Browse
Abstract
OBJECTIVE
To explore the role of various factors in the wage gap between male and female veterinarians in the United States in 2016 and 2017.
SAMPLE
2,760 veterinarians across the United States.
PROCEDURES
Data from the Census of Veterinarians Survey administered by the AVMA Economics Division in 2016 and 2017 were analyzed. The Kolmogorov-Smirnov 2-sample test was used to determine whether a difference existed between male and female income distributions at various levels of experience. Quantile regression was performed separately for male and female respondents to determine the direct effects of individual factors on incomes and compare the effects of practice ownership versus nonownership on income.
RESULTS
Income distributions of men and women were unequal at lower experience ranges but equal at higher experience ranges. Income increased for men with each additional year of experience and with practice ownership. For women, practice owners in the lowest income quantile had a negative return to income; overall, their income benefited most from ownership in the form of partnerships. For certain groups, incomes of both genders were lower when they had absences from the workforce.
CONCLUSIONS AND CLINICAL RELEVANCE
Findings suggested that the largest source of gender income disparity for veterinarians was attributable to female practice owners earning less than their male counterparts. Indeed, women earned more from specialty certifications than from owning a clinic. To decrease income disparities between genders, ways should be identified to support women-owned practices and promote equal pay.
Abstract
OBJECTIVE
To identify factors associated with financial performance of independently owned companion and mixed animal veterinary practices.
SAMPLE
Financial statements (ie, annual balance sheets and income statements for 3 consecutive years) were obtained from 45 practices.
PROCEDURES
Ratio analysis of financial statements was performed with the DuPont Model, and practices were grouped into 4 financial performance groups on the basis of return on equity. Liquidity and solvency ratios and debt management and asset investment practices were then compared among financial performance groups
RESULTS
Financial liquidity was low across all financial performance groups, but most practices were solvent, with assets exceeding liabilities. Debt management was found to be a limiting factor for financial success, with lower-performing practices using credit cards and lines of credit to purchase capital assets. Practices that were not solvent owed debts on the purchase of intangible assets and had higher owner withdrawals, compared with other practices. Practices that built productive capacity by borrowing and investing in productive assets had higher long-term returns.
CONCLUSIONS AND CLINICAL RELEVANCE
Results suggested that proper debt management coupled with prudent asset investment was associated with higher financial performance for independently owned companion and mixed animal veterinary practices.
