Cary Crego is the director of credit at Provide Inc., a national fintech company focused on financially empowering health care providers to achieve their practice ownership dreams. He has 16 years of experience in small business financing focused on the veterinary and SBA sectors. He has managed many teams that provide financing for startup and established practices, including acquisitions and additional locations. Learn more at getprovide.comRead Articles Written by Cary Crego
Whether they’re an associate with a decade of experience or a recent graduate, many veterinarians like you have pictured their dream hospital at some point. Having control of your business can give you the power to affect the employee experience and fuel your passion. Private practice ownership is an attainable goal that starts with evaluating the potential positive impacts it could have on your professional journey.
Here are three benefits of owning your own veterinary hospital.
1. The Professional Gain
Having the autonomy to make business decisions that reflect your values and beliefs is critical. Autonomy rewards you with the flexibility to choose your style of practice, the equipment you invest in, your company’s mission, the hours of operation and more. You can dictate the future as you see fit, whether it be a remodel or expansion of your practice or the acquisition of additional practices.
Being a private practice owner allows you to hone your leadership and communication skills and hire the management that suits your specific needs. Do you want someone to control the day-to-day operations of your hospital? Then choose to delegate by hiring an office manager. Would you rather take on some management responsibilities, such as overseeing the staff? If so, work to put the right team in place to support the gaps in your role. Whichever path you choose is up to you. Plenty of resources are available to accommodate practice owners of all kinds, helping set the foundation for a successful practice.
2. The Financial Gain
Student loans are a necessity for most veterinary students, and in my conversations with graduates, many see financial debt as a barrier to private practice ownership. However, it’s important to know that financial partners can help fund ownership dreams, particularly those companies with health care-specific underwriting teams that understand student loan debt. Instead of focusing on the debt, we look for a stable source of income in the industry, proof you handle your personal credit responsibly and your ability to accumulate savings at a level commensurate with your earnings.
When you become a practice owner, you gain an important financial asset (your hospital) that only increases in value over time. You’ll also have the opportunity to generate more income to pay off other debts, like student loans, at a faster rate while you build equity in the business and grow your net worth.
3. The Personal Gain
Work-life balance is a common concern when taking on the role of a practice owner. While ownership may require heavy lifting and long hours to create the hospital and workplace culture you envisioned, it ultimately gives you control over your professional well-being and quality of life.
Hospital owners are at less risk for burnout and have higher satisfaction rates compared to associate veterinarians, according to an American Veterinary Medical Association study. Veterinary hospital ownership offers doctors the freedom to prioritize their self-care and the flexibility to lead a balanced life. Being able to support yourself and others with the type of entrepreneurial spirit that comes with practice ownership is a rewarding and truly invaluable experience.