Synchrony(US:SYF) Prnewswireยท2024-10-29 13:00Core Insights - The Synchrony "Veterinary Specialty Care Study" highlights significant concerns among pet parents regarding the costs associated with specialty and emergency veterinary care, indicating a need for improved communication between general practice and specialty veterinary teams [1][4]. Financial Concerns - 72% of pet parents express high levels of concern about the financial implications of specialty care, with half feeling stressed by bills up to $1,000 and 81% stressed if costs rise to $2,500 [3]. - Nearly 50% of pet parents underestimate the costs of pet care, with unexpected emergency care contributing to this miscalculation [5]. Knowledge Gaps - Over half (54%) of pet parents report having little to no knowledge about specialty care, which underscores the need for better education and communication from veterinarians [3][6]. - Only 25% of specialists believe that pet parents have realistic expectations regarding the costs of care [3]. Communication and Education - The study emphasizes the importance of proactive communication about specialty care costs and available payment options, as 63% of pet parents want this information early in the process [5][6]. - Many pet parents (38%) research costs before seeking specialty care, and 63% go directly to emergency vets without a referral, highlighting the need for accessible information on payment options [7]. CareCredit Insights - CareCredit has been a financing option for pet parents for 30 years, available at over 25,000 veterinary locations, allowing for real-time prequalification and instant credit decisions [8]. - CareCredit offers various financing options, including deferred interest plans and reduced APR for longer-term payments, which can help alleviate financial stress for pet parents [8][9]. Study Methodology - The study involved 305 pet parents, including 255 who visited specialty or emergency veterinarians in the past year, and 118 veterinarians providing emergency or specialty care [10].