Inspire Veterinary Partners (NASDAQ: IVP) operates a growing network of veterinary hospitals across the US, specializing in small animal care for companion pets. In an interview with AlphaStreet, Kimball Carr, the company’s co-founder and CEO, discussed various aspects of the business including its unique operating model and growth strategy. Carr’s 30-year career includes extensive experience in pet health and pet care. With over 15 years of veterinary operations experience, he has worked alongside clinicians and veterinary leaders.
Can you speak about the significance of Inspire’s employee-owned business model and how you see it contributing to long-term growth?
Inspire Veterinary Partners was founded with the aim of creating a unique multi-unit pet care company, different in our funding structure, our ownership model, and our longer-term view than just about any other acquirer in our space. Our founding and leadership team includes veterinary professionals who have managed every aspect of our very unique sector, and we understand the challenges as well as the noble mission of the veterinary business.
From day one, we built what we believe to be among the most comprehensive and generous compensation, time off, and benefits packages in our space because our aim was to be an employer of choice that invests in our team like no other company. Added to this, and central to our mission, is an Employee Stock Option Plan, which is expected to be in effect in short order, aimed at giving ownership in our company to every person who works at Inspire. This level of deep and broad equity is unheard of in veterinary medicine and Inspire wants to showcase that a new form of ownership can both be an opportunity for veterinary team members to build wealth and a chance for our company to attract and retain talent in superior ways to the competitors in our sector, as well as prove to the market that veterinary business can be a rewarding career both economically and emotionally.
What unique value does Inspire bring to acquired clinics and the communities they serve?
Because Inspire isn’t purchasing hospitals with the goal of reselling them in two to five years, we have a focus on the long-term relationship with our clients, communities, and teams that often isn’t shared by the ownership of other veterinary groups. We purchase clinics to hold them for years to come, but those clinics retain their local identity so that clients benefit from a combination of local relationship and the buying power and systems improvement that comes from a uniquely positioned parent company.
Because our leadership team includes deep veterinary knowledge and we understand the challenges of our workforce, we’ve also implemented recognition, reward, and talent development structures that are designed to shepherd our team members on a path of career success. Additionally, by taking the view that our teams are vital for our success, we pay 100% of healthcare premiums for our employees, provide robust mental health support systems, and encourage the use of our very generous time off program so that those who contribute to the success of our organization have the resources they need to thrive. All of the investments from Inspire are aimed at retaining great talent so that our clients and their pets can enjoy a trusted relationship with their provider for many years to come.
How do you see emerging technologies, such as AI, impacting the company’s operations and financial performance in the coming years?
The potential for AI is enormous in this industry, but we also want to be measured in how quickly we decide that it can be a panacea for all things. Inspire has deployed AI medical note transcription tools, in partnership with one of our key partners, and we’re excited to see how this use of AI can enhance efficiency for our doctors, contribute to great veterinary care, and make each day easier for our teams. What providers need to be careful to avoid is alienating their customers with AI or tech-driven solutions that remove the human-centric patient care they’ve come to enjoy. Any solutions Inspire provides for our clinical teams are centered around allowing them to spend more time with their clients and their pets and less time on note-taking and administrative tasks.
Innovations such as these are enabled by Inspire being among the minority of multi-unit operators to invest in fully cloud-based, enterprise-wide systems across our entire platform – from electronic medical records, accounting, KPI measurement, inventory and ordering, and more. Inspire has taken the time early in our evolution to bring our entire business together into shared platforms. This level of technological alignment allows us to efficiently measure, communicate, and grow our business to swiftly scale as we continue to execute our growth strategy.
How do you envision Inspire’s role in shaping the future of veterinary healthcare?
We believe the ownership of veterinary profession networks should include veterinary professionals, period. Today, ownership in our sector is consolidated in private equity funds or closely held private companies. The doctors, technicians, and clinic teams that are the engine of our profession are left behind, become jaded, and too often leave the industry altogether. Sustaining a veterinary professional’s desire to remain in this industry and to be fulfilled in their role is the reason Inspire was founded.
Inspire has built a unique model, which allows shareholders to benefit from our vibrant industry, and, in the near future, we plan to deploy our stock option structures designed to give every team member at Inspire shared ownership. We passionately believe our teams should have a chance to build wealth through equity, versus the current paradigm, which requires starting your own business, and our goal is to challenge our industry to think differently about the future of our profession and how ownership is structured.
Do you have plans to expand into specialty services like equine or emergency care, and how will that shape the next phase of growth?
Yes, in fact, already today we serve equine patients at one of our clinics. As we continue to expand, specialty, emergency, and other types of pet care will become a significant part of Inspire. In addition, we will grow into multi-unit clinic integrations and other verticals within our industry, such as technology, laboratory, and other growth areas across pet care. This industry continues to grow year-over-year, and we’re excited to position our clinics at the forefront of quality pet care.
(Disclaimer: The views expressed in this interview are solely those of the interviewee and do not necessarily reflect the views or opinions of AlphaStreet. It is for informational purposes only and does not constitute investment advice, financial guidance, or a recommendation to buy or sell any securities.)
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