Written by By Bill Murray, National Sales Manager, Veterinary Division, Bank of America Practice Solutions1
As a veterinarian, you have two main options when it comes to your career. You can remain an associate veterinarian or you can own your own veterinary hospital. While both options have their own advantages and disadvantages, owning a veterinary hospital can provide you with many benefits you may not get as an associate veterinarian.
For many associate veterinarians, the idea of owning a hospital may seem daunting. After all, running a business requires a different set of skills and knowledge than practicing veterinary medicine. But for those willing to take on the challenge, owning can be both rewarding and lucrative.
Here are some reasons why it makes sense for an associate veterinarian to become a practice owner.
The financial benefits
While an associate veterinarian may be limited by salary or compensation plan, the practice owner can build a successful business and ultimately earn more. Plus, as an owner, you can build equity in your business—a valuable asset you can sell when you consider your retirement goals.
Control over your career
As an associate veterinarian, you may be limited when it comes to making decisions that affect your career. But if you are the owner, you are at the helm of your business; you have autonomy and control over your work. You can set your own schedule, choose the types of cases you want to work on and make decisions about the direction of your practice. This can be especially appealing if you want to focus on a particular area of interest or expertise. Ownership can be empowering, and allows you to create a hospital that aligns with your values and goals.
As a hospital owner, you are in charge of your own destiny. You are not at the mercy of an employer who may decide to downsize or sell to a corporate consolidator or another third party. Instead, you have the ability to build a sustainable business that can provide long-term job and financial security.
Opportunity for growth
Owning a hospital gives you the chance to grow. You can choose to expand your practice by adding new services, hiring additional staff, or opening new locations. This can provide new challenges and opportunities for professional growth and build equity that can be leveraged when you retire.
The ability to make a difference
As a hospital owner, you can make a difference in the lives of your patients and clients. You can create a practice that is focused on providing high-quality care and exceptional customer service. This can lead to a loyal client base and professional satisfaction for you and your staff.
Now that you understand the many advantages of owning your own veterinary hospital vs. spending your career as an associate, understand it will require significant investments of time, money, and effort. But the rewards can be well worth it.
If you’re considering owning your own hospital, we would love the opportunity to talk with you and help you along the way. At Bank of America, we offer tailored financing1 programs for first-time owners and other resources to help save you time, money, and headaches. Schedule a call with us today or reach out today.