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japple

(10,210 posts)
Sat Aug 10, 2024, 03:15 PM Aug 10

'Life and Death' for Pets: Elizabeth Warren Targets Firm Buying Veterinary Offices

Like many of you, I've noticed that my vet costs have skyrocketed since 2020 and, it just so happens, that my vet's practice is owned by one of these companies.

https://www.rollingstone.com/politics/politics-news/elizabeth-warren-targets-private-equity-firm-veterinary-offices-1235075465/

The magazine’s investigation focused on a Houston-area veterinary hospital owned by JAB Holding Company, a German-owned private equity firm best known for its investments in bakery chains and beverage companies. In recent years, JAB has scooped up so many specialty and emergency veterinary hospitals that the Federal Trade Commission has already twice ordered the firm to divest its clinics in certain areas. The firm is also buying up pet insurance companies.

Now, progressive Sen. Elizabeth Warren (D-Mass.) is seeking to apply pressure on JAB. On Tuesday, Warren and Sen. Richard Blumenthal (D-Conn.) sent a letter to the firm requesting extensive details about JAB’s interests in veterinary practices and pet insurers. The letter was shared exclusively with Rolling Stone.

In a press release, Warren and Blumenthal write, “Veterinarians at private equity-owned practices have reported being overworked and pressured to upsell patients on expensive tests and procedures. At some practices, corporate managers require clinicians to meet demanding quotas for certain procedures, tying their income to the amount of revenue that they generate.”

They add, “Private equity firms have also raised the cost of veterinary services, exploiting consumers’ love for their pets to make a profit. Since 2014, prices for veterinary services have risen by 60 percent, with prices well over $300 per visit.”


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SWBTATTReg

(23,541 posts)
1. Good. I heard about this disgusting practice. Now that private equity is running out of things to invest in, such as
Sat Aug 10, 2024, 03:19 PM
Aug 10

stocks, bonds, housing, etc. (all way too high for them to make a decent profit, so they stay away, and move into other categories not considered investment-grade).

I hope, like the downturn in housing over recent times that has burned them, the downturn in other categories will burn them too, especially since these aren't 'standard' markets, thus will be more difficult to buy/sell/write derivatives off of, etc.).

birdographer

(2,164 posts)
2. A few vet offices near us have been bought by a corporation
Sat Aug 10, 2024, 03:52 PM
Aug 10

not sure which one. We have noticed a really annoying thing about vet practices, and this is all the ones around us, not one or two but perhaps 7 or 8. Their office hours are outrageously reduced. We left our last vet because she worked 3 days a week seeing patients. Closed Fri, Sat, Sun, and Wednesday was for surgeries only. We switched to another one much farther away, and he is only there 3 full days a week, 8:30-5:00 BUT closed from noon to 2:00 for "lunch." Wednesdays and Fridays, 8:30 to noon, and Fridays only for sick or injured pets, not routine visits. No weekends. Yes, costs are through the roof, but we are more concerned about the lack of business hours. We need an annual exam and heartworm test for one dog and the soonest appointment was one month away. This guy just opened his practice in April in a very small town.

slightlv

(3,701 posts)
5. I count these reduced hours
Sat Aug 10, 2024, 05:28 PM
Aug 10

and long time waits to get a pet in as one of the reasons the vet and I missed the diabetic crisis that came on suddenly, out of nowhere it seemed, and cost me my cat last year. It was three weeks before I could get him in to the vet's. I will say the vet tried everything to bring him out of it, but in the end, his organs just gave up. I was out of my mind... feeling like the worst pet person in the world and how badly I'd failed him. But it did dawn on me the next time I tried to get a sick cat into see them that trying to get an appt quickly was an impossibility. And there's really so few vets in this town, they're all the same. I now know if one of my cats (or my dog) is showing distressing signs to tell them it's a crisis and I need an appt *now*. When I do that, I can usually get in within a day, but it will cost probably 2 to 3x the cost of the office visit to do it, on top of whatever tests are done. Still, there is the chance then that I'll go home with a cat who'll live... unlike my poor baby, Sweetie. I wasn't given that option when I tried to get her in. It still causes me so much distress I cry as I write this.

I heard that these firms were buying up vet offices. I cannot express how much I feel this should NOT be allowed -- no more than they *should* be allowed to buy up hospitals and medical clinics for us. There are just some things where profit should not be the overriding concept. And when you have these corporations buying up the medical businesses - both human and animal - suddenly "health" is no longer the concern. I feel the same way about privately owned prisons, too. Where human and animals life and welfare is concerned, in no matter what way, money should NOT be the overriding concern. Blessed be my Sweetie. She was only with me for a year, but she left huge tracks in my heart.

birdographer

(2,164 posts)
7. I'm so sorry for your loss
Sat Aug 10, 2024, 05:41 PM
Aug 10

We have a 24-hour emergency vet place about 43 miles away, so that's our backup. We have used them once and they were good. It's just a long ride. We currently are patients at the two vet places--I swear I want to get into a third in town, just to hedge our bets if we need them. The expense is outrageous.

slightlv

(3,701 posts)
8. Like you, I've also had to take some of my rescues
Sat Aug 10, 2024, 06:18 PM
Aug 10

to little towns around us. One I learned about from my sister. What she doesn't know is that he's in his new building because HE got bought out! He's an old country vet. That's what I hate to see the loss of around here. So many of our vets were what we called "country vets" because their concerns were not only domestic pets, but also horses, cattle, etc. But as they're retiring, no one is taking on their roles. It's a great loss, IMO. These vets not only had offices, but they'd travel to YOU when the need was there, even after office hours.

Kinda like the old doc who took care of our family when I was a kid. I remember being down with the measles and the chickenpox, along with my brother. The doctor came to US in a house call. These types of things today are called "concierge services" that only the rich can afford. We have lost so much for the common people in this country.

birdographer

(2,164 posts)
9. I remember!
Sat Aug 10, 2024, 09:06 PM
Aug 10

When I was a kid, the doctor would show up at the house! Can't even imagine that now. In this town, we have one vet who will do farm animals. We tried to call her twice a few years ago and she never called back, not even to bother saying she wasn't taking on new patients. We have two chickens. We lost one a few years ago because there was no place to take her to get treatment. We are back to two now. Right now we have one showing some problem signs, but we got some antibiotic online after the last loss, and we are hoping it will help with her problem.

It's scary having pets now because you don't know if you can get help when you need it. Lots of vets, just not working ones. A few hours a week and that's it.

slightlv

(3,701 posts)
10. I feel for you and your chicken...
Sat Aug 10, 2024, 09:44 PM
Aug 10

I was lucky enough to find someone on a farm with a pond who would take the chicken and duck who showed up in my backyard. They were inseparable friends. But I also had a rooster, and he made our home with us for a couple of years. Had a very close relationship with my husband. The two of them would "talk" forever together, and run around the backyard with the dogs. Hubs was very unhappy when I found someone with chickens who wanted a rooster to complete their coop. You can make friends with EVERY kind of critter, and not having trustworthy, competent, consistent medical help for them is every bit as much of a worry as it is for a 2-year-old child.

ShazzieB

(17,949 posts)
3. How can I find out if a veterinary practice is owned by a private equity firm?
Sat Aug 10, 2024, 04:06 PM
Aug 10

Is it always obvious, or if not, how can I get that information, other than by asking directly?

I have been pretty happy with our vet on the whole, but it seems like the cost of a visit has gone up, and any kind of lab work has gotten shockingly expensive. The hours have been cut back, too, and it's been taking longer to get appointments. After reading this post, I'm suspicious!

japple

(10,210 posts)
6. If your vet practice has a website, go there and look for the links at the bottom of the
Sat Aug 10, 2024, 05:41 PM
Aug 10

page. I clicked on the one about "privacy rights" and found out that my vet is owned by VetCor. I went to their website and found that they are a US/Canada network of vet practices. This is not the only network. I haven't gotten much further into my "research" but the VetCor "team" is mostly young, male, all white people who are heavy into corporate practices.

liberalla

(9,726 posts)
11. I'm so glad this is getting some attention! I'll be very interested to follow what comes from this.
Sun Aug 11, 2024, 04:16 AM
Aug 11

Kick

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