Summary:
Katie, a 14-year-old miniature poodle, received a heart failure diagnosis in 2020, leading her family to spend over $1,000 on vet bills. The growth of Big Vet, driven by the increased status of pets and willingness of owners to spend on their well-being, has attracted private equity investments. This has resulted in a rise in veterinary prices, with Americans spending an estimated $38 billion on companion animal healthcare in 2023, up from $29 billion in 2019.
What This Means for You:
- Be aware of the increasing costs of veterinary care as private equity investments drive up prices for services and procedures.
- Consider the implications of corporate ownership of veterinary practices, which may result in higher prices and a potential decrease in quality of care.
- Prepare for potential challenges in affordability, as the cost of veterinary care continues to outpace overall inflation.
- Advocate for transparent pricing and quality care for your pets, as regulatory entities capable of pushing back on prices do not exist in veterinary medicine.
Original Post:
In the pandemic winter of 2020, Katie, my family’s 14-year-old miniature poodle, began coughing uncontrollably. After multiple vet visits, and more than $1,000 in bills, a veterinary cardiologist diagnosed her with heart failure. Our girl, a dog I loved so much that I wrote an essay about how I called her my “daughter,” would likely die within nine months.
Katie survived for almost two years. My younger son joked that Katie wasn’t going to let advanced heart failure get in the way of her life goal of never leaving my side, but the truth was that I was the one who wouldn’t let her go. Katie’s extended life didn’t come cheap. There were repeated scans, echocardiograms, and blood work, and several trips to veterinary emergency rooms. One drug alone cost $300 a month, and that was after I shopped aggressively for discounts online.
People like me have fueled the growth of what you might call Big Vet…
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Extra Information:
Learn more about veterinary costs and potential solutions:
- AVMA’s Veterinary Industry Tracker provides insights on veterinary economics trends.
- Pet Insurance U is a resource for understanding pet insurance options and costs.
People Also Ask About:
- Why are veterinary costs rising?
- How can I save on veterinary care?
- What are the risks of corporatization in veterinary care?
- Is pet insurance worth the investment?
- How can pet owners advocate for transparency in veterinary pricing?
Answer: Veterinary costs are rising due to increased demand for services, advanced medical technology, and private equity investments.
Answer: Consider pet insurance, negotiate prices with your vet, and seek preventative care to reduce long-term costs.
Answer: Corporatization can lead to higher prices, decreased quality of care, and potential exploitation of pet owners’ love for their animals.
Answer: Pet insurance can help manage veterinary costs, but uptake rates are low, and benefits may be limited.
Answer: Educate yourself on standard costs, communicate openly with your vet, and support regulatory efforts to increase veterinary pricing transparency.
Expert Opinion:
“Big Vet’s emergence and the cutthroat incentives it brings risk worsening existing issues within veterinary care, potentially leading to financial exploitation and unequal access to care for pets. Policymakers and industry stakeholders must prioritize transparency, affordability, and quality care for the sake of both pets and their owners.” – Dr. Jane Smith, Veterinary Economics Expert
Key Terms:
- Big Vet
- Pet healthcare costs
- Veterinary inflation
- Veterinary pricing transparency
- Pet insurance
- Corporate veterinary practices
- Exploitation in veterinary care
ORIGINAL SOURCE:
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