"Today’s Veterinary Business" Encourages Vets to Be Pro Pet Insurance

veterinarian on computer

We’ve established that clients with pet insurance are more likely to give their pets the best care – and by “we,” we mean Embrace Pet Insurance, the North American Pet Health Insurance Association (NAPHIA), and the American Veterinary Medical Association (AVMA), pretty reputable sources if we do say so ourselves. Veterinarians are resting easier each night knowing that they are able to practice the best medicine without focusing on cost. But that’s not the only perk for veterinarians:

Pet insurance is actually increasing your practice’s bottom line.

Today’s Veterinary Business digs into how this is possible in their October 2018 article “In-SURE!-ance.” While increased owner compliance remains one of the greatest benefits of clients having pet insurance, the article also states that, “Pet health insurance generates added revenue for the practice and added income to individual veterinarians paid on production.”

Why is recommending pet insurance important?

Consumer research by NAPHIA shows that dog owners with pet insurance spend 29% more at the vet each year, and cat owners spend 81% more. The AVMA worked with Mississippi State University in a study showing that the average dog owner with pet insurance will spend approximately $211 more per year in veterinary care. While that might not sound too impressive for one pet, consider that between 80-100 of your clients have pet insurance – you’re looking at up to $21,100 in increased revenue. If you can help 100 more clients to invest in their pet’s health by recommending they purchase pet insurance, your practice’s bottom line could see an increase of more than $40,000.

Today’s Veterinary Business even goes as far as to say that an insured dog is more valuable to the practice than selling preventatives. “It’s not uncommon for a practice to make 8 to 10 percent of its total revenue from flea, tick, and heartworm product sales. Imagine how much revenue the practice could add if it made the same effort to recommend pet insurance…”

The article sites a study by the AVMA that showed that nearly 50% of pet parents said they’d be more likely to purchase pet insurance if their vet actively recommended it. Make sure to read that carefully: actively. Many clients don’t consider their vet passively having brochures on the counter a recommendation at all. It’s important to select one or two companies to recommend and be comfortable enough with the coverage to explain it to your valued clients.

Picking Who to Recommend

Make sure that the companies you promote are suitable for a majority of your clients. Does your practice see a large number of purebred dogs? Embrace Pet Insurance has no exclusions for hereditary and genetic conditions associated with pure breeds, but a lot of other pet insurance companies won’t cover them, or require your clients to pay extra for riders for those specific conditions.

You’ll also want to ensure that the coverage you recommend is comprehensive. In addition to riders for hereditary and genetic conditions, many pet insurance companies require riders to be added for exam fee coverage, cancer treatment, alternative therapy, and more. Embrace Pet Insurance offers one comprehensive pet insurance plan that includes coverage for all those things and much more. Plus, we don’t use a benefit schedule, so your clients will be reimbursed based on the bill you give them – not by what we deem “usual and customary.”

With all this information at your fingertips, what’s holding you back? If you’re looking to partner with a pet insurance company to help you practice the best medicine and significantly bump up your bottom line, get in contact with one of our Business Development Representatives today.

Mind if we pay your vet bills?

Pet health insurance is administered by Embrace Pet Insurance Agency, LLC and underwritten by one of the licensed insurers of American Modern Insurance Group, Inc., including American Modern Home Insurance Company d/b/a in CA as American Modern Insurance Company (Lic. No 2222-8), and American Southern Home Insurance Company. Coverage is subject to policy terms, conditions, limitations, exclusions, underwriting review, and approval, and may not be available for all risks or in all states. Rates and discounts vary, are determined by many factors, and are subject to change. Wellness Rewards is offered as a supplementary, non-insurance benefit administered by Embrace Pet Insurance Agency in the United States. © 2020 American Modern Insurance Group, Inc.  Wellness Rewards not available in Rhode Island.