The Many Benefits of Veterinary Payment Plans
Many of us have been there – we open that unexpected bill and feel our hearts sink as we wonder how we’ll pay for it. For the many Americans living paycheck to paycheck, an unexpected veterinary bill can make a tough situation feel even worse, and it sometimes means that the bill will go unpaid.
Some veterinary hospitals are helping alleviate this financial burden on pet owners by offering payment plans. Unlike traditional wellness plans that offer discounts, payment plans take a different approach. They enable clients to spread the cost of annual services throughout the entire year by dividing the total amount into manageable monthly payments.
However, the benefits of payment plans extend beyond financial relief:
- They encourage pet owners to prioritize regular checkups. When costs are more manageable, clients are more likely to keep up with preventative care and schedule routine visits, ultimately leading to improved pet health and compliance.
- They help provide a constant revenue stream for the veterinary hospital. A steady flow of revenue can provide financial stability during more volatile periods.
- They positively impact client retention and loyalty. When clients are better prepared for the cost of care, it can alleviate stress and worry, and providing alternative payment solutions can strengthen trust and loyalty between the client and the hospital.
If a veterinary hospital chooses not to provide its own payment plan, it can explore offerings from third-party finance companies to provide its clients with financing options.
For more information on how payment plans could help your hospital, please contact KSM’s veterinary consulting team or download the Veterinary Guide to Best Practices, Vol. 5.
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