Study highlights client concerns about veterinary specialty and emergency care

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Synchrony recently released its Veterinary Specialty Care study, which is an extension of the Synchrony Lifetime of Care study, to better understand the relationships between clients and specialists. The study also took a deep dive into the role that primary care veterinarians have within the referral process for specialist.

According to the organizational release,¹ 72% of pet parents are very/extremely concerned about the financial implications of the costs of care for their pet at the specialty clinic as they are with the potential outcome of their pet. The study also found among these pet parents, half would be stressed by a bill for specialty care of up to $1000, and 81% would be stressed if the bill increased to $2500.^1,2 The study also found that half of those within this study stated they explored payment options prior to seeking specialty care and 38% researched costs.

“Both specialty and primary care veterinarians have witnessed the stress pet parents have about the cost of care and the anxiety of balancing their financial realities with their pet’s medical needs,” said Amanda L. Donnelly, DVM, MBA, the organizational release.¹ “This stress is doubled when their pet needs specialized care because they may not have previous knowledge of what a specialist is and costs are likely the first concern that jumps into their mind.”

As for the top 5 veterinary visit concerns, the research showed clients are worried about²:

• How much treatment might cost: 80%
• How I would pay for treatment: 69%
• If my pet’s condition was treatable: 62%
• What would happen if I could not afford treatment: 62%
• What level of care my pet would need, and for how long: 58%

Along with the stress surrounding the cost of specialty care for pet parents, the study also investigated communication and education from specialists and general practitioners to help prep pet parents in advance of an emergency. For emergencies, more than 60% of those included in the study stated they went directly to the emergency care veterinarian for care without a referral, doubling down on the ideology that there is a need to make information about payment options easily accessible to clients.

The study was based on findings from 305 clients, 225 who visited specialty or ER veterinary professionals within the past year, 50 who only sought primary care, and 118 veterinarians that provide emergency and specialty services, who also accepted CareCredit credit card. The study is the 4th conducted within the Lifetime of Care research series.

“Nearly 50% of today’s pet parents underestimate the cost of pet care,³ and unexpected emergency care plays a big role in this miscalculation,” said Jonathan Wainberg, senior vice president and general manager, Pet, Synchrony. “This new report reveals the critical need for proactive communication about the cost of specialty care, information about payment options like the CareCredit credit card to manage those costs, and education about specialty care itself.”

The study shared its key takeaways for veterinary professionals is proactive communication with both pet owners and referring hospitals is crucial and more educational efforts are needed to combat the widespread lack of understanding among clients in regard to emergency and specialty care.

References

1. New Synchrony Research Finds Pet Parents Are Equally as Concerned About the Cost of Specialty Veterinary Care as their Pet’s Potential Outcome. News release. October 29, 2024. Accessed November 4, 2024. https://www.vetspecialtycare.com/#page=36
2. Synchrony. Veterinary Specialty Care . Synchrony. Accessed November 4, 2024. https://www.vetspecialtycare.com/#page=1
3. Synchrony. Lifetime of Care Study. Synchrony. Accessed November 4, 2024. https://petlifetimeofcare.com/#page=1