COS - 164 - Private Equity, Rising Wages & Affordable Care Understanding Modern Veterinary Economics

Economist Matt Salois, Ph.D. joins Dr. Andy Roark to discuss the driving economic forces in the veterinary profession today. They discuss the impact of corporatization across the profession, how private equity is changing the way practices operate, and how buying practices at ridiculously high prices is supposed to pay off in profits. They also discuss rising wages in the profession (which are good!) and rising costs to pet owners (which are bad!). Will the price of veterinary services really DOUBLE in 7-10 years? What can we do to prevent that? Let's get into this episode! LINKS: Good News: There's a Labor Shortage: https://www.nytimes.com/2021/09/04/opinion/labor-shortage-biden-covid.html The Pinched Hose Economy: https://www.theatlantic.com/newsletters/archive/2022/08/weve-never-had-an-economy-like-this/671105/ Inside Economics Podcast: https://www.moodys.com/web/en/us/about/insights/podcasts/moodys-talks-inside-economics.html Matt Salois on LinkedIn: https://www.linkedin.com/in/msalois/ Dr. Andy Roark Exam Room Communication Tool Box Course: https://drandyroark.com/on-demand-staff-training/ What’s on my Scrubs?! Card Game: https://drandyroark.com/training-tools/ Dr. Andy Roark Swag: drandyroark.com/shop All Links: linktr.ee/DrAndyRoark ABOUT OUR GUEST: Matthew Salois, PhD is currently the President of the Veterinary Study Groups, Inc. (VSG), where he is responsible for enhancing the economic and cultural success of more than 1,800 veterinary member practices. Most recently, Matt was the chief economist and head of the veterinary economics division at the AVMA between 2018 and 2022, where he applied his skills in economics, business, and communication to support the daily lives of veterinarians. From 2014 to 2018, he served as director of global scientific affairs and policy at Elanco Animal Health, supervising a team of scientists in veterinary medicine, human medicine, animal welfare, economics and sustainability. His group devised and executed scientific engagement strategy, and built collaborative partnerships with universities, non-profit associations and scientific societies. Matt is also an adjunct professor of applied economics at the University of Florida, where he previously taught and advised graduate and undergraduate students. He earned his Ph.D. in Applied Economics from the University of Florida and holds an M.A. in Economics and a B.S. in Health Services Administration from the University of Central Florida.