Veterinary Practice Partners Highlights Commitment to Expanding Practice Ownership in 2024 Mid-Year Update
Veterinary Practice Partners (VPP), the veterinary community revolutionizing vet practice ownership and support, today released its 2024 Mid-Year Update, showcasing the company’s continued momentum as the co-owner partner of choice for veterinarians nationwide. With metrics spanning partnership growth and clinic revenue to customer satisfaction and gender diversity, VPP has delivered outstanding performance thus far in 2024.
VPP’s 2024 Mid-Year Update, reflecting the community’s multifaceted results from the first six months of the year, highlights the company’s ongoing commitment to developing associate veterinarians into co-owners, moving the needle towards more equitable practice ownership in the veterinary industry, and strengthening the skills and service offerings of doctors across the U.S.
Key highlights from VPP’s 2024 Mid-Year Update include:
- Doctor Partnerships on the Rise: Thirty-one doctor partners have joined the VPP community year to date, reflecting an 82% increase from the last six months of 2023. Currently, VPP’s community includes 206 doctor partners across 29 states. VPP’s co-ownership model, in which veterinarians benefit from improved purchasing power through economies of scale, offers a deep pool of resources and robust operational support so veterinarians can focus on what they do best: providing high-quality patient care, fostering a strong culture at their individual practices, and reinforcing their commitments to serve their communities.
- Professional Development Remains a Priority: VPP’s professional development courses continue to draw interest from doctors looking to strengthen their knowledge and skills. So far in 2024, more than 240 doctors and staffers across the VPP community have completed various in-person courses covering clinical, leadership, financial acumen, and practice management topics.
- Revenue Growth Outpaces Average: In the first half of 2024, year-over-year revenue growth across VPP’s practice locations exceeded six-month industry averages, underscoring VPP’s success in helping its doctor partners run effective and profitable clinics.
- Push for Diverse Representation: Among VPP’s 206 doctor partners, 62% are female. This substantial majority highlights VPP’s focus on increasing diversity within the ranks of veterinary practice owners and expanding opportunity for female veterinarians in an industry where women represent most of the workforce.
- Associates Embracing Partner Opportunities: Twenty-two associates in VPP’s community have made the leap to practice co-ownership year to date. In fact, 71% of VPP’s new doctor partners in 2024 have been former associates who have chosen to become partners. This brings the total number of associate DVMs who have made this transition to co-owner with VPP to 115.
- Positive Customer Feedback: The average Google rating for practices in the VPP community during the first half of 2024 was 4.8 out of 5 stars – highlighting VPP’s standard of customer service excellence throughout its network.
“We are proud to share our 2024 Mid-Year Update, which reflects VPP’s ongoing commitment to partner with and support the veterinarians within our network through meaningful career development and mentoring resources. Through this support, VPP helps practices thrive and creates a culture of fulfillment from our shared success,” John McDonough, CEO of VPP, said. “VPP grows when we focus on people, culture, mission, vision, and values. Our work in developing our people and elevating our doctors to become partners reinforces these ideals, and we look forward to driving further growth throughout 2024 and beyond with these tenets as our foundation.”
Since its inception in 2011, VPP has been at the forefront of redefining veterinary practice ownership by offering veterinarians a future that enables them to truly own their success through its innovative partnership model. VPP’s model is predicated on providing associates with opportunities to secure equity and achieve participatory ownership. Through this co-ownership framework, VPP not only builds value for the veterinarians and their families, but leads a movement securing a future for the profession that is more accessible, sustainable, and rewarding for future generations.
About Veterinary Practice Partners
Based in King of Prussia, Pennsylvania, Veterinary Practice Partners (VPP) is a nationwide veterinary community revolutionizing vet practice ownership and support. With an expansive network of doctor partners and co-owned animal hospitals and clinics, VPP has become an established partner of choice. Through its co-ownership model, VPP provides operational support across learning and development, HR, recruiting, marketing, technology, and finance, enabling veterinarians to focus on providing high-quality patient care and foster a strong culture at their individual practices.
Source: www.vetpracticepartners.com
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