Pet insurance is often considered as revenue insurance for veterinary hospitals. It cushions perceived high costs and may actually improve compliance. This article reviews how one practice saw nearly a five-fold increase in the number of clients with pet insurance. We’ve also included a comprehensive story from AAHA Trends, Veterinary Preventive Care Plans.
Source: FIRSTLINE, March 10, 2016.
Practice manager and DVM spouse George Bailey gives two reasons why he thinks Stratham-Newfield’s Veterinary Hospital in Newfield, New Hampshire, has a client base with 34 percent pet insurance penetration and is now considered a “super practice” by Trupanion: Better reimbursement practices and, even more important, your buy-in as a team member.
Source: AAHA Trends, March 2016, Pages 41-46. (direct link unavailable)
Veterinary clients benefit from preventative care plans in two ways: 1) Plans set expectations for exactly which preventative services and products the veterinary practice recommends in a given year or period. 2) Plans clearly define costs for preventative care and give pet owners ways to spread the cost over the year.
INSIGHTS: Our team recently met with some pet insurance companies. A large underwriter told us that much of the growth in pet insurance is coming from its inclusion in corporate benefit packages as optional coverage and paid through a payroll deduction.