Revisiting the 2025 AAEP Business News Hour

This article originally appeared in the Spring 2026 issue of EquiManagement. Sign up here for a FREE subscription to EquiManagement’s quarterly digital or print magazine and any special issues.

The Business News Hour is a perpetually popular part of the annual American Association of Equine Practitioners Convention’s business program, aiming to inform attendees about current industry and business trends that will empower them to reach their goals. We covered the session in the Spring issue of EquiManagement, and here we’re revisiting some of the key takeaways. The panel of newscasters included Stacey Cordivano, DVM; Shane Baird, DVM; and Becky Ruemmler, DVM.

AHP Survey Results

Starting with a high-level view of the world economy, Baird explained that the current environment is uncertain due to tariffs, geopolitical conflicts, and slowing global growth. Next, he shared results from the 2025 American Horse Publications survey of more than 4,000 horse owners, which showed that while 75% of respondents owned or managed the same number of horses in 2025 as they did the previous year, 15% owned or managed fewer and 10% owned or managed more. 

When asked what they would be willing to pay for a telemedicine consultation, only 2% of respondents indicated they would not be willing to pay for a consultation and 12% would not be willing to use telemedicine. Forty-three percent said they would be willing to pay up to $50 for a telemedicine consultation. Over half of horse owners (51%) now earn more than $100,000, an increase from the 42% reported in the 2021 AHP survey. Horse owners said their Top 3 concerns are the cost of horsekeeping, followed by land use issues and access to veterinary care. Sixty-seven percent of respondents said their horses receive vaccinations from their veterinarian. 

Disease Outbreaks

On the disease outbreak front, Ruemmler reported that the advancement of New World screwworm is perhaps the most concerning, but the FDA has approved multiple medications to combat it. She highlighted the recent multistate equine infectious anemia outbreak that resulted from iatrogenic transmission and caused the deaths of 21 horses. She also discussed the outbreak of the neurologic form of EHV that occurred in late November after the Women’s Professional Rodeo Association’s finals in Texas. At the time of the convention, 44 horses had been affected.

Veterinary Industry Economics

Cordivano then reported on economics in the veterinary industry, citing data from the VMG Economic Dashboard indicating that overall, veterinarians’ confidence in the economy and their finances has softened. The VMG currently forecasts mild contraction through 2026 with return to slow growth in 2027. This data is primarily companion-animal-centric. VMG recommended practices focus on efficiency, cost management, and client retention. 

Continuing with results from the 2025 AVMA Economic Report, Cordivano said veterinary unemployment has risen slightly, from 0.5% to 0.7%, still well below the overall national figure of 3.9%. In addition, gross revenue for all types of practices has shown a slight decrease over the previous year. Cordivano called out findings from the 2024 AVMA/AAEP Equine Economic Report showing that 48% of our workforce is over the age of 50 and 27% of equine veterinarians are over the age of 60. The respondents in this report were mostly solo practitioners (64%). 

The 2025 AVMA report showed that equine practitioners’ revenue comes largely from services (84%), Cordivano added. This is the highest of all practice types. Equine practices gain 10% of their revenue from inventory sales compared to 17% for mixed and small animal clinics. As large retailers expand into veterinary product sales, it’s good that equine practices are less dependent on these income sources. She cited a 2024 study published in JAVMA indicating that convenience and price drive clients to purchase from online sources rather than from a ­practice, but of those that did buy medications from their vet, having trust, convenience, and communication to answer questions drove their decision.

Data from the 2025 AVMA report show that equine doctors produce the smallest amount of revenue per work hour among all types of veterinary practice. Staff delegation, staff utilization, and technology are needed to foster better economic results. The main reason veterinarians fail to adopt technology is lack of time and resources, said Cordivano. Remember that more than 88% of clients are willing to try telehealth, and an AI scribe can save you hours writing medical records. Additionally, she shared research showing that as the time increases between a service and creation of an invoice, the total amount of the invoice decreases.

In 2025, John Chalk, CPA, JD, CFP, ChSNC, of Trinity Portfolio Advisors, looked at financial benchmarks from 52 privately owned equine practices, Cordivano reported. Although their average revenue had increased by double-digits since Chalk’s 2023 study, profitability had fallen nearly 2%. This decrease was primarily due to increases in lay staff compensation and the cost of professional services. Despite the lower profit, she emphasized the significant value of being a practice owner. In fact, the 2025 AVMA Economic Report showed equine practice owners earning an average compensation nearly equal to that of companion animal practice owners. New equine graduates in associate positions in 2025 earned average starting salaries over $96,000, with an expected 50-hour workweek. 

Educational Debt

Turning to educational debt, Cordivano shared that while 17% of all veterinary students graduated in 2024 with no debt, the average debt of those with loans was about $202,000, and 17% had debt totaling over $300,000. Because of the recent increase in starting salaries, equine graduates now have a debt-to-income ratio of just 1.7, a notable improvement from prior years. 

VCPR Changes

Eight states now legally allow establishment of a virtual veterinarian-client-patient relationship (VCPR), Baird reported, and that number is changing rapidly. A virtual VCPR allows veterinarians to establish a legal, care-defining relationship via telemedicine without an initial in-person exam. While proponents argue this increases access to care, it remains a contentious issue; the AVMA opposes it, citing safety risks. More information about changing regulations in your state is available at vvca.org/resources/telemedicine-map.

Veterinary Professional Associate Program

Baird also discussed the Veterinary Professional Associate (VPA) program, which is focused on companion animal medicine and will be a master’s program at Colorado State University and Lincoln Memorial University. 

Legislative News

In legislative news, the federal House bill HR 1266 (the Combating Illicit Xylazine Act) has still not passed, but 26 states have been considering or have passed state laws concerning the drug. This has created a patchwork of different requirements for manufacturers and distributors, said Baird. The Horse Protection Act effective date was postponed until Dec. 31, 2026, but inspector training was taking place as scheduled. In addition, the Federal Trade Commission has abandoned the previous administration’s Noncompete Rule and initiated targeted enforcement action. 

Veterinary Workplace Statistics

Reporting on the veterinary workplace, Ruemmler shared that among all sectors in 2024, equine practitioners “still lead the pack” at an average of 57.7 weekly work hours. Equine veterinarians do not utilize staff as well as other sectors, spending almost 7% of their time doing tasks other than seeing patients or managing the practice, compared to companion animal doctors who spend only 3.3% of their time on nonveterinary tasks. The staff-to-DVM ratio in equine practice is about half that of companion animal, she added.

Burnout’s Effect on Profit

Reporting on burnout’s effect on profit, Ruemmler cited a study suggesting that wellness programs for team members could be considered profit centers because of their strong impact on practice success. Merck Animal Health released the results of its fourth Well-Being Study in January 2024, which identified the main causes of burnout as lack of schedule control, on-call hours, and lack of financial stability. Findings from the 2025 AVMA study show the primary reasons for considering leaving the profession were “to better my mental health” (33.7%) and Lifestyle/Work Hours (16.6%), said Ruemmler. She highlighted the AAEP’s Member Assistance Program as an underutilized free program with robust wellness benefits. 

Horse Welfare News

In horse welfare news, the USEF, working jointly with the AAEP, released a white paper in June 2025 on best practices for sport horse medicine. In addition, efforts to strengthen social license to operate for equestrian sports were at the forefront. New research in biometric screening technologies to prevent fatal injuries in racehorses shows great promise. 

Veterinarian Retention

In closing—and most importantly—Cordivano said “meaningful, measurable progress” has occurred in attracting and retaining equine veterinarians. In 2025, 7.9% of graduates entered equine practice as associates or through internships. The changes that many in the industry have embraced are allowing more equine veterinarians to thrive, she said. 

Related Reading

• Perspectives on Entering Equine Practice
• Opportunities for Equine Practitioners to Be Clinical Investigators
• How to Start a Subscription-Based Equine Emergency Practice

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