Activities of the Economics Team

One of the five key strategic goals identified in the AVMA Strategic Plan is to “strengthen the economics of the veterinary medical profession.” This includes enhancing the veterinary medical workforce and strengthening the profitability and financial well-being of veterinary practices.
 
The Veterinary Economics Steering Committee (VESC) advises the Executive Board on the broad scope of economics issues affecting veterinary medicine. This includes monitoring economic developments in the veterinary profession; recommending ways to collect data for the development of strategies to advance veterinary economics; identifying networking opportunities for stakeholders and key economic influencers; and recommending helpful tools that the veterinary profession can use to improve business knowledge and financial success.
 

Key Activities for the 2013-2014 Association Year

  • AVMA Veterinary Workforce Summit
  • 2013 U.S. Veterinary Workforce Study 
  • Development of a “Veterinary Practices of the Future” initiative to identify the characteristics of successful clinical practices.
  • Three recommendations outlined in the Workforce Advisory Group report:
    • Identify and implement strategies to increase the demand for veterinarians and veterinary services, and provide an annual update on the estimated current and projected supply/demand for veterinarians and veterinary services.
    • Identify/develop methods to more directly assess consumer demand for veterinary services and identify factors that influence this consumer demand.
    • Conduct research to compare and contrast the characteristics of veterinary practices working at full capacity versus those with high levels of excess capacity to determine whether initiatives could be developed to enhance capacity utilization in practices with substantial excess capacity.