AVMA-Pfizer Business Practices Study

Abstract

The goal of the AVMA-Pfizer business practices study was to identify management behaviors, attitudes and actions that had an impact on the incomes of practicing veterinarians. In March 2004, a survey was sent via mail and the World Wide Web to a random sample of 17,063 practicing veterinarians, including 2,255 veterinarians who had identified themselves as bovine veterinarians and 7,195 who had identified themselves as mixed animal practitioners. Responses were received from 2,655 (16%) practice owners and associates with 18% return from bovine veterinarians. Comprehensive statistical analyses were conducted on study findings. The study revealed that four demographics and environmental characteristics has strong relationships with personal income and accounted for as much as 30% of differences among incomes: practice ownership, gender (male), community size and household income of the practice area. However, these were basically uncontrollable. The study also identified seven key business/managerial behaviors in three basic categories that were correlated with income levels in food animal practices, including bovine practices. The behaviors and categories included personnel management (employee development), client relations (new client development, client loyalty), and financial management (business orientation, negotiating skills, frequency of financial data review, sound judgment). The difference in mean annual incomes between veterinarians who ranked in the upper versus lower third in the use of the seven business practices/skills ranged from a low of $2,880 (new client development practices) to the highest difference of $47,070 (business orientation).