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Inspire Veterinary Partners Announces AI Integration into Practice Management Software in Partnership with Leading Software Provider Covetrus

1. Inspire Veterinary Partners integrates AI software for improved veterinary efficiency. 2. AI tools expected to save vets six hours weekly and enhance patient care. 3. Implementation aims to reduce administrative workload across all clinics. 4. Inspire is the first publicly traded multi-unit operator to adopt this AI. 5. New platform allows better preparation for appointments and team collaboration.

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FAQ

Why Bullish?

The adoption of AI enhances operational efficiency and patient care, likely increasing revenues. Previous examples in tech adoption have shown that companies can experience significant stock price increases following successful integrations.

How important is it?

The integration of AI signifies a major operational upgrade, likely impacting share price positively as it suggests operational improvements and potential revenue growth.

Why Short Term?

The immediate benefit of time savings in veterinary practice management will be seen quickly, positively affecting clinic operations and potentially leading to increased revenue almost immediately.

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New software integration is among the first multi-unit operators to roll out AI note integration directly into the Company's medical software Inspire Veterinary Partners, Inc. (Nasdaq:IVP) ("Inspire" or the "Company"), an owner and provider of pet health care services throughout the U.S., announces the integration of a new artificial intelligence (AI) platform in partnership with leading software provider Covetrus into its medical software. The new platform is designed to perform a variety of administrative tasks, including AI-based dictation tools, empowering the Company's veterinarians and technicians with the ability to focus on their clients and patients rather than note taking and toggling between screens. As one of the first multi-unit operators - and the first publicly traded multi-unit operator - to implement the integration at scale, the services provided by the platform are expected to provide value to Inspire's clinics in the form of reduced administrative workload."Inspire wants our veterinarians focusing on the things that matter: the clients and pets they serve," shared Dr Alexandra Quarti, Vice President of Medical Operations. "Covetrus' expansion of our practice management software to include AI-driven tools allows our vets to do just that by focusing on quality of care instead of note taking or proper inter-practice communication. With auto-generated notes and pre-appointment summaries, we are confident our clinics will be even better prepared to give top-of-the-line pet care for each and every appointment."Contrary to other veterinary consolidators, Inspire made the strategic investment to implement one practice management software (PiMS), Covetrus Pulse, across all of its clinics for the benefit of efficiency, KPI consistency, and business growth with all the clinics working from one trusted platform. Now, Inspire is implementing the brand new Covetrus AI platform across all of its hospitals. The platform provides AI-based dictation tools for efficient medical note taking which will allow veterinarians to focus on the clients and pets they serve."At Covetrus, we have been rolling out AI-powered tools within Covetrus Pulse and delivering significant benefits, including at least 6 hours per vet per week time savings, improved staff efficiency, and revenue growth for practices," said Scot Gillespie, Covetrus Chief Product and Technology Officer and General Manager of Software Business. "The adoption of AI tools isn't about replacing expertise; it's about augmenting it and freeing up veterinary professionals and staff for more personalized attention, and to create a more efficient and less stressful workplace for veterinary staff - letting them focus on delivering exceptional, compassionate care to pets. Covetrus' AI platform will be able to provide the following services and more:Ambient Listening & Auto-Generated SOAP (Subjective, Objective, Assessment, and Plan) Notes - Covetrus AI-powered transcription captures real-time conversations during appointments and auto-generates SOAP notes, saving valuable time per visit and allowing veterinarians to focus on pet care instead of typing good notes.Pre-Appointment Summaries - The AI platform generates concise patient summaries based on practice management system (PiMS) data, allowing veterinarians to prepare more efficiently before appointments without significant time to review previous charts.Treatment Boards - The AI PiMS programs enhances care team collaboration by providing real-time updates on patient treatments, ensuring seamless communication across the practice.Inspire expects these services to provide its clinics the ability to see more patients while providing consistent world-class medicine, reducing the administrative workload on its staff, and improving the quality of work life for its veterinarians.About CovetrusCovetrus is a technology-enabled practice improvement company, servicing veterinary clinics around the world. Our mission is to improve the financial and clinical outcomes for veterinarians. Our comprehensive practice improvement solutions and tools simplify every touchpoint in a veterinarian's practice-from pre-visit to post-appointment-to deliver a connected experience that helps veterinarians compete effectively and grow their practice. Through the VetSuite network, members become part of an exclusive community, gain access to exclusive events, trainings, and education, and through our collective buying power, achieve lower costs. Covetrus is headquartered in Portland, Maine with more than 5,000 employees serving over 100,000 customers around the globe and is owned by Clayton, Dubilier & Rice (CD&R), and TPG. With 60 years of history and heritage, Covetrus is the only organization to provide a one-stop, truly comprehensive solution to drive better financial and healthcare outcomes for veterinary practices.About Inspire Veterinary Partners, Inc.Inspire Veterinary Partners is an owner and provider of pet health care services throughout the US. As the Company expands, it expects to acquire additional veterinary hospitals, including general practice, mixed animal facilities, and critical and emergency care. For more information, please visit: www.inspirevet.com.Facebook | LinkedIn | XForward-Looking StatementsThis press release contains forward-looking statements regarding the Company's current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, statements by the Company relating to the completion of the offering, the satisfaction of customary closing conditions related to the offering, the intended use of proceeds from the offering, receipt of Stockholder Approval as well as risks and uncertainties related to the satisfaction of customary closing conditions related to anticipated acquisitions, or factors that result in changes to the Company's anticipated results of operations related to acquisitions. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.Investor ContactCoreIRMatt Blazei516-386-0430[email protected]Press ContactCORE IRMatthew Cossel[email protected]General InquiresMorgan Wood[email protected]SOURCE: INSPIRE VETERINARY PARTNERS, INC.

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