Taking Care of Business in Veterinary Medicine

The University of Arizona College of Veterinary Medicine’s mission is possible because our faculty of experienced veterinary professionals share their valuable expertise with the next generation of veterinarians. Understanding that our students need a full overview of veterinary medicine before graduation, our faculty has worked to provide additional selective classes designed to introduce students to topics they may find useful in the career field. One such class is Veterinary Business and Entrepreneurship, currently taught by Dr. Alex Ramirez, Senior Associate Dean of Academic Programs and Faculty Affairs.

When asked to reflect on the necessity of a business-focused course, Dr. Ramirez shared,

"I believe it is critical for all veterinary students to understand the basics of business regardless of whether they are planning to be owners of a clinic or not. Regardless of the kind of medicine veterinarians want to practice, there is a business component that can dictate the sustainability of any practice. Being exposed to business side of a practice will help students understand [pricing and pay scales]. Business should not drive the practice of veterinary medicine but understanding business can drive how long we can practice veterinary medicine.”

The class covers general business and entrepreneurial concepts veterinarians will use while planning for a successful veterinary business purchase or startup. Students learn basic business planning and financial knowledge, the essential aspects of a quality business plan, and other fundamentals valuable for both business employees and owners. Starting with an introduction to veterinary entrepreneurship, students learn what it takes to be an entrepreneur, how to choose a potential business location, and how to develop mission, vision and value statements. Focusing on one’s goals is essential to creating a business that can last. Without developing basic business savvy and a birds-eye view of one’s organization, business owners can find themselves struggling to carve out their place in the career field.

After building foundational knowledge, students acquire insight into business processes such as structuring a business, creating a marketing plan, performing a SWOT analysis, and performing feasibility analyses. These broad planning and analytical skills will help students make well-reasoned business choices and ask themselves beneficial questions when developing plans. To help veterinarians develop financially healthy organizations, the class also covers pricing, balance sheets, profit and loss statements, and practice valuation. Vital financial instruction assists future veterinarians in conceptualizing money management and purchasing, allowing them to build structurally sound businesses.

Ramirez understands the importance of veterinary business education and believes that the business education he received in veterinary school was beneficial. He shared, “I am lucky that I did have some basic business training during veterinary school that better prepared me for practice.” Having practiced veterinary medicine, Ramirez is familiar with the most common needs and pitfalls in business and plans to provide realistic and actionable advice. He added, “The biggest concept that many struggle to understand is the cost of doing business. Everything we do comes at a cost. Employees are the greatest asset of a clinic but are also one of the biggest expenses, aside from inventory.” Keeping in mind knowledge like this will help business owners realistically plan and create teams they can support effectively. Fostering a true-to-life view of the veterinary business will save veterinarians time and allow them to successfully advance their clinics with fewer missteps.

In addition to enrolling in this selective, veterinary students interested in business management can join the Veterinary Business Management Association (VBMA), a student-driven organization designed to provide educational and networking opportunities to future veterinarians. According to VBMA Chapter President John La Bonte, the organization builds on the practice management instruction CVM students receive in their professional skills classes by applying what they have learned to real-world situations. He said, “Our guest speakers provide real-world veterinary applications of business finance, business ownership, leadership, and personal development.” With opportunities to network with a diverse array of successful veterinary practitioners, students glean practical advice from various perspectives. La Bonte shared,

“As the president of the VBMA, I get to see how this club works on a national and school level. I have been most impressed by how well this organization is run and how passionate the members of every school are about the VBMA. I love being able to hear voices in veterinary medicine from around the US and gather perspective about the field that I would not have been able to get in any other club; veterinary professionals want to speak with us and ask to speak at our meetings. The opportunities to grow into the DVM you want to be are endless and the VBMA offers the skills to help you find what you need.” 

CVM students benefit from opportunities to learn about the business side of veterinary medicine in both formal classroom settings and less formally in the VBMA, providing a more rounded perspective of business owners' realities. This variety of viewpoints allows business-minded students practical insight into their future profession and will assist them in making real-world plans as owners of sustainable businesses.