When I wrote last fall that changing the Veterinary Pet Insurance® (VPI) brand to our parent company’s, Nationwide®, would not diminish our level of service to the veterinary community, the Nationwide® | Purdue Veterinary Price Index was very much on my mind. The results will surprise a lot of people.
The ground-breaking study, produced by Nationwide in partnership with the Krannert School of Management at Purdue University, uses 5.3 million pet-health insurance claims from VPI, the first and largest insurer of pet health in the United States. We turned our remarkable and unmatched dataset over to two economics professors at Purdue, Kevin J.Mumford, Ph.D., and John M Barron, Ph.D
Click to download the PDFs:
- Nationwide® | Purdue Veterinary Price Index: Executive Summary
- Nationwide® | Purdue Veterinary Price Index: Explanation of Methodology
The resulting inaugural index counters U.S. government estimates of increases in veterinary pricing that track above those for all consumer prices. In fact, the index shows that from 2009-2013, veterinary prices fell a tiny bit overall, with more significant pricing decreases in the West and in suburban markets.
With this initial data-dive and its newsworthy results, Nationwide sets a new standard for the understanding of pricing in the companion animal veterinary services sector. We will offer updates quarterly, plus additional slices of our data to see what else we can find to help revealing and explain pricing trends.
As with the VPI-Veterinary Economics Financial Health Study we produced last year with in partnership with Brakke Consulting, the Nationwide® | Purdue Veterinary Price Index represents a major commitment of our resources in service of veterinarians, pet-owners and the pets we are here to give our best for when it comes to care. We chose a pricing index for our work with the Purdue economists because that’s what our surveys showed veterinarians wanted us to use our data to explore.
So that’s exactly what we did. We released the initial results of our pricing information Sunday night at the North American Veterinary Community conference. You can click at the top of this post, or on “Library” in the right column to download the executive summary as well as a separate document explaining the methodology of the Nationwide® | Purdue Veterinary Price Index. (You can also download the VPI-Veterinary Economics Financial Health Study in the library section, if you haven’t seen that yet.)
This is just the beginning, as we will be releasing updates quarterly, as well as other information of value to the veterinary community that we can tease out of our immense claims database.
Nationwide has long worked to be of service its policy-holders and community, and so has VPI. With the change of name at VPI comes a greater sense of determination to provide solutions for those who trust us to be there when a pet needs care. Part of that responsibility means working to use our claims data when and where we can to help make that happen.
In other words: Watch this space.
If you want a hard copy of the executive summary and are at the NAVC convention, pick one up at our booth, Gaylord 1525. You can also sign up to receive quarterly pricing reports and other veterinary pricing data by signing up for our electronic newsletter, also at the booth.