Vet360 Vol 4 Issue 3 June 2017 Vet360 - Page 6

MediWallet ADVERTORIAL VETERINARY FINANCE Finance Options GROW YOUR PRACTICE WITH MEDIWALLET VETERINARY FINANCE REDUCE YOUR BAD DEBT for Veterinary Clients IMPROVE YOUR CASH FLOW With more people unable to afford unex- pected veterinary costs, MediWallet pro- vides your customer with an easy method to finance their purchase in your practice. BENEFITS: GET SETTLED WEEKLY NO BAD DEBT • We take your bad debt • We settle you weekly • Higher invoice value • No integration cost • SMS Pre-Approval within seconds • Established client base For more information: enquiries@mediwallet.co.za 0861 007709 or sign up at www.mediwallet.co.za By Bruce McIntosh MediWallet | Tel: 041 507 0492 | Cell: 079 885 3147 | www.mediwallet.co.za Many pets struggle with medical problems, especial- ly as they age. The cost of healthcare has been in- creasing well above inflation for a number of years. Pet owners who need to make a large payment have a few options to consider when deciding how to pre- pare for unforeseen medical expenses for their pets, namely: • Simply saving money for a rainy day; • Pet insurance; and • A medical credit card: For example the MediWal- let. Think of a regular credit card specific to medical expenditure, which is only accepted at a network of accredited medical or veterinary facilities. The MediWallet is designed to assist customers make a large upfront payment and then have the ability to repay it over 18 months. Like any credit card there is an interest charge as well as a monthly administration fee. There are no penalties for pre-payment. So if you can settle the outstanding balance say after 6 months then there is no early settlement charge. MediWallet credit can be used at all MediWallet accredited partners. As with all revolving credit facilities the balance becomes available once it is repaid. Having a dedicated savings account is a great idea but in reality it often doesn’t happen. There is also the risk of incurring a large bill before you have had the time to save enough money. Even if your savings have reached maturity there is always the risk that an unex- pected emergency will cost substantially more than your savings. From the perspective of the veterinarian, a primary benefit of the MediWallet is that it replaces in-house accounts or payment plans. It is understandably hard to digest writing off bad debt however, what is often not considered is the time invested in recovering outstanding debts. Veterinarians should focus on doing what they do best, which is providing quality healthcare to animals. Pet insurance is just that – health insurance for your pet. Like your own health insurance, you are required to pay a monthly premium which only pays out in the event of a medical emergency, trauma, or disease etc. Unlike a medical credit card pet insurance won’t cov- er every cost. Certain conditions, such as pre-existing or preventable conditions, may not be covered. In most policies a co-payment is also required. If you are a veterinarian trying to decide between pet insur- ance or medical credit cards, my advice would be to accept both options. The products are designed to target different customers, offering alternative options, making your prac- tice more appealing to a wider audience. This is where the product MediWallet becomes useful. MediWallet is a line of credit that can be used to cover any veterinary costs including those not covered by pet insurance. MediWallet can be used for your own health care expenses, as well as those of your pets. vet360 Issue 03 | JUNE 2017 | 6 Pet insurance is a good option for those comfortable to make monthly pre-payments, whereas MediWallet caters for customers who can’t make a lump sum payment immedi- ately, but can afford the procedure over 18 months. To qualify for a MediWallet account simply send us an SMS to 48832 in the follow format: Name*Surname*ID Number*- Gross Monthly Salary