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Pet Owners' Mental Health Improves Vets' Financial Health

Posted by Tom Lombardo | Wed, Apr 23, 2014 @ 10:00 AM

Veterinarian EconomicsScience has proven what veterinarians and their clients already know: owning a pet improves your mental health.  That heartfelt smile you have when your dog runs to greet you, when your cat jumps into your lap, or when your bird scurries onto your finger doesn’t just make you feel good for a moment – it enhances your overall wellbeing.

The ROI of Pets

Interacting with your pet produces the same biological response as being with one of your favorite humans. Your brain produces a surge of the love hormone oxytocin, which blasts that good feeling through your mind and also amps up all your neurotransmitters, giving you an expansive mental boost. In fact, children who grow up with pets develop greater empathy, become more responsible, demonstrate more leadership and have higher self-esteem and confidence.

Pets get us off the couch and out of the house, which is always good for the mind – and once outside they introduce their owners to other humans. People are more likely to talk to a stranger with a pet, and the presence of pets suggests that play dates, walks in the park or games of fetch ought to be planned – all of which are social activities that have a positive impact on mental health.

The Price of Pets

So it’s no wonder that Americans have 165 million pets – more than one for every two people in the country.  We’ve always known how great they are, and we take excellent care of them. At the Global Pet Expo held in Orlando, Florida last month, Bob Vetere, CEO of the American Pet Products Association, reported that we spent $55 billion on them last year alone.

Veterinarian FinancesFood was the biggest expenditure, but the second biggest was veterinary care. Veterinarians now provide pets with practically every type of care available to humans – ranging from kidney transplants and bionic limbs to allergy shots and chemotherapy.  Afflictions that may have resulted in euthanasia only a decade ago can now be aggressively combated with the latest technologies.

Insurance and Guarantees

Demand for these treatments is limited primarily by cost, which can quickly balloon beyond the means of most households. This has caused an explosion in the pet insurance market. Pet insurance has been available since the 1980s, but it is now poised to become a staple of pet ownership. For a monthly premium typically in the $30-$50 range, pet owners can prepare to provide their pet with the latest care. In 2013 less than 1% of American pets were insured, but the industry is already worth $500 million and is expanding at 13% annually, according to the North American Pet Health Insurance Association. Over 3,000 American companies now offer pet insurance as an employee benefit, including one-third of the Fortune 500.

As checks from insurance companies become an important part of your revenue stream, electronic check processing and remote deposit capture (VET-RDC) can save you time and money. Remotely depositing checks lets your staff process payments quicker and without driving to the bank (during your business hours, no less, which takes them away from their duties).

And as clients write more checks for co-pays you might consider the advantages of having a check guarantee service, so you’ll know that you will receive funds even if a check bounces. Clients faced with an emergency may be grateful for VET-RDC’s multiple check feature, allowing them to write 2-4 checks that you deposit over 30 days to better fit their cash flow.

You take care of your client’s mental health by taking care of their pets, so take care of your own financial health to make sure you’re there when you’re needed most. Read our free guide for a complete overview of these benefits.

Remote Deposit Capture for Vets Insider's Guide

Topics: Veterinarians

Written by Tom Lombardo