Vets Gain Biggest Return On Capital Due To Better Pet Insurance
by Elisha Sanders
Whilst vets make around £36,635 per year, Veterinary practices make a 37% return on investment, a new study by Information group CCH has found.
The study suggested that the fact that more Brits are now insuring their pets could be the reason for the raised revenues for Vet practices. Vets beat out plumbers, lawyers and financial advisers to be at the top, though plasterers and greengrocers came in close second and third.
Treatments for pets are costing more and more, and it isn’t just that the same old treatments for dogs and cats, such as worming, neutering, and vaccination are costing more, there is now a vast array of options available when caring for animals, including heart surgery, chemotherapy, and alternative medicines.
Datamonitor has collected information regarding just how much Brits spent on their pets in medical insurance in 2006, with the total figure coming in at around £380m, and the data collection agency have gone on to project that figure will rise to £600m per year in the next three years.
David Catlow, a past president of the British Veterinary Association, spoke about the boom in pet owners taking the ‘gold-standard’ options in treatment for their animals, and how this is due largely to the increase in pet insurance. He went on to say that Vets are putting the time and money into learning new skills to treat their patients, and the lengthy hours Vets often put in are also factors in the success of the Veterinary practice as a small business.
The scenario comes down to, pet owners taking out more pet insurance, which enables them to give better care to their animals, which in turn means both a better bottom line for Vets, as well as the opportunity to look into new treatments and equipment to offer better care for their patients.
Business analysts have suggested that the high returns are due to the lengthy training it takes to be a Vet, with practitioners ensuring they are rewarded for their work, though the average Vet makes £60,000 per year less than the average GP, even though they two professions require similar time spent in study before accreditation.