8 Benefits of Offering Veterinary Financing Solutions to Your Clients

The cost of veterinary care can be a barrier for some pet owners, which can lead to difficult decisions about their pets’ health. According to Synchrony's Pet Lifetime of Care Study, 1 out of 2 pet owners will face an unexpected veterinary expense that causes financial worry. In addition, 1 out of 4 pet owners said an unexpected expense of $250 would trigger anxiety.¹

By offering veterinary financing options, practices can help bridge the gap between necessary pet care and financial limitations. This simple step can help ensure your patients receive the care they need while offering clients a way to pay. In turn, this can help your clinic grow.²

Let's explore how veterinary financing can benefit your clinic and clients by offering a way to move forward with the recommended treatment plan.

Benefits of Offering Veterinary Financing Solutions

Offering veterinary financing solutions can benefit pets, pet owners and your practice in numerous ways.

1. Increased care acceptance

The rising costs of veterinary care can make it difficult for some pet owners to afford the care their pet needs. The average cost* of a wellness exam is about $70, and this doesn’t include the cost of vaccines, blood work, fecal testing or parasite prevention.³

Emergency care is even more costly. The average emergency exam for a dog costs $125, and expenses can escalate quickly if the pet requires ongoing critical care.⁴ Financing options can help clients pay for necessary diagnostics, treatments and procedures.

2. Better patient outcomes

When pet owners have flexible payment options, they may be more likely to agree to your total treatment plan. This can help lead to better patient outcomes and help ensure pets receive timely care.

3. Less stress for pet owners

Offering clients a flexible way to pay can help alleviate client stress, enabling them to focus on their pet’s health rather than their ability to pay for care.

4. Preventative care

Veterinary financing options provide more flexibility for wellness care, making it easier for pet owners to invest in their pet’s future health. When pet owners can say yes to wellness care such as vaccines, wellness testing, dental cleanings and parasite prevention, pets can enjoy longer, healthier lives.⁵

5. Improved client loyalty

When a practice offers financing solutions to help clients manage veterinary expenses, pet owners may feel supported and valued. This culture of inclusion encourages loyalty and repeat visits.⁶

6. Improved veterinary team well-being

Watching a pet go without care because their owner can’t afford it can be disheartening for veterinary professionals. This ethically challenging situation can strain veterinary teams and may lead to compassion fatigue. Veterinary financing options help pet owners move forward with the care you recommend, which can help safeguard your team’s mental well-being.²

7. Increased financial stability for practices

Financing for veterinary care can help clinics get paid in a timely manner, which can boost your practice’s financial well-being. This may also decrease administrative strain on your front desk staff since they won’t have to spend so much time on collections.⁶

8. Competitive advantage

Clients who struggle to pay for veterinary care may seek out veterinary practices that offer financing solutions. Practices can differentiate themselves by providing personalized care along with offering veterinary financing options to help pet owners move forward with care recommendations. This can help your practice attract and retain clients in a competitive market.

Veterinary Financing Options

Here’s a breakdown of financial solutions veterinary practices can offer their clients to help ensure patients receive the care they need.

Third-party financing

This flexible payment option allows clients to apply for financing through an external provider, with approval based on the pet owner’s credit score, financial history and ability to repay.⁷

If the client is approved, they can usually pay for the treatment right away, and the practice gets paid quickly. The pet owner makes payments to the provider based on the financing terms. Interest rates may vary depending on the lender, the client’s creditworthiness or the length of the repayment term.

Types of third-party financing include:

• Health and wellness credit cards. This is a credit card that can be used for unexpected treatments and routine care, repaying the balance over time. The CareCredit health and pet care credit card is an example that integrates directly with most practice management systems and other practice modules to streamline the payment process and reduce administrative workload.
• Long-term loans. These loans may be available with repayment periods ranging from six to 48 months. This financing option can be used for high-cost treatments, such as emergency surgery, oncology care or an orthopedic procedure.
• Short-term loans. Some providers offer short-term "Buy Now Pay Later" installment plans, allowing pet owners to split their bill into multiple payments.

In-house payment plans

Some veterinary clinics provide customized payment plans for clients. The total cost is typically broken into multiple payments that the client pays over a period of time. The pet owner typically must make a down payment and sign a written agreement outlining the payment schedule.⁸

In-house payment plans benefit clients but require the veterinary team to handle logistics such as credit approvals and legal paperwork, as well as follow up to collect if a payment is missed.

Wellness plans

Some practices offer annual wellness plans that allow clients to pay for routine care in installments instead of a lump sum during their visit. Some pet insurance providers also offer wellness care coverage, reimbursing pet owners for a portion of their pet’s routine and preventive care. Such plans help pet owners budget for their pet’s wellness care and encourage regular veterinary visits.⁶

How to Implement Veterinary Financing Options

A well-implemented financial strategy can help enhance care acceptance, strengthen client relationships and improve clinic revenue. The below steps can help you and your practice implement and offer veterinary financing solutions to and for your clients.

• Research providers. Evaluate veterinary financing solutions based on your client demographics, practice size and financial goals.
• Integrate financing solutions with your practice management software (PMS). Some third-party financing providers, such as the CareCredit health and pet care credit card, integrate directly with many PMS, which can make the process more efficient. Benefits can include a faster application and approval process for clients, automatic payment posting to the client’s invoice and improved financial tracking for the veterinary clinic.
• Train staff. Ensure all team members, including front desk staff, technicians and veterinarians, understand the practice’s veterinary financing options and can confidently discuss the details with clients.⁶
• Promote financial solutions. Actively promote veterinary financing options through multiple channels, such as reception area signage, posted QR codes, new client handouts, social media posts, email newsletters and client discussions. You can help clients prepare for care by talking about financing options at every visit.

Whether through third-party financing, in-house payment plans, wellness programs or a combination of options, veterinary financing solutions can help create a win-win scenario for pet owners, veterinary teams and pets who rely on timely care.

Learn More: If your clinic accepts the CareCredit credit card, check out some of the educational and promotional tools and resources that we have available for providers.

A Veterinary Financing Solution for Your Clinic

Looking for a way to help your clients manage the cost of care that is needed for their pets? Consider accepting the CareCredit health and pet care credit card. CareCredit is a flexible financing solution that allows cardholders to pay for veterinary services over time, while you get paid within two business days.

When you accept CareCredit, you will receive a custom link that allows clients to see if they prequalify with no impact to their credit score. Those who apply, if approved, can take advantage of special financing on qualifying purchases.** The entire process is mobile-friendly, leaving you free to focus on providing the care pets need.

Learn more about the CareCredit credit card as a veterinary financing solution or start the provider enrollment process by filling out this form.

Author Bio

Jenny Alonge, D.V.M., has 17 years of experience as a veterinarian specializing in equine medicine and surgery. She blends her clinical background and writing expertise to produce veterinary content that is engaging and informative.

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