When veterinarians explain why they have left or are considering leaving equine practice, they repeatedly cite the lifestyle, number of hours worked, challenging work-life balance, burden of emergency-coverage responsibilities, and low compensation. Addressing these concerns is complicated, because reducing veterinarians’ work hours to improve their work-life balance might result in lower revenue production and compensation.
Improve Efficiency
According to the 2024 AVMA AAEP Economic State of the Equine Veterinary Profession report, from 2021-2023 equine practitioners worked an average of 56-58 hours per week. In comparison, exclusively companion animal doctors worked an average of 47 hours per week in 2023. One explanation for this discrepancy is better efficiency in companion animal practices. Small-animal veterinarians usually see patients at their hospital, and they can often schedule multiple appointments simultaneously, with technicians taking one animal’s history while the doctor sees another. Equine practices rarely achieve this level of efficiency, even in the clinic setting, but making the effort can lead to big improvements.
In the 2024 AVMA AAEP study, the average revenue production of equine practitioners in ambulatory general practice was $358,461, and the average revenue production of equine practitioners in ambulatory general practice with a haul-in facility was $618,734. The inefficiency of traveling to clients dramatically decreases the number of patients veterinarians can see daily, unless they are caring for multiple horses at a large barn. While the fixed costs of a haul-in facility are higher than those of a vehicle and small office space, the benefits that come from improved efficiency can be considerable.
Create a More Flexible Schedule and Raise Fees
Equine practices are increasingly moving to a four-day week. While this shift has the potential to decrease earnings, it often does not. Well-rested veterinarians who have had ample personal time are often more focused and efficient when they are at work. Likewise, flexible work hours rarely cause revenue to decline, unless the veterinarian can no longer meet an area’s high demand for services with the adjusted schedule.
In some practices, emergency services provide a robust portion of the overall revenue. If a practice contracts an emergency-only service to fulfill this work or joins an emergency cooperative, revenue production will fall for the doctors who had been providing emergency coverage, affecting compensation. However, because after-hours work is one of the primary reasons equine practitioners switch to companion-animal practice, this adjustment is worth considering. Making fees or services more robust could help mitigate this revenue loss.
Consider Practice Ownership
Over the past decade, 35-40% of AAEP members have reported owning a solo practice. In the 2024 AVMA AAEP study, 64% of respondents owned a solo practice. Ambulatory practice, the most common type of equine practice, has few barriers to entry and low fixed costs. Plus, many horse owners prefer on-farm care, allowing most equine veterinarians to practice successfully as solo practitioners. These veterinarians might be drawn to some of the advantages solo ownership provides, such as self-determination, simplicity, and increased compensation. If average EBITDA (earnings before interest, taxes, depreciation, and amortization) was 10%, a veterinarian could earn salary and benefits for their veterinary work of about $25,000 for each $100,000 of revenue produced, plus an additional $10,000 of profit for each $100,000 in revenue. When considering ways to increase compensation, practice ownership is an important part of the conversation.
Final Thoughts
To increase compensation for equine veterinarians, the revenues they produce must rise. This can result from increased efficiency, higher fees, more complex services, or additional hours worked (an unlikely solution). In addition, even without an increase in revenue production, practice ownership has the potential to provide significant additional earnings.
Related Reading
- How to Achieve Your Compensation Goals in Equine Practice
- The Top Factors Influencing Equine Veterinarians’ Job Satisfaction
- The Basics of Negotiation for Equine Veterinarians
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