STILLWATER – While veterinary technology continues to improve and enter mainstream – with oncology treatments and MRIs, for example – the availability of customer payment systems to help provide these services is still in demand. lagging behind, according to recent research from Oklahoma State University.
Customers want more options, said Courtney Bir, Oklahoma State University extension specialist and assistant professor in the Department of Agricultural Economics.
âWe are trying to find a solution to help vets smooth their costs while helping pet owners avoid price shocks,â Bir said.
âMedical care for pets has made great strides, many of which have high prices,â she said. âThe increasing willingness to pay for even expensive medical care for pets reflects the growing importance of pets as family members. Understanding these changing medical needs and providing the best options for clients is important for veterinary clinics.
Dr Cade Wilson, a small animal veterinarian who owns and operates his practice in Ardmore, agrees with Bir’s findings, based on feedback from dog and cat owners nationwide. Wilson, an OSU alumnus, has been practicing for about 17 years. On the commercial side of operations, the return on investment of new technologies is quite low, making customer loyalty and attracting new patients vital.
But even when clinics can afford the technology, Wilson is quick to point out that not all clinics have the managerial capacity to set up and collect payments.
âThis puts some customers in a difficult situation. We’re trying to help them in terms of cost and what’s needed, âWilson said. âJust about everyone uses credit cards now, of course, and we still accept checks. I also worked very hard not to deal with debt collections.
âI’m just not sure there is a better way,â he said. “But I know I want to keep these animals healthy and happy with owners who love them, with the best possible service, and all other factors taken into account.”
With 48.2 million US households with 76.8 million dogs and 31.9 million households with 48.4 million cats, the market is in high demand. Data from the American Veterinary Medical Association shows that Americans total spend about $ 25 billion on dogs and cats each year. Related businesses have sprung up over the years to seize this potential, especially when it comes to rising healthcare costs, such as third-party payment service providers and pet insurance companies. . One of the nation’s largest pet supply retail chains recently announced that it is partnering with a financial services company to offer online and in-store payment services.
Bir’s research found that it is difficult for animal customers to incorporate the common practice of third-party vendors when managing payment plans. The study was published in the Journal of Agricultural and Resource Economics.
âHowever, this can reduce the already strained profit margins associated with veterinary services, and issues that can arise with third parties can erode the veterinarian-client relationship,â she said.
Dr Rosslyn Biggs, clinical assistant professor at OSU’s College of Veterinary Medicine, said that while there are exceptions, balancing pet medical care needs with the owner’s continued ability to pay. be a challenge for veterinarians at any stage of their career. Many practices, especially those owned by physicians, struggle to find staff with the expertise to administer payments and collections in urban and rural practices.
âSome of the most difficult situations in practice are when the recommended care plan for an animal does not match the client’s financial resources,â Biggs said.
His conclusion matches Wilson’s experience: âInnovative payment mechanisms that give owners options to cover their pet’s medical expenses without squeezing the narrow margins of most veterinary practices are needed. “