Calm client concerns about veterinary prescription costs
Q: My clients are always balking at the cost of pet medication. How can I address their complaints?
"First and foremost, you must acknowledge the clients' concerns," says Fritz Wood, CPA, CFP, a veterinary financial planner and owner of H.F. Wood Consulting in Lake Quivira, Kan.
Fritz points out that the cost of pharmaceuticals, both human and veterinary, has been on the rise for some time, and it's something we're all sensitive to as consumers—particularly in a difficult economy. However, how you frame your explanation to clients could make all the difference.
"The cost of a transaction can be significant," he says. "A year's supply of heartworm preventive and a six-month supply of flea and tick preventive are enormously expensive today."
To make a transaction like this more palatable for clients, Fritz recommends breaking it down and explaining how much preventives or prescription medication cost per month—or better yet, translate it into a daily cost, which could easily be less than $1 per day. And don't hesitate to compare the cost to something clients can easily relate to, like the cost of a morning latte or lunch at their favorite restaurant.
Finally, when it comes to medication like preventives, remind clients that while they may seem pricey at first, they're still less expensive than treating the disease.
