Many horse owners also have a dog or a cat in their family, and the understanding of cost is just as lacking for the smaller animals in their lives.
According to earlier research conducted by Synchrony, seven out of 10 pet owners consider their pets members of the family, yet nearly half underestimate the lifetime cost of care, which ranges from $20,000-$55,000 for dogs and $15,000-$45,000 for cats.
Additionally, approximately half of all pet owners who thought they were financially prepared for an unexpected pet expense were not when those expenses occurred.
While these conversations do not necessarily need to happen for routine visits and vaccinations, veterinarians should always be prepared to discuss different financial options when proposing a pathway to care. Pownall recommends six ways to ease the stress on cost of care conversations for both veterinarians and horse owners.
- Do not give too many options when proposing a new care routine. It can be difficult to decide between four or five different treatment plans and can make owners feel bad about themselves for not being able to afford the best quality of care for their horses. Instead, try offering a three-tiered approach. The first option can be described as, "If money wasn't an option, this is what we'd propose." The second and third options can provide fewer layers of care, but still underscore the overall message that all options will be beneficial to the horse.
- Give horse owners time to pause and reflect on their financial options. Oftentimes owners will get quiet when hearing the price tag associated with veterinary care. This is simply because when owners hear a figure, they start thinking about how to fit the expense into their budget to provide the care their horse needs. As those price tags can be hefty (and on par with car payments they need to make or dream vacations they had planned), always give them time to consider before moving on to care options and cost estimates.
- Prepare for tough conversations. Developing a script for financial conversations is one of the easiest ways veterinarians can ensure they are on the same page with horse owners. Having conversations about money is tough, especially when it is related to emergency or end-of-life care. It is much easier to explain why costs are what they are if a veterinarian has a script or talking points to refer to that clearly explain everything.
- Explain the value. When discussing various treatment plans, horse owners may hear "new technology" or "advanced MRI" and think that automatically increases the price of care. When discussing different technologies or approaches, it is important to explain the value of using these techniques. Owners want to feel confident you are recommending valuable care that will help their horse and not spitting out options just to increase the invoice amount.
- Consider the other factors influencing horse owners. Many horse owners seek advice from trainers, other horse owners, and online resources because they know veterinarian bills can be expensive. However, it is important to keep in mind trainers may have ulterior motives when suggesting care routines because if a horse is out of commission due to an illness, they are not driving profits. When talking to horse owners, make sure they understand your only recommendations are those which will help the health of the horse.
- Validate the equine client's choice. There is no one right answer for choosing one path to care over another. Many owners may feel bad about themselves for not being able to spend enough money on their horses. Veterinarians need to stress all pathways to care will help the horse.
Everyone knows owning a horse is expensive in general, but few truly understand the total costs over a horse's entire lifetime, or the stress associated with managing these costs.
"While owners do have a general sense of the cost of emergency care, they tend to think it will never happen to them," Pownall says. "That's why it's so critical to have these financial conversations early."
