CareVet
Veterinary practice support organization providing business services to independent animal hospitals.
PE-OWNED
Acquired by Bain Capital2021-08-01
What Made It Great
Veterinarian-friendly support model maintaining practice culture while improving efficiency
What PE Will Likely Do
Reduction in the number of veterinarians and registered veterinary technicians, leading to longer wait times and less personalized care for patients
Increased use of less-qualified staff like veterinary assistants to perform tasks traditionally done by RVTs, potentially compromising quality of care
Sale and leaseback of veterinary hospital real estate, leading to increased overhead costs that may be passed on to consumers through higher service fees
Aggressive billing practices and 'upcoding' of procedures to maximize reimbursements, leading to higher out-of-pocket costs for pet owners
Elimination of less profitable but essential services like emergency care, senior pet wellness, and specialized treatments
Expected Timeline
“0 to 6 months months”
Announcements of 'optimization' initiatives and leadership changes, but no immediate impacts felt by consumers
“6 to 12 months months”
Gradual staffing reductions and service reviews begin, leading to slightly longer wait times and less personalized attention
“12 to 24 months months”
Noticeable declines in service quality, with longer wait times, less time spent with veterinarians, and limited access to specialized services
“24 to 36 months months”
Significant issues emerge, including department closures, reductions in operating hours, and potential quality scandals
“36+ months months”
Potential bankruptcy, widespread hospital closures, or a fire sale to another operator, leading to major disruptions in pet care access and quality
Similar Cases
Other companies that followed a similar path after PE acquisition
What You Can Do
Actions
Be vigilant for any changes in the quality of care, staffing levels, or availability of services at your local CareVet-affiliated animal hospital
Monitor your veterinary bills for any signs of upcoding or unexpected charges, and be prepared to advocate for fair and transparent pricing
Stay informed about the ongoing status of CareVet and consider switching to a locally-owned or non-PE-backed veterinary practice if the quality of care declines significantly
Alternatives
Community-focused healthcare
Integrated managed care consortium