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.
When is a payment plan not really a payment plan? Our blog post explains! Make sure you get the details when a new payment option seems like the answer to all your client payment problems. No client payment option is perfect, and your practice should offer a variety of financial solutions because each client’s needs are different. Find out why it’s essential to know exactly what you’re getting.
According to a VetBilling survey, pet owners prefer payment plans to discounts. If your practice offers discounts, you may be giving away money unnecessarily. Small, one-time discounts don’t motivate pet owners to agree to higher priced services because they don’t appreciably reduce “sticker shock.” Our survey offers insights about how pet owners perceive veterinary costs and how they prefer to manage them.
