The future of veterinary medicine is veterinary property
Owning a practice is often the dream of many veterinarians. With the proliferation of veterinary companies known as aggregators sweeping up private veterinary practices in groups, veterinarians can find it difficult to become practice owners. Practice ownership is a hallmark of veterinary medicine, and often it’s the introduction that helps young children achieve their dreams of becoming a veterinarian when they visit their family veterinarian in a privately owned veterinary practice. to the region.
Although the path to practice ownership can seem daunting for many reasons, there is a veterinary business that will partner with veterinarians to open their own veterinary practice. This partnership supports new practice owners in all aspects of owning a veterinary practice. This support includes help in finding the best location, design, construction, financing, human resources, managerial and commercial coaching with a system that has been proven for 20 years. Ownership of a veterinary practice allows for wealth creation, autonomy and equity sharing within the business.
Over the past two decades, veterinarians may have been hesitant to become a practice owner due to the cost of ownership, the desire for more medical training after vet school, tuition costs, and the afraid of running a business alone. CityVet has answers to these concerns. They offer a collaborative business partnership model that places the veterinary owner at the center of their own business while providing a safety net. This in turn provides an environment for the owner veterinarian to focus on self-help medical care, lead a medical team, and achieve a dream of business ownership that not only creates wealth for them and their family, but also for their team and the associated veterinarians.
This author recently had the opportunity to speak with CityVet founder Chip Cannon. Find out more about his vision and how CityVet keeps veterinary medicine in the hands of veterinarians as owners.
Pam Hale, DVM, MBA: You started CityVet over 20 years ago and have now grown to over 25 vet-owned clinics. Tell us about CityVet and what made you decide to expand this model to benefit DVMs across the country?
Chip Canon, DVM: I opened the first CityVet location in 1999 with a mission to serve people by providing quality, customer-centered pet care. Having the opportunity to operate my own clinic and shadow my peers, it became clear to me the obstacles that many veterinarians face when opening their own practice. I knew I had created a lasting model with CityVet and wanted to share the tools I had created to help other DVMs fulfill their calling in the same way I did.
As we have grown, our mission has remained unwavering and we have partnered with veterinarians who share the same goal. Our model aims to keep veterinarians at the heart of companion animal care and provide them with the tools to create and own their own practice within the CityVet system. We are determined to grow and make CityVet more accessible; not only so that we can continue to provide the highest quality care for companion animals and an excellent experience for their humans, but also continue to benefit veterinarians through our unique model of veterinary ownership.
Vigorous: The cost of entry is often one of the biggest hurdles new DVM graduates face when considering opening their own practice. How does CityVet’s model make this process more accessible to veterinarians?
Cannon: It’s no secret that starting your own practice from scratch can be very expensive, especially for new grads coming out of school with big debts. In addition to the obvious costs associated with opening a practice, there is also the cost of practice staffing, marketing, overhead, etc. to consider. Plus, it’s a competitive field that can be really daunting to get into on your own, so we wanted to offer a more accessible solution.
Our ownership model allows our DVM partners to own a portion of their clinics while benefiting from financial and back-of-house support from CityVet. Currently, we are offering a $100,000 sign-up bonus to Principal Practitioners who sign up to join CityVet, which easily covers the down payment to become an owner. The financial barrier to entry is much more achievable at CityVet than starting a clinic from scratch, with some of our youngest owners/partners starting as young as 3-4 years out of vet school, and on average our partners CityVet DVM have generated over $3 million in personal net worth.
Additionally, our unique business model equips DVMs with premium facilities and progressive back-end technology, allowing them to focus on what they are passionate about while providing a scalable business model to ensure financial stability. and success.
Vigorous: One of the benefits of owning a practice is the ability to build wealth faster. Do you have examples of DVMs within your group that have had success stories?
cannon: Yes, we have many success stories of DVMs achieving financial stability and seeing incredible returns on investment through their CityVet clinics. A good example that comes to mind is of a DVM owner/partner who decided to retire at age 41 to spend more time with her children and family. After owning her clinic for just over 7 years, she was able to sell her clinic and retire with the wealth she had accumulated through her CityVet clinic.
Vigorous: Back-office tasks, such as recruiting, hiring, invoicing, setting up technology, etc., are something that many DVMs don’t think about, but can be very daunting. CityVet offers full back of office support to its DVM owner partners. Can you tell me a bit about it?
cannon: Most vets get into the industry because of their passion for animals, but end up getting bogged down in paperwork once they open their own clinic. Our mission is to relieve the stress of daily processes and the administrative and commercial management of veterinarians so that they can concentrate on what they have been called upon to do. Additionally, we offer a mentorship program and continuing education to help new graduates learn real-life tools after leaving vet school.
Vigorous: Speaking of support, you recently launched CityVet Academy. What is the purpose of this additional training and what can those who join the team expect?
Cannon: CityVet Academy was launched last year to train DVMs to become industry leaders and help them continue to hone their skills. Here, everyone from new grads to seasoned CityVet DVMs learns key leadership building skills, from how to have crucial conversations to understanding a financial statement, personality profiling and Moreover. It’s really about teaching our team members real-life, tactical skills that they might not learn in school or the clinic.
Vigorous: Is there anything else you’d like to add that we haven’t covered?
Cannon: I think the most satisfying part of what we have been able to accomplish at CityVet is seeing other DVMs achieve what they are driven to do. Veterinary medicine isn’t just a job for DVMs, it’s a passion. Be able to help veterinarians open practices and provide them with tools that allow them to focus on what they love to do so they can provide the best care for pets and pet parents companionship is more rewarding than I could have ever imagined.
We are thrilled with the growth and support of CityVet with our valued partners over the past 23 years and look forward to bringing our incredible pet and people care philosophy to more neighborhoods across the state and the country. We plan to open 10-15 more units next year with expansion into 12 new metropolitan markets, including Austin, Texas; Houston, TX; Atlanta, Georgia; Tampa, Florida; and Phoenix, Arizona; and growth in Dallas, TX, San Antonio, TX and Denver, Colorado.