled a panel of authorities on legislative efforts surrounding the Act who can offer insight into potential implications of changes to the current system on debt associated with the cost of DVM education.

The Metrics of Money: Lessons in Practice Finance

Terence O'Neil, CPA, CVP, Katz, Sapper & Miller
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.

'The Goods' on Veterinary Product Markets

Findings from a 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.

Understanding Practice Finance Analytics

Karen Felsted, CPA, MS, DVM, CVPM, CVA, PantheraT
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.

Profession Segments: How Do They Stack Up?

Fred Ouedraogo, Ph.D., AVMA
This session will present an analysis of the variation between national veterinary statistics and those of individual, specialty and state medical groups. Presented will be comparisons of debt levels, income levels, unemployment rates, underemployment, distribution of practice types between various state associations and those serving lab animal and bovine practitioners. How these groups compare to the national mean levels on various statistics will be discussed.

Veterinarian Supply and Demand

Charlotte Hansen, MS, AVMA
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.

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.

Envisioning Policies, Programs and Strategies through Modeling

John Kruse, Ph.D., WAEES
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 with World Agricultural Economic and Environmental Services. The presentation will provide a walk-through of how a specific policy, program or strategy can be analyzed through the dynamic economic modeling approach discussed.

Pet Demographics and the Demand for Veterinary Services

Ross Knippenberg, Ph.D., AVMA / Maureen Kilkenny, NCFAP
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.

Of Vaccines and Volumes: What Product Markets Tell Us

Chris Ragland, Animalytix
What can veterinary products markets tell us about the health of and trends in the veterinary services arena? This representative of a public clearinghouse for aggregated market share information will discuss how data it 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.

Lunch, Wrap Up, and 2018 Direction

Michael R. Dicks, Ph.D., AVMA
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.