ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

New Study by Instinct: The State of Emergency and Specialty Veterinary Care in 2023

The overwhelming majority of ER and specialty hospitals are facing staffing shortages (86%), employee mental health challenges (83%), and increased patient volumes (54%), according to new survey results from the State of Emergency and Specialty Veterinary Care report, which surveyed more than 250 of the industry’s hospital staff to understand current trends in this segment of the veterinary landscape. Findings from the report include:

  • In 2023, more than half (52%) of emergency and specialty hospitals reported hiring relief veterinarians to work in the practice, while 67% of hospitals increased overtime to handle workload.
  • In light of rising patient volumes, workloads, and wait times seen across the industry, many emergency and specialty hospitals have adopted digital treatment sheets (38%), cloud-based PIMs/EMR (36%), or client communications platforms (32%) in the last year.
  • Urgent cares and smaller emergency hospitals are leading the way with the highest rates of implementing workflow improvements (60%), staff training (40%), mental health days (40%), and pricing changes (40%), as well as new diagnostic/imaging technology (47%) and wearable devices (33%).

“We constantly hear that traditional veterinary surveys have brought valuable perspectives to the industry, but because they are often weighted toward general practices, they don’t quite hit the mark for the growing emergency and specialty sector,” said Dr. Caleb Frankel, founder and CEO of Instinct. “So, for our inaugural ‘State of Emergency and Specialty Veterinary Care’ report, we’re aiming to share what we’re learning and shed light on how hospitals are evolving amid cascading challenges.”

ER and specialty sector growth means hospitals are evolving the way they attract and retain talent.

The inflection point between veterinary staff shortages and YoY patient growth across emergency and specialty care means the sector is experiencing increased demand for veterinary talent. The survey found that emergency and specialty hospitals are seeing veterinary professionals change jobs more frequently, for more competitive salaries and benefits and/or the flexibility that relief work offers.

Urgent care employees rated their team morale significantly higher than any other hospital type surveyed, with 80% rating morale high or very high compared to 37% for emergency-only practices. Notably, urgent cares are an emerging practice type, and leading the way in offering mental health and wellness days.

Technology and training will become increasingly crucial for employee morale, retention, and workflow.

A majority (75%) of emergency and specialty staff saw positive improvements from adopting new technology in 2023, including improved efficiency, increased accessibility for clients, and/or enhanced patient monitoring.

More than any other factors, the survey found that team expansion, technology-related investments, and time off for mental health and wellness have the strongest correlation with higher employee morale and retention rates.

Hospitals that implemented new technology in the last year and provided time off for mental wellness days saw 10-15% better employee retention rates.

Of all veterinary technology, cloud-based PIMs and digital treatment sheets have the biggest impact on employee retention. In hospitals that reported zero turnover in the last 12 months, 47% implemented new cloud-based PIMs and 59% implemented digital treatment sheets in the last year.

You can see the full results of the study here.

About Instinct

Instinct was founded in 2017 by Dr. Caleb Frankel and a team of veterinary and technology professionals to help veterinary hospitals evolve on pace with consumer technology. Instinct has seen over 80,000 users on their platforms in veterinary centers spanning 4 continents. Their suite of products power many of the industry’s leading university veterinary teaching centers and multi-specialty/emergency advanced care centers. Learn more at Instinct.vet.

A majority (75%) of emergency and specialty veterinary staff saw positive improvements from adopting new technology in 2023, including improved efficiency, increased accessibility for clients, and/or enhanced patient monitoring.

Contacts

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.