Why Your Vet Bill Is So High
In the pandemic winter of 2020, Katie, my family’s 14-year-old miniature poodle, began coughing uncontrollably. After multiple vet visits, and more than $1,000 in bills, a veterinary cardiologist diagnosed her with heart failure. Our girl, a dog I loved so much that I wrote an essay about how I called her my “daughter,” would likely die within nine months.
Katie survived for almost two years. My younger son joked that Katie wasn’t going to let advanced heart failure get in the way of her life goal of never leaving my side, but the truth was that I was the one who wouldn’t let her go. Katie’s extended life didn’t come cheap. There were repeated scans, echocardiograms, and blood work, and several trips to veterinary emergency rooms. One drug alone cost $300 a month, and that was after I shopped aggressively for discounts online.
People like me have fueled the growth of what you might call Big Vet. As household pets have risen in status—from mere animals to bona fide family members—so, too, has owners’ willingness to spend money to ensure their well-being. Big-money investors have noticed. According to data provided to me by PitchBook, private equity poured $51.6 billion into the veterinary sector from 2017 to 2023, and another $9.3 billion in the first four months of this year, seemingly convinced that it had discovered a foolproof investment. Industry cheerleaders pointed to surveys showing that people would go into debt to keep their four-legged friends healthy. The field was viewed as “low-risk, high-reward,” as a 2022 report issued by Capstone Partners put it, singling out the industry for its higher-than-average rate of return on investment.
