The Business of Practice 137: Current State of the Equine Veterinary Industry with Dr. Chris Doherty

In this episode of the Business of Practice podcast, Dr. Amy Grice interviews Dr. Chris Doherty, Assistant Director for Strategic Business Research and Outreach at the AVMA, about the latest findings from the 2026 AVMA State of the Veterinary Profession Report. The discussion centers on the evolving economic landscape of equine veterinary medicine, highlighting a significant narrowing of the compensation gap between equine and other veterinary specialties—especially mixed and large animal practices—making equine medicine a more financially viable career path for new graduates. Despite this progress, student debt remains a major concern, with equine graduates averaging $148,000 in DVM debt (up to $198,000 for those with debt), and rising interest rates are increasing financial pressure. The episode also explores work-life balance, with equine veterinarians reporting slightly longer average workweeks (54–55 hours) than companion animal vets (46 hours), though compensation reflects this effort. Practice ownership emerges as a key economic driver, with owners earning competitive incomes that support debt repayment and personal livelihoods. Despite high personal satisfaction among equine vets, concerns about the profession’s overall health persist, underscoring a collective anxiety about industry sustainability. Dr. Doherty emphasizes the importance of leveraging AVMA resources—including the annual report and the new AVMA Axon webinar—to benchmark performance, improve practice efficiency, and support long-term career success.