Setting a new standard: The Nationwide | Purdue Veterinary Price Index

Are veterinary prices going up? We know what pet-owners think, but what do the numbers say? To find out, we asked for the help of independent economists and got a result that will surprise a lot of people.

The ground-breaking Nationwide® | Purdue Veterinary Price Index, produced by Nationwide® in partnership with the Krannert School of Management at Purdue University, uses 5.3 million pet-health insurance claims from Veterinary Pet Insurance® (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

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The resulting 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.

NW4With 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.

Coming up next: Information on feline-related veterinary pricing. The team at Purdue are crunching the numbers now.