The team at Lake Road Animal Hospital in New York tried just about everything over the years to encourage client compliance with their dental recommendations. But it wasn’t until they did one surprising thing that they saw a significant shift.
Suzanne Cannon knows how hard it is to choose between finances and your pet’s health. 15 years ago her dog developed a life-threatening case of pancreatitis, requiring $4,000 of emergency treatment. Declined for CareCredit because she was “credit invisible,” her pet insurance policy didn’t help because it required upfront payment to the veterinarian. Not knowing where to turn for help, years later she created her own solution to help both pet parents and veterinarians.
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. Pet Savings Accounts offered through your practice let clients set aside a dedicated dollar amount on a monthly basis that is specifically earmarked for veterinary costs.
Many veterinary clients are worried about finances but won’t ever say so directly. There are a number of reasons for this, but just a few include embarrassment or shame over their financial situation; having too much pride to ask for help; and fear of being judged as an irresponsible pet parent if they admit they have a limited budget.
In-house veterinary payment plans of the past had a bad reputation. Vet clinics hated to offer them, they were burdensome to manage, and clients frequently didn’t keep up with payments. Third-party credit products took their place and now most vets rely on these products to help clients manage costs. But with 60% of pet owners unable to qualify for credit and few financial alternatives, in-house payment plans – revamped for the 21st century – may be making a comeback.
When you love your pet but financial resources are limited, a veterinary emergency can lead to hours of desperate efforts to raise money and find a veterinarian that is willing to take the case on. This is just one family’s story. There are thousands of other families that have been in a similar predicament, whose stories will never be heard.
When clients are declined for CareCredit, Scratchpay, or other third-party financing products, it’s usually assumed that they must be a “bad credit risk.” But did you know that someone can actually have an excellent credit score and still be declined for a new line of credit? Find out why these clients may still be excellent candidates for in-house payment plans.
It is easy to say, “if you can’t afford a pet you shouldn’t have one.” But it just isn’t that simple. There are many animals who are deeply loved by their families, but that family’s inability to afford veterinary treatment – especially emergency or surgical treatment — doesn’t necessarily indicate a lack of love or attentive care. Nor does it imply that they are a “bad,” irresponsible or neglectful pet owner.