Unfortunately in Veterinary Medicine so much comes down to cost rather than what is better. In Human Medicine, where cost is almost no object, usually a blood test as well as MULTIPLE ultrasounds are performed and these are usually done after a home pregnancy urine test was done also.
Unfortunately, most people cannot afford that level of care or the individual animal is not perceived to have that much value. Each test has has its advantages/disadvantages, be understanding about the limitations.
Rectals, whether they be done by hand or with an ultrasound probe, have inherent risk. Which means given any operator a certain number of mares will have rectal tears. But the number is quite low, most equine Vets have less than 1 or 2 in their career (haven't had my first one yet, but that just means I'm due eventually).
But blood draws have inherent risk also. I have been associated with a horse who died after a venous blood draw performed routinely by a qualified Vet (not me). There was no mistake and the horse tested negative for all clotting defects and toxins.
External ultrasounds are less risk, but frequently they cannot give the same level of information as early as a rectal ultrasound.
For those of you who feel their local Vet won't do something, usually (but not always) this means the Vet (who has to be a business person also) does not see return on the investment of time or money. I have bought expensive equipment for infrequent use, but only for clients who have demonstrated themselves not to mind me charging them for the investment. I am far less likely to stick my neck out for a client that I don't think will do enough business with me to be profitable. To give a spot of reference, in my practice that would be a client that has been with the practice for >5yrs and spent on average over $2000/yr.
Dr Taylor