Attractive Niche for Accountants - Veterinary and Pet Hospitals| |
Pet ownership here in the United States changed dramatically during the covid crisis as more families were able to work from home. Here are some other factors that are driving attractive growth of the veterinary and animal hospital sector:
- 70% of US homes own a pet in 2023. Up from 56% in 1988.
- Humanization of pets has turned pet owners into pet parents. Today, pet's are part of the family and travels on vacation. Now that their status within the family has been elevated, spending for expensive medical procedures have become commonplace.
- Pet parents now expect the same medical care for their pets including high end diagnostic testing. CAT scans, root canals, eye surgery, and cancer treatments are common.
- Pet insurance is increasing the frequency of visits and treatments. Pet parents with insurance spend 80% more on their pet.
- Pet ownership is earlier in life than it used to be. Today, kids have pets in college and well before getting married.
- Independently-owned veterinary practices comprise about 50% of the market. Private equity backed aggregators and corporate (Mars, etc.) have the other half.
- Veterinary shortages are attributed to high cost and limited number of veterinary schools. In the US, there are only 33 accredited veterinary schools. Compare that to 155 medical and 198 law schools.
- Veterinary shortages are driving telemedicine, at-home diagnostic technology and wearables growth.
- Alternative pet wellness now includes hydrotherapy, stem cell therapy, acupuncture, massages and CBD treatments.
- Plant based food growth is now commonplace.
- The largest Veterinary trade show is next week in Orlando, the Veterinary Meeting and Expo. While trade shows are declining across most industries, this show is five days long. This show is huge, friendly and pets are welcome.
- To support the development of this niche for accountants, Build Your Firm started the Veterinary CPA Association in 2018. The Veterinary CPA Association features eight firms spread around the US servicing veterinary clinics, pet hospitals, exotic pet care, equine medicine, doggy day care and mobile veterinary practices.
If you like furry friends and enjoy working with well educated, independently owned veterinarians, then consider developing a veterinary accounting niche.
Below are examples of Veterinary CPA's who have moved ahead and are making this a larger portion of their practice.