We recognize the cost of veterinary care these days—nationwide—is as high as it’s ever been, and we witness every day the negative impact the cost of care has on clients and patients right here in our own community.
In this post, we talk about the causes of rising prices for veterinary care, outline some of the measures we’re taking to help our clients manage the costs of care and, finally, present a personal note from Dr. Brady affirming our continuing status as an independently owned and operated practice.
Rising Costs Are Industry-Wide
During the past 20 years, the cost of veterinary care has consistently risen faster than inflation rates for all goods in the consumer price index by 61%.
A widely-cited federal statistic shows the price of veterinary services has increased by more than 60% over the past ten years.
From July 2023 to July 2024, the Bureau of Labor Statistics reported a rise in veterinary care costs of 6.2%. By comparison, during that same period, the consumer price index for all goods rose 2.9%.
Among the reasons why veterinary care costs are on the rise:
- Our need to keep salaries fair and competitive to attract and keep qualified veterinarians and support staff
- Rising prices for drugs and other practice supplies
- Technological advancements enabling and fueling demand for more sophisticated—and more expensive—diagnostic and treatment options
- Fewer intermediate care options between basic and specialized care
Trends Toward Corporate Ownership
Perhaps the most often-cited contributor to the rising costs of veterinary care is the trend toward corporate ownership and private equity investment in veterinary practices.
In “Why Your Vet Bill Is So High,” an article written by Helaine Olen and published in The Atlantic April 25, 2024, the subheading explains, “Corporations and private-equity funds have been rolling up smaller chains and previously independent practices.”
Olen begins with the story of Katie, her 14-year-old poodle with heart failure and her willingness to seek expensive veterinary care to extend Katie’s life.
“People like me have fueled the growth of what you might call Big Vet,” writes Olen. “As household pets have risen in status—from mere animals to bona fide family members—so, too, has owners’ willingness to spend money to ensure their well-being. Big-money investors have noticed.”
Olen goes on to cite data from PitchBook showing from 2017 to 2023, private equity firms invested $51.6 billion in the veterinary sector, and during January through April 2024, invested another $9.3 billion.
“Industry cheerleaders pointed to surveys showing that people would go into debt to keep their four-legged friends healthy. The field was viewed as ‘low-risk, high-reward,’ as a 2022 report issued by Capstone Partners put it, singling out the industry for its higher-than-average rate of return on investment.”
In a June 2024 article, “Why You’re Paying Your Veterinarian So Much,” the New York Times concurred, “With a growth in pet ownership and surveys showing that Americans are willing to go into debt to pay for their animals’ care, vet clinics have become increasingly attractive to investors. About one-quarter of primary care clinics and three-quarters of specialty clinics are now owned by corporations.”
There are an estimated 30,000 veterinary clinics in all, nationwide.
The largest of these corporate owners of stand-alone veterinary clinics in the United States is Mars Inc. of candy bar fame. Mars operates more than 2,000 practices under the Banfield, VCA and BluePearl brands. JAB Holding Company subsidiary National Veterinary Associates owns more than 1,000 veterinary hospitals, along with multiple pet insurance brands. Unlike Mars acquisitions, most corporate-owned practices continue operating under their original names, “leaving customers with the illusion of local ownership.”
Olen continues, “As a result, your local vet may well be directed by a multinational shop that views caring for your fur baby as a healthy component of a diversified revenue stream. Veterinary-industry insiders now estimate that 25 to 30 percent of practices in the United States are under large corporate umbrellas, up from 8 percent a little more than a decade ago. For specialty clinics, the number is closer to three out of four.
“And as this happened, veterinary prices began to rise—a lot.”
Some corporate owners justify higher prices, maintaining quality of care improves because of their investments in the practices they acquire, “There may be some truth to this,” writes Olen, “but there is also evidence to the contrary.
“A study published last year in the Journal of the American Veterinary Medical Association, for example, found that vets working for large corporations reported more pressure to generate revenue.”
While some veterinarians have said corporate ownership had no influence on the care they provide, the Times article also said, “Several veterinarians who have worked in corporate practices said that they were pressured to drive more business.”
Olen further noted, “Preliminary research by Emma Harris, the vice president of Vetster, a veterinary telehealth start-up, found significant differences in pricing between corporate and privately owned veterinary clinics in the same geographic region. Usually, she told me, the increases ‘occurred immediately after the sale to a private-equity-owned group.’”
The Impact of High Costs on Owners and Their Pets
“The same medical progress that’s helped humans beat back once-fatal diseases is doing the same for cats and dogs, extending their life spans to record lengths,” writes Olen.
“But only if you have the money to pay for it.
“Some pets receive one expensive test or treatment after another, sometimes helpful, sometimes not. Other equally loved pets may go without basic care altogether, or even fall victim to what the industry calls ‘economic euthanasia,’ where they are put down because their owners can’t afford their medical bills.”
Olen concludes, “The veterinary past is easy to romanticize. The truth is that pets have never received all the needed care, and that wealthy pet owners have always had access to more care. But the emergence of Big Vet and the injection of cutthroat incentives into a traditionally idealistic, local industry threaten to make these problems far worse. It portends a future in which some pet owners get shaken down, their love for their pets exploited financially, while others must forego even basic care for their pets. I don’t think Katie, who loved all animals, would approve. I certainly don’t.”
How We Help You Manage Costs
At Brownsburg Animal Clinic, we offer a range of reasonably-priced primary care services from basic to intermediate to advanced.
In setting our prices, we aim to be fair to our clients and patients as well as to ourselves as dedicated health care professionals working in a small, local, for-profit practice.
As far as we know, our services and products are not the area’s most expensive, but they’re probably not the cheapest either. We adjust our prices regularly, as needed, to keep up with the ever-rising costs of operating the clinic to our high standards of quality of patient care.
We are big believers in preventive medicine—regular wellness exams, vaccines, heartworm and flea and tick preventives—as the best way to manage and minimize your pet’s long-term veterinary care costs.
In addition to articles like this one, we publish regularly on our website about managing pet care costs. You can access all cost-related content through the Pet Care Costs category.
And we strongly recommend pet health insurance to minimize your financial risk in the event of unexpected veterinary expenses. See the Pet Insurance category on our website, including our five-part series on how to choose the best policy for you and your pet, along with a related article on keeping the policy affordable as your pet ages.
Finally, we offer personalized, one-on-one counseling to our clients in which we openly discuss the costs of diagnostic and treatment options and do our best to support the decision-making that’s right for the individual client and patient.
A Personal Note from Our Owner
Brownsburg Animal Clinic has been independently owned and operated since its founding by Dr. Ronald P. Miller in 1970. I bought the practice in June 2009 and continue as sole owner.
In my online biography, you’ll find a summary of my reasons for feeling compelled to buy my own practice after only four years of working as a small-animal veterinarian.
As an idealistic young associate, fresh out of vet school, I quickly set my own high standards for quality of patient care, client relations and work-life balance. Experience taught me exactly how I wanted to live and work, but I also knew when it came to medical protocols, equipment acquisitions and business policies, the practice owner always, rightfully, would have the last word.
After all, it was his business.
To take charge of my own medical practice and balance it with my personal life, I realized I would have to be willing to take on the risks and responsibilities of business ownership.
And now, after more than 15 years as owner of our thriving veterinary practice, I wouldn’t have it any other way!
Here’s my pledge to you and all our clients, employees and community: For as long as I am able, I will continue owning and operating Brownsburg Animal Clinic as an independent primary care practice offering high-quality, reasonably-priced services.
You can count on it!
—Timea H. Brady, DVM
Owner, Brownsburg Animal Clinic