Pet Savings Accounts are an excellent way to encourage pet owners to be proactively prepared for future veterinary expenses. Not everyone has the discipline to set up a personal savings account without occasionally raiding it to pay for an impulse purchase. A Pet Savings Account offered through your practice lets your clients set aside a dedicated dollar amount on a monthly basis, that is specifically earmarked for veterinary costs, including medical services, prescription food, medications and preventatives. But Pet Savings Accounts aren’t just good for your clients, they have multiple benefits for your practice. Here are the top 3 reasons you should consider offering Pet Savings Accounts, but read on for even more.
- Pet Savings Accounts equip clients with available funds to help them manage and pay for future veterinary expenses when they arise.
- Pet Savings Accounts bond the client to your practice because they have invested their savings with you.
- Pet Savings Accounts keep your clients’ money in your practice. If they have a savings account at your practice, there is less incentive for them to purchase preventatives/prescription food/meds from outside, online vendors. They will be more likely to buy these items directly from your practice with their saved funds.
How Does a Pet Savings Account Work?
Pet Savings Accounts allow your clients to set aside a dedicated amount of money on a monthly basis. Your client chooses the amount they want to contribute each month. VetBilling® drafts their checking or savings account in this amount on a recurring basis, and transfers the funds to your practice where it is held as a credit balance on your client’s account.
Pet Savings Account autodrafts continue indefinitely unless and until your client decides to cancel the account, which they can do by contacting VetBilling®.
These funds aren’t attached to specific services as is the case with wellness plans, so there is nothing to track.
Accumulated funds can be used to pay for anything the client wants – veterinary services, prescription food, medication, preventatives, even boarding and grooming services if you offer them.
If you want to limit what clients can spend the funds on, you can do that. It’s totally up to you, but most practices that offer PSAs let clients use the funds however they want.
Who Are Pet Savings Accounts For?
Pet Savings Accounts are aimed at clients but they can also be used for your staff. You can easily set up a PSA for your team members. You can apply their credit balance to services or products, just like you can for clients.
Employee PSAs will keep you from having to do payroll deductions, and it will prevent team members from running up outstanding unpaid balances.
Pet Savings Accounts are also a practical alternative for clients who are hesitant about pet insurance. Unlike with pet insurance, accumulated client funds are immediately available to use when needed. Pet insurance requires a claim to be submitted and funds are then returned via reimbursement.
What’s the Point of a Pet Savings Account?
The point of a Pet Savings Account is to encourage clients to think about, and budget for, future expenses – especially unexpected, costly expenses.
If a client has a Pet Savings Account in place, and they’ve accumulated enough funds, you will NOT have to set them up on a payment plan when their pet becomes acutely ill or needs surgery or emergency care.
This allows your practice to save the 4-5% or more that you pay to offer services like CareCredit or Scratchpay.
How Do I Set Up a Pet Savings Account?
Pet Savings Accounts can be set up right within the VetBilling® online platform. When you set up a new contract in the platform, simply select “Pet Savings Account” from the drop-down menu. If you are using the platform you already have access to this option.
If you’d like to begin offering Pet Savings Accounts, please let us know and we will send you a Pet Savings Contract template that includes information about what happens to the funds in the event that the pet passes away, the client moves, or the pet needs emergency or specialty services outside your clinic. We have contingencies built into the contracts for all of these.
If you have any questions, please give us a call at 800-766-1918, or email us at firstname.lastname@example.org. We’ll happily walk you through another demo if you’d like and answer any questions that might not have been addressed here.