According to Synchrony’s Veterinary Specialty Care Study, 80% of pet owners worry about the potential cost of specialty and emergency care.
“Nearly 50% of today’s pet parents underestimate the cost of pet care, and unexpected emergency care plays a big role in this miscalculation,” said Jonathan Wainberg, a senior vice president and general manager with Synchrony.
The study’s key findings include:
- 72% of pet owners are highly concerned about the financial impact of their pet’s specialty care costs, which they place on par with concerns about the potential medical outcomes.
- 50% said they would be stressed if their specialty care bill reached $1,000, while 81% would be at $2,500.
- Only 25% of veterinary specialists said pet owners have realistic expectations concerning specialty care costs.
- 54% of pet owners said they had little to no knowledge about specialty care in general.
“Both specialty and primary care veterinarians have witnessed the stress pet parents have about the cost of care and the anxiety of balancing their financial realities with their pet’s medical needs,” said Dr. Amanda L. Donnelly, speaking on behalf of Synchrony. “This stress is doubled when their pet needs specialized care, because they may not have previous knowledge of what a specialist is, and costs are likely the first concern that jumps into their mind.”
Other significant findings from the research include:
- 63% said they wanted to know about payment options when they make an appointment, at check-in or on the veterinary practice’s website.
- 56% said they wanted payment requirements communicated when making the appointment or at check-in.
- More than 1 in 3 specialty clinics don’t share care costs or payment information in client communications, and 1 in 4 don’t include the information on their website.
- 43% of specialty practices offer payment options only when the client asks.
- 86% of specialty practices say referring veterinarians should have a role in educating clients about specialty care costs.
“This new report reveals the critical need for proactive communication about the cost of specialty care, information about payment options like the CareCredit credit card to manage those costs, and education and specialty care itself,” Wainberg said.
Among Synchrony’s businesses are CareCredit and Pets Best pet health insurance.