Animal Health Solutions

29 Q1 2022 | Animal Health Solutions All in the family Pets are an important part of most households across America. More than 60% of pet owners in a national survey have more than one, 1 and they're considered members of the family by about 80% of owners. 2 In fact, over 75% believe their pets' needs are at least as important as their own. And many owners would pay a veterinarian bill before other household expenses, such as a car payment, mortgage payment, or utility bill. 3 But it doesn't have to be that way. Today, veterinarians can help better prepare clients to care for their pets by offering trusted financing options, which can result in healthier pets, happier owners, and a more successful veterinary practice. A better way to manage the cost of care When just four in 10 of Americans can use their savings to pay a $1,000 emergency expense, 4 it's clear why the cost of pet care can be a burden. In a recent study on lifetime cost of care, 45% of dog owners and 38% of cat owners surveyed thought they were financially prepared but weren't. 5 Many veterinarians may find it difficult to have this conversation with clients. And for good reason: as many as 25% of clients have significant objections to the cost of caring for a sick or injured pet. It can be the number one obstacle to obtaining care. Some owners decide to delay or even avoid treatment as a result. 6 To assist, many veterinarians may choose to discount treatment. But there's a better way for clients and veterinarians alike: offer a solution to finance the cost of care. The advantages of financing care Rather than discounting fees or clients delaying or avoiding treatment, veterinary practices can offer third-party, flexible financing options that enable clients to pay for the cost of treatment over time. By dividing the cost into more affordable monthly payments, your clients may be better able to budget treatment. As a result, clients can feel less stressed about caring for their pets' health and the impact it will have on household finances. Third-party financing can lower stress for veterinarians as well, who no longer have to worry about trying to collect unpaid bills because the financial partner does it for them. One popular option in veterinary care is the CareCredit credit card that provides flexible financing that lets clients pay over time for care at enrolled providers. CareCredit cardholders who opened their account at a veterinary office use their card more than five times annually for veterinary services. 7 Having a dedicated payment solution for all of their pet's vet care can help clients be financially prepared to manage the cost. Plus, practices that accept CareCredit get paid within two business days. Prepared to care

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