Today marks the release of the new Nationwide® | Purdue Veterinary Price Index, which now includes claims data through the end of 2014. Once again, the data from more than 6 million claims from Veterinary Pet Insurance (VPI)® shows veterinary pricing overall continues the downward trend we shared in the first release. Today’s release at the AVMA Convention in Boston looks more closely at the pricing gap between wellness and medical pricing, and adds data on feline pricing trends.
As in the first release, our analysis of actual claims paints of a picture very different from the federal government’s report on veterinary pricing — they say up, up, up and we say that’s not the case. And once again, we note that our analysis is drawn from more than 6 million actual claims, i.e., the amount clients actually paid for care.
The U.S. Department of Commerce’s data is drawn from only a few hundred of calls to practices that quote “retail prices” not actual ones — consider it the difference between paying what’s on the sticker for a new car vs. the price actually paid. While practice owners cringe when thinking of all the services that don’t make it onto the actual invoice, we know how often this happens. And when it does, it shows up in our VPI claims data.
In both canine and feline care, pricing for wellness care is roughly on par with increases in all consumer goods and services, while the gap between wellness and medical pricing continues to widen. We’ll examine some of those trends more deeply in future updates of the Nationwide® | Purdue Veterinary Price Index.
Download a PDF of our executive summary in our Studies and Research section, or just click here.