New Synchrony Research Finds Pet Parents Are Equally as Concerned About the Cost of Specialty Veterinary Care as their Pet's Potential Outcome
A new Synchrony study reveals significant concerns among pet parents regarding veterinary specialty care costs and knowledge gaps. 72% of pet parents are equally worried about financial implications and potential outcomes, with half feeling stressed by bills up to $1,000 and 81% stressed by bills approaching $2,500. Only 25% of specialists believe pet parents have realistic cost expectations, while 54% of pet parents admit knowledge about specialty care. The study, conducted for CareCredit, highlights communication gaps between veterinary teams and pet owners, with 63% of pet parents wanting early information about payment options, though few specialty clinics provide this proactively.
Un nuovo studio di Synchrony rivela significative preoccupazioni tra i genitori di animali domestici riguardo ai costi delle cure veterinarie specialistiche e alle lacune informative. Il 72% dei genitori di animali domestici è ugualmente preoccupato per le implicazioni finanziarie e i potenziali risultati, con la metà che si sente stressata da spese fino a 1.000 dollari e l'81% stressato da fatture che si avvicinano a 2.500 dollari. Solo il 25% degli specialisti crede che i genitori di animali domestici abbiano aspettative realistiche sui costi, mentre il 54% dei genitori di animali domestici ammette di avere poca conoscenza delle cure specialistiche. Lo studio, condotto per CareCredit, mette in evidenza le lacune comunicative tra i team veterinari e i proprietari di animali, con il 63% dei genitori di animali domestici che desidera informazioni tempestive sulle opzioni di pagamento, sebbene poche cliniche specialistiche forniscano queste informazioni proattivamente.
Un nuevo estudio de Synchrony revela importantes preocupaciones entre los dueños de mascotas sobre los costos de la atención veterinaria especializada y las lagunas de conocimiento. El 72% de los dueños de mascotas están igualmente preocupados por las implicaciones financieras y los resultados potenciales, con la mitad sintiéndose estresados por facturas de hasta 1,000 dólares y el 81% estresados por facturas que se acercan a 2,500 dólares. Solo el 25% de los especialistas cree que los dueños de mascotas tienen expectativas de costo realistas, mientras que el 54% de los dueños de mascotas admite tener un conocimiento limitado sobre la atención especializada. El estudio, realizado para CareCredit, destaca las brechas de comunicación entre los equipos veterinarios y los dueños de mascotas, con el 63% de los dueños de mascotas queriendo recibir información temprana sobre las opciones de pago, aunque pocas clínicas especializadas ofrecen esto de manera proactiva.
새로운 Synchrony 연구에 따르면, 반려동물 보호자들은 수의학 전문 치료 비용과 정보 부족에 대해 상당한 우려를 표명하고 있습니다. 반려동물 보호자의 72%가 재정적 문제와 잠재적 결과에 똑같이 걱정하고 있으며, 절반은 1,000달러에 달하는 청구서에 스트레스를 느끼고 81%는 2,500달러에 가까운 청구서로 스트레스를 받습니다. 전문의의 25%만이 반려동물 보호자들이 현실적인 비용 기대치를 가지고 있다고 믿고, 54%의 반려동물 보호자는 전문 치료에 대한 지식이 부족하다고 인정합니다. CareCredit을 위한 연구는 수의 팀과 반려동물 소유자 간의 소통 부족을 강조하며, 63%의 반려동물 보호자가 지불 옵션에 대한 조기 정보를 원하지만, 많은 전문 클리닉이 이를 적극적으로 제공하지 않는다고 합니다.
Une nouvelle étude de Synchrony révèle des préoccupations importantes parmi les propriétaires d'animaux concernant les coûts des soins vétérinaires spécialisés et les lacunes en matière de connaissances. 72 % des propriétaires d'animaux sont également inquiets des implications financières et des résultats potentiels, avec la moitié se sentant stressée par des factures allant jusqu'à 1 000 dollars et 81 % se sentant stressés par des factures approchant 2 500 dollars. Seulement 25 % des spécialistes croient que les propriétaires d'animaux ont des attentes de coûts réalistes, tandis que 54 % des propriétaires d'animaux admettent avoir des connaissances limitées sur les soins spécialisés. L'étude, menée pour CareCredit, met en évidence les lacunes de communication entre les équipes vétérinaires et les propriétaires d'animaux, avec 63 % des propriétaires d'animaux souhaitant des informations précoces sur les options de paiement, bien que peu de cliniques spécialisées fournissent cela de manière proactive.
Eine neue Studie von Synchrony zeigt erhebliche Bedenken unter Haustierbesitzern bezüglich der Kosten für veterinärmedizinische Fachversorgung und Wissenslücken. 72 % der Haustierbesitzer sind gleichermaßen besorgt über finanzielle Auswirkungen und mögliche Ergebnisse, wobei die Hälfte sich durch Rechnungen von bis zu 1.000 Dollar gestresst fühlt und 81 % durch Rechnungen, die sich auf 2.500 Dollar zubewegen. Nur 25 % der Spezialisten glauben, dass Haustierbesitzer realistische Kostenerwartungen haben, während 54 % der Haustierbesitzer zugibt, wenig über Fachpflege zu wissen. Die Studie, die für CareCredit durchgeführt wurde, hebt Kommunikationslücken zwischen veterinärmedizinischen Teams und Tierhaltern hervor, wobei 63 % der Haustierbesitzer frühzeitige Informationen über Zahlungsoptionen wünschen, obwohl nur wenige Fachkliniken dies proaktiv anbieten.
- CareCredit financing available at over 25,000 veterinary locations nationwide
- Multiple financing options offered including deferred interest and reduced APR plans
- Instant credit decisions available with no impact on credit score for pre-qualification
- 81% of pet parents stressed by specialty care bills approaching $2,500
- 54% of pet parents lack knowledge about specialty veterinary care
- Significant communication gap between veterinary specialists and pet owners regarding costs
- Only 25% of specialists believe pet parents have realistic cost expectations
Insights
This research reveals significant market insights for Synchrony Financial's CareCredit business in the veterinary sector. The data showing that
The research indicates strong potential for CareCredit's growth in the veterinary financing space, particularly given that half of pet owners actively seek payment options before specialty care. The company's presence in over 25,000 veterinary locations provides a solid foundation for market expansion. The various financing options, including deferred interest and fixed monthly payments, position Synchrony well to capture this underserved market need.
The study highlights a critical market inefficiency in veterinary care financing communication. With
The direct-to-emergency trend, with
Veterinary Specialty Care: A Synchrony Lifetime of Care Study Reveals
Findings revealed that:
72% of pet parents are very/extremely concerned about the financial implications of the cost of their pet's specialty care as they are the potential outcome.- Half would be stressed by a specialty care bill of up to
$1,000 81% being stressed if the bill increased towards$2,500 - Only
25% of specialists believe pet parents have realistic expectations about the cost of care. - Over half (
54% ) of pet parents surveyed admit to having little to no knowledge about specialty care in general.
Conducted on behalf of CareCredit, a Synchrony solution, this latest study is an extension of the broader Synchrony Lifetime of Care study, which looked to better understand the relationship between pet parents, primary care veterinarians and veterinary specialists to identify ways to enhance the overall experience from a financial, informational and communication perspective.
"Nearly
Despite
"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. "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."
The Veterinary Specialty Care study uncovers key areas where communication and education from both the primary care veterinarian and specialists can better prepare pet parents in advance of an emergency.
In general, pet parents are committed to uncovering financial solutions that can help them pay for the care their pet needs. In fact, Synchrony's findings revealed that half of pet parents explore payment options before seeking specialty care, and
For 30 years, pet parents have turned to CareCredit for financing options for all types of veterinary services, treatments, and diagnostics. Available at over 25,000 veterinary locations nationwide, pet parents can quickly see if they prequalify for the CareCredit health and wellness credit card in real-time (with no impact on their credit score) and apply on any smart device or over the phone. They will receive an instant credit decision, and if approved, pet parents can use their account to pay their veterinarian immediately. Pet parents can select from short-term and long-term financing options on qualifying purchases, including deferred interest if paid in full within 6,12,18 or 24 months and reduced APR with fixed monthly payments for 24, 36, 48, or 60 months.
Additionally, CareCredit offers a user-friendly online calculator that makes it easy for pet parents to quickly estimate monthly payments based on available financing options. CareCredit is recommended by the American Animal Hospital Association and is a Preferred Partner for the American Veterinary Medical Association. For more information, visit www.carecredit.com.
Methodology
The new study Veterinary Specialty Care: A Synchrony Lifetime of Care Study is based on findings from 305 pet parents, including 255 who visited specialty or ER veterinarian in the past year and 50 sought primary care only, and 118 veterinarians who provide emergency or specialty care and accept the CareCredit credit card. This is the fourth study in the Lifetime of Care research series, which also includes the Pet Lifetime of Care, Lifetime of Healthcare Costs and Equine Lifetime of Care studies.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com.
Contact:
Michelle Romero
michelle.romero@syf.com
(626) 250-1415
1 | Synchrony's Pet Lifetime of Care Study (link) | |||||||
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SOURCE Synchrony Financial
FAQ
What percentage of pet parents are concerned about veterinary specialty care costs according to Synchrony's study?
How many veterinary locations accept CareCredit for pet care financing?
What percentage of pet parents have knowledge about veterinary specialty care?
How many pet parents go directly to emergency vets without a referral?
