{"id":21579,"date":"2022-04-01T20:04:12","date_gmt":"2022-04-01T20:04:12","guid":{"rendered":"https:\/\/todaysveterinarybusiness.com\/?p=21579"},"modified":"2022-06-15T17:48:49","modified_gmt":"2022-06-15T17:48:49","slug":"how-to-prepare-new-pet-owners-financially","status":"publish","type":"post","link":"https:\/\/navc.sitepreview.app\/todaysveterinarybusiness.com\/how-to-prepare-new-pet-owners-financially\/","title":{"rendered":"How to Prepare New Pet Owners Financially"},"content":{"rendered":"

The COVID-19 pandemic created a whole new population of pet owners, who quickly learned that a companion animal could be as valuable and fulfilling to their lives as children. But unfortunately, what many of them didn\u2019t learn was the potentially high cost of ownership.<\/p>\n

This lack of awareness presents an excellent opportunity for veterinarians to establish a healthy financial relationship with clients founded on transparency and trust regarding costs. Openness about costs is something clients are looking for from you. In the 2021 Language of Veterinary Care study [bit.ly\/3nPzNGS<\/a>], which Synchrony sponsored through the American Veterinary Medical Association, we learned that clients want their veterinarians to speak directly to them about the cost of care over a pet\u2019s lifetime and the payment options.<\/p>\n

That cost of lifetime care has\u00a0now been quantified. Synchrony\u2019s Lifetime of Care study\u00a0showed that the total cost of owning a dog ranged from $20,000 to $55,000 over its lifetime. The cost of a cat was similar: from $15,000 to $46,000.\u00a0The research also found that while almost half of the pet owners thought they were ready for the expense of ownership, they turned out not to be. In addition, one-third of pet owners will face an expense that causes financial worry. For 25% of pet owners, even an unexpected $250 charge could be a major problem.<\/p>\n

Clients value the essential role you play in their pets\u2019 lifelong health, and they understand that veterinary practices need to be financially successful to provide personalized care for pets. Let clients know that bringing in a dog or cat for regular checkups is an essential step in building a strong relationship with you. Relationships are what they truly value.<\/p>\n

Here are some strategies to help your clients understand and deal with the stress and cost of giving their pets the best possible care:<\/p>\n