In late 2023, the AAEP Commission on Equine Veterinary Sustainability’s Compensation Subcommittee shared the results of a fee survey with the AAEP membership. The study, which is available here, included fee data from approximately 100 veterinarians participating in Decade One and VMG 16 on services such as vaccinations, examinations, laboratory diagnostics, and more. The low, high, median, and mean fee was calculated for each service based on the responses. The survey represented a broad cross section of geographies and practice types. To comply with U.S. antitrust guidelines, the data was approximately 12 months old when it was distributed to members.
Understanding that a survey with more respondents would yield better data, the subcommittee honed the fee survey to include fewer services and will distribute it to AAEP membership in late 2024. If enough members complete the survey, the AAEP might have enough data to compile regional results. This data would help practices in different areas of the country trust that the figures presented are accurate for their particular regions.
Considerations for Completing Fee Survey
As AAEP members complete the fee study, it is very important that they accurately report their service fees to yield the best results. Every practice does its pricing differently, so one veterinarian’s hock injection might include different line items than another’s. By taking the time to answer the specific survey questions, everyone will benefit. If one of your staff members is compiling the fees to complete the survey, explain what needs to be done in detail.
When participating in the survey, read the description of the service carefully. Assume simplicity whenever questions arise. After considering the description of what’s included in the service, if your fee does not include all those items or includes additional items not listed, please do the calculations to answer the question accurately. Meaningful results depend on careful work in survey completion.
Once the survey is complete, the results will be tabulated as minimum, maximum, mean, and median for each described service. AAEP members will have access to this information once it is finalized and aged appropriately to avoid antitrust concerns. Because each practice has different expenses, fee surveys are not appropriate price-setting methods, but they are good tools to measure your fees against others in the industry.
Final Thoughts
Going forward, the AAEP intends to conduct member fee surveys on a periodic basis. The goal is to have a much larger number of respondents so pricing data can be segregated regionally or by practice type to make it more meaningful. Therefore, it is critical that all practices take the time to complete the fee survey accurately and thoughtfully. By doing so, everyone in equine practice will benefit. Please do your part!
Related Reading
- The 100 Penny Exercise: Understanding Practice Expenses
- AAEP Business Coverage: Equine Financial Statement Benchmarks
- The Business of Practice: Changing the Equine Practice Business Model
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