Within this article, a graphical discussion of the veterinary industry is constructed and discussed. This viewpoint centers around the 4 main markets that operate in veterinary medicine: the market for veterinary education, the market for veterinarians, the market for animals, and the market for veterinary services. Moreover, how each market within veterinary medicine is interconnected is the important point of the article. The purpose of the article is to provide a mechanism for discussion on how changes in one market will affect other markets. From this view, I argue that the market for veterinary services is completely dependent on the other 3 markets in terms of defining supply, demand, and market equilibrium. The remainder of the article discusses how to use the multimarket graphical model to aid in discussions around policy changes and provides an example. Some concluding remarks about this view on the interconnectedness of markets within the industry are provided. Again, the intended purpose of this viewpoint is to provide a graphical understanding of the multimarket nature of the industry and a way to discuss any proposed changes to a market based on literature that empirically estimates many aspects of these various markets. I highly encourage any proposed changes to the industry be supported by mathematical/statistical modeling, but the graphical model can aid in a conceptual understanding of those same changes.
To explore the role of various factors in the wage gap between male and female veterinarians in the United States in 2016 and 2017.
2,760 veterinarians across the United States.
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.
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.
The purpose of this viewpoint is to discuss the risks associated with offering clinic-backed payment plans, with a particular focus on financial risks. We provide a financial calculator tool that clinics can use with their financial information to make more informed decisions about whether implementing clinic-backed payment plans are viable for them. Realistic but hypothetical financial information for a clinic is used to simulate financial evaluations, including cash flow budget analysis, multivariate sensitivity analysis, and risk assessment to help clinics better understand these evaluations. Our simulations show that even under high default rates, the revenue benefits outweigh the labor costs and could bring higher profitability to clinics while increasing access to care for clients and patients.