The Benefits of Practice Ownership
By: Kim Ford
In today’s market, we encounter fewer veterinarians coming out of veterinary school with the ambition to own and operate their own practice. Several new graduates are lured into a false narrative believing practice ownership is not a career option that would benefit them financially or in their goals to achieve work-life balance in their chosen profession. In truth, there are multiple reasons why a veterinarian may choose to own and operate their own clinic.
One is versatility and flexibility, practice ownership allows a veterinarian to make their own schedule, creating a greater work-life balance. You also have the flexibility to choose your staff and adjust the work schedule in the practice to maximize your time.
Secondly, independence in owning the practice allows the veterinarian to practice medicine the way they want to practice without outside influence. The veterinarian chooses their staff, creates the schedule, and controls pricing and services offered. These are only a few of the items but having freedom of ownership can be extremely rewarding.
Building on the rewards of flexibility and independence, most veterinarians find owning their practice fulfilling and take pride in ownership. They take pride in the client relationships they can build within their community. It is very satisfying to be able to practice medicine the way you choose and structure your practice according to your vision.
Last, but not least is the financial aspect of owning your own veterinary hospital. There is a greater increase in income potential that comes with practice ownership. A veterinarian’s annual income as a practice owner is much higher than working as a salaried employee. Additionally, practice ownership creates a sellable asset when a veterinarian feels it is time to move to another project, career choice, or retirement.
These are some of the positive aspects to practice ownership. Ownership has its challenges. These challenges begin with financing the purchase or start-up of the hospital or clinic. Despite this hurdle, there are several financing options available to qualified veterinarians. There is the task of managing staff and resources, marketing, and other entrepreneurial duties outside of practicing veterinary medicine. These challenges require work, but they are not as daunting as they initially appear. The rewards that come from ownership are worth the work that goes into the initial investment and organization.