Cost should not be barrier to veterinary care, says finance firm

Veterinary practices facing the challenge of helping cash-strapped owners care for their pets could see a potential solution at this week’s London Vet Show (LVS).

The Humm Group says it is already working with scores of vets in Australia and is now launching a range of services in the UK market.

And officials claim its systems can help struggling clients, without hitting practices’ bottom line.

‘Unexpected costs’

Calum Mackay, the company’s head of brand and customer engagement, said: “We want to ensure that all pet owners have options when faced with unexpected costs.

“Whether that be in the form of insurance, credit options or payment schemes, the cost of veterinary treatment should not be the main concern for the owners of sick pets.”

The pressure on household and business budgets caused by the current economic crisis has already prompted warnings of a welfare emergency and some practices being forced to close.

It is estimated that almost half of UK pet owners do not have insurance for their animals, despite figures from the Association of British Insurers suggesting the number of purchases reached a four-year high in 2021.

Survey results

A survey of almost 500 Humm clients in Australia found 73% of respondents would like repayment flexibility for their vet expenses.

Slightly more than half (51%) said they wanted their vet to offer payment plans that were easy to set up, while 47% said they wanted interest-free credit for their vet bills.

Almost one in three (31%) called for more payment options to be made available.

The group says its systems, which can lend as much as £30,000 to be repaid over anything up to six years, are already being used by around 200 vets in Australia to offer payment plans that are subject to credit affordability checks that enable clients to work out how much they can afford to pay in advance.

Discussions are ongoing with UK-based providers and practice management software companies that could enable any practice using the platforms to sign up.

‘Financial pressure’

Mr Mackay said its systems allow practices the choice of plans that charge interest rates or not, as well as fee-free plans, depending on what best suits them and their clients.

He said: “Essentially, using Humm to offer pet owners a payment plan takes the financial pressure off the practice, allowing them to provide more flexible payment schemes without detriment to their own books.”

The Humm group is sponsoring the Business Theatre at LVS and will also have a stand in the commercial exhibition.