Trupanion – SAGE Symposium Silver Sponsor
Wish Every Patient Could Receive Gold-Standard Care? With Trupanion, They Can
You entered the field of veterinary medicine to help every animal you encounter have the best quality of life possible. But, whether you’ve been in practice for a few months, years, or decades, you know there are obstacles to providing the level of care you would like for every patient. The most obvious obstacle? Money. Why? Most pet owners are completely unaware of the sophistication and cost of today’s advanced veterinary medicine available to help their pets. As a result, many find themselves financially unprepared for an unexpected accident or illness resulting in the often, unpleasant reaction you receive when you provide them with what you know to be an appropriate, and all-too-often reduced, estimate or invoice.
A 2017 study published in Journal of the American Veterinary Medical Association found that, of 1,088 veterinarians surveyed, 57% reported that “client economic limitations affected their ability to provide the desired care for their patients on a daily basis.” Almost half (49%) reported a moderate-to-substantial level of burnout, and many cited the inability to provide pets with desired care due to economic limitations as a major contributing factor. Interestingly, only 31% of the respondents reported routinely discussing the cost of veterinary care with clients prior to their pet becoming ill, and only 23% reported routinely discussing pet health insurance.
As much as you wish money did not dictate the level of care you can provide to pets, experience tells you that it definitely does. A lack of funds can mean that a pet goes without diagnostic tests needed to detect disease early, when treatment can provide years of quality life. It can cause an owner to choose the less-than-gold-standard treatment option, at the sacrifice of their pet’s health. And, sadly, it means that sick pets are euthanized because owners can’t afford treatment to end their suffering. A 2018 survey of U.S. veterinarians published in Vet Record reported that 22% of respondents experienced requests for economic euthanasia one or more times per week.
In human health care, the answer to this dilemma is simple: People have health insurance, and don’t expect to pay a large medical bill every time they become sick or injured. Unfortunately, only 1% to 2% of the 184 million U.S. pets have medical insurance. At Trupanion, our goal is to ensure that every pet gets the health care they deserve, and you are able to provide the highest level of medical care for every patient, every time. Is this possible? Yes, we know it is. We have paid out more than $1 billion in paid claims to date, and continue helping pet owners provide the best care possible for their pets every day.
The benefits of an insured client base
Imagine being able to remove finances from the conversation the next time you discuss a complicated surgery or extensive diagnostic testing. The experience would be much more pleasant for the pet owner, who can simply focus on the medical care their pet needs, and for you, since you can offer the best medicine available, without worrying if the client can afford it. As more clients choose health insurance for their pets, this can become your reality.
Having an insured client base offers many benefits to your team, clients, and patients. Consider these perks:
- More client visits — Clients who have purchased medical insurance for their pets are more likely to visit your hospital at the first sign their pet is sick. In fact, Trupanion members are twice as likely to seek veterinary care, compared to clients without pet health insurance.* That means that pets will be seen sooner, when you will have a better opportunity to help them. It also means that you will see pets more often, and can stay on top of chronic conditions, and more quickly detect new issues.
- Better client compliance — You know your clients want to do what is best for their pets, but the inability to budget for the unknown can force them to put off diagnostic tests and treatments, or refuse them altogether. Have you ever diagnosed a devastating or painful condition in a pet, only to have the client take them home without treatment? These heartbreaking situations can be prevented by encouraging your clients to purchase medical insurance for their pets.
- Ability to practice the best medicine — Financial constraints often force clients to choose second- or third-tier treatment options. Trupanion members will quickly become your best clients, because they can say “yes” to top-tier, gold-standard treatment, without worrying about how to pay for it.
- Unnecessary euthanasias eliminated — Clients won’t resort to euthanasia because they can’t afford treatment, saving everyone involved from this heartwrenching scenario.
- Hospital pharmacy protection — We know your pharmacy is an important revenue source, and we want to keep this money in your hospital. If your clients aren’t counting pennies, there will be no need for them to request a prescription refill at a big box store or local pharmacy. They can simply pick up their pet’s medications at your hospital, and we’ll cover 90% of the eligible expenses** at the time of checkout.
- Decreased credit card fees — Most of your clients likely pay their invoice with a credit card, but credit card fees eat away at your profits. Although 3% to 5% may not sound like much, this portion adds up quickly. And, if you accept CareCredit, their 13% to 14% merchant fee takes a big chunk out of your profits. Trupanion can pay hospitals directly at the time of checkout, so you can keep 100% of your profits.
- Increased job satisfaction — You will be happier providing the highest level of care for your patients, and knowing your clients can agree to your recommendations without hesitation. Days will become less stressful for your entire team, and you will better enjoy the career you love.
- Increased revenue — Trupanion members who are twice as likely to seek veterinary care also spend twice as much, and stay with your hospital three times as long, compared to clients without insurance.* Between reduced credit card fees, more pharmacy sales, increased client loyalty, and improved client compliance, hospitals that use Trupanion’s software can enjoy revenue increases up to 105%.
The Trupanion difference
Trupanion is different from other pet health insurance companies. Our easy-to-understand policy means you can rest assured, knowing your patients are covered. Highlights of a Trupanion medical insurance policy include:
- One simple plan — We offer one simple plan that covers new, unexpected illnesses and injuries, to help pet owners budget for unplanned expenses.
- Lifetime pet coverage — A pet’s policy does not renew each year on their birthday, like policies from many other companies, which means that a chronic illness won’t suddenly become classified as a pre-existing condition.
- 90% coverage** — After the client’s deductible, we pay 90% of the eligible treatment cost. And, we don’t dictate the cost of care, or question the treatments you prescribe.
- No limit to the amount paid out — With Trupanion, there is no cap on the amount we will reimburse per condition, per year, or per lifetime, to keep them healthy.
- No claim penalties — Monthly cost for a member is not determined by the number of or dollar amount of claims they may file with us for their individual pet.
- One deductible per condition per lifetime — Means pet owners pay their deductible only once per condition over their pet’s lifetime. If a pet develops a chronic illness, their owner won’t get stuck paying a deductible that renews every year.
- Direct payment to you — When you use Trupanion’s software, we pay 90% of the covered expenses directly to you at the time of checkout. No need for the pet owner to come up with a large sum of money, mail in claim forms, or wait for reimbursement.
How to enjoy all the perks Trupanion offers
Trupanion works with veterinary hospitals to make medical insurance coverage as easy as possible for everyone involved, and eliminate the cumbersome reimbursement model. By working with Trupanion , you allow us to provide your clients an exceptional customer service experience, and you can focus on providing top-quality veterinary care. The process is simple:
#1: See our software in action — Demo Trupanion’s free, claims-processing software to find out how it can benefit your hospital, your team, and your clients.
#2: Download the software — Our easy-to-use software seamlessly integrates with your practice management system. When you download the software and begin using it, we’ll be able to provide claims decisions within minutes, and your hospital can be paid directly at the time of checkout.
#3: Spread the word — With your clients’ permission, let us know which pets are eligible for a digital Exam Day Offer, which provides immediate medical coverage for new unexpected accident or illness after vet exam and upon activation with no waiting periods. We’ll take it from there, answering their questions to help explain the details.
#4: Submit claims — When a Trupanion member is ready to check out, you can submit their claim directly through our software in seconds. Ninety percent of eligible claims are paid directly to your hospital through our software, with 85% of claims settled in less than five minutes.
Sound too good to be true? It’s not. We have revolutionized medical insurance for pets, because we believe that no pet should go without the best veterinary care, and you should be able to focus on doing what you love—providing pets the best care possible.