By Keith Drayer, Vice President, Covetrus Financial Services

While most veterinarians traditionally think of financing as a convenience for their clients, progressive practices are realizing they can use these programs as a way to adapt to clients’ changing behavior in the veterinary market.

Most veterinarians recognize the benefit of offering clients a comprehensive financing program for their pet’s care. It’s well established that these financing programs can lead to increased acceptance of care, better outcomes for pets, greater client loyalty, and less administrative work for the staff.

Providing innovative solutions for veterinary professionals has always been part of Covetrus heritage, and our partnership with the Citi Health Card is an extension of that commitment. Now, more than ever, veterinarians need cutting-edge solutions that allow their practice to reach its full potential. That’s why it’s important to take a look at the changing nature of consumer behavior in the marketplace and re-examine the role of client financing.

Why is consumer behavior changing?To truly understand how the role of client financing is evolving, we need to understand what is going on in the marketplace. While pet ownership is at an all time high, overall vet visits remain stagnant and are even declining in some markets. This can be partially attributed to consumer budgets being stretched by external factors, as well as pet owners’ lack of knowledge about the true cost of pet ownership. As a result of these cost concerns, consumers are changing how they function within the animal health system. They are questioning their vet’s recommendations, researching costs and reviews of other providers, and even putting off pet care altogether.

By offering your clients convenient financing options, you can stay ahead of the curve and put your practice in a position of strength in this consumer-driven environment.

A new attitude.This shift away from absolute trust in the veterinarian and the course of treatment is a relatively new phenomenon. We see it in the broader healthcare industry as well – Americans increasingly view themselves as consumers rather than clients or patients, and it’s directly related to an increase in out-of-pocket payments. Consumers get more involved and critical of their choices when payment is solely their responsibility. It’s that simple and it’s even more prevalent in veterinary care.

What it means for you.This combination of limited financial resources for pet care and savvy consumers means your practice needs to be more responsive to clients’ payment needs. That’s why it’s important to be forwardthinking when it comes to financing.

Your clients want to know why a procedure is necessary, what it will cost, and see transparent information about how they can pay for it. Essentially, they want to be empowered to comparison shop and do their own research. A good financing program like the Citi Health Card puts payment options in clear terms and gives them concrete numbers to budget around. As much as consumers like to shop around, they also want a resource with which they feel comfortable. You have a significant opportunity to capture their business for the long term by integrating financing into the core of your practice model.

A quick look at some of the Citi Health Card’s key client benefits makes it clear.

• Manageable monthly payment plans, including deferred interest options. Clients can see what their monthly costs will be upfront. And, they can take advantage of deferred interest financing options similar to what they’re used to seeing at retailers.
• No pre-payment penalties. This is important for clients who like to spread out their payments, but don’t necessarily need the whole term. It also adds another element of control to the client relationship, letting them choose how fast they’d like to pay off their balance.
• The account can be used for other healthcare expenses for all family members. This is a useful, but underappreciated, feature that can make the Citi Health Card an even more valuable tool for your clients.

The takeaway is that forward-thinking practices are adapting to their clients’ changing views by welcoming them. If a client wants to shop around for veterinary care, make sure your practice is positioned to compete on every level – service, treatment and payment options.

As a veterinarian, you’re almost always trying to refine your practice model. While many variables determine your practice’s productivity and sustainability, financing with the Citi Health Card may be able to help improve some of the most important factors.

Compared to offering payment options on your own, the Citi Health Card program requires less time, cost, and has significantly lower risk. Your focus can stay on care, not on collections.

• No enrollment fees and low Merchant Fees (MDRs)
• Easy Internet application and transaction processing – no special equipment needed
• Increased cash flow – receive settlement within 2-3 business days
• Enhanced training and support from Citi
• No minimum volume requirements
• Daily and monthly settlement reporting
• Payment presentation forms make client presentation simple and easy

How you put client financing to work for your practice is only limited by your imagination. You also have an opportunity to save money directly by offering the Citi Health Card. Based on a comparison of merchant fees as of December 2013, the Citi Health Card fees are lower than the industry average. In fact, preferred Covetrus Merchant Discount Rates start as low as 3.99%.

By offering your clients convenient financing options, you can stay ahead of the curve and put your practice in a position of strength in this consumer-driven environment. You could even increase treatment acceptance. A good financing program like the Citi Health Card gives you a solution that meets the changing needs of your clients and your practice.

Call 1-800-443-2756, to get started with the Citi Health Card Program today.

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