Pet insurance isn’t just any necessity for furry friends, but a crucial factor for Pet health care, and technology is its crucial differentiator. This is exactly where veterinary telehealth comes into the picture. It is not just a random technology passing trend but represents a fundamental transformation in the way pet care is delivered. It is directly impacting the risk and the profitability models of insurance companies.
Additionally, the dynamic changes in Pet insurance regulation and the resulting transformation in its operations, having the right technology tool to improve operations, will be the ultimate power player for carriers. Read on to explore more about the futuristic aspect of telehealth.
What is Telehealth- The New Medical Dial
In Pet Insurance, Telehealth is essentially the use of digital communication technologies, which include phone calls, emails, video chats, and mobile apps for providing remote veterinary care and advice. The greatest benefit of this is that it allows pet owners to care for their furry friends without any delays.
While telehealth in Pet insurance is a boon, hop onto the next section of the article to decode a few pivotal points that every insurance carrier needs to keep in mind.
Telehealth in Pet Insurance- Top 5 Things Every Carrier Needs to Keep in Mind
Telehealth in Pet Insurance is definitely one of the most convenient factors for policyholders. Here are the top things that every insurance carrier needs to keep in mind before implementing telehealth in Pet Health Insurance:
Defining the Scope of Covered Services
Carriers need to clearly define the scope of specific services that they are looking to cover under their policies, as telehealth is generally an adjunct and not a permanent replacement for traditional vet care.
The provision of Telehealth is essentially well-suited for follow-up appointments, chronic disease management, post-surgery monitoring, behavioral consultations, and general wellness advice. Routine preventive care essentially remains excluded from the traditional policies, and the carriers will be determining if and how the telehealth feature will bridge this gap, or if it will be a separate add-on.
Addressing the Lack of Physical Exam Limitation
One of the critical challenges that the carriers need to address honestly is the lack of physical exam limitations; this can increase the risk of misdiagnosis or delayed treatment. The carriers need to implement risk mitigation strategies that include tactics like integration with a pet’s primary vet for seamless information exchange or the mandate specific protocols, when a virtual consultation will be followed by an in-person visit. This significantly helps in managing the risk and ensures premium care for furry friends.
Integrating Technology and Data Analytics
A seamless integration with a network of veterinary clinics’ existing systems and robust telehealth is extremely essential for efficient claims processing and the continuity of care. The carriers need to have a hawk eye on the platforms, which would allow them an easy sharing of the digital Pet Health records, appointment scheduling, and secured communication channels, which include both synchronous video/audio and asynchronous messaging.
Additionally, leveraging data analytics metrics from these platforms and potentially from pet wearable devices will offer insights for personalized recommendations, early detection of health issues, and refined pricing.
Managing the Reimbursement Models and Pet Owner Expectations
Unlike Human Health Insurance, where there is a provision for direct billing, Pet insurance usually operates upon a reimbursement model where the owner pays the vet and then submits a claim. The carriers need clear policies on how the telehealth consultations will be reimbursed, and this includes different fee structures, copays, or deductibles.
Pet owners are often more willing to pay a higher amount for consultation with their own established vet instead of a large call center; hence, the partnership strategies must reflect this preference to drive this utilization.
Navigating the Legal Aspects
Another important factor that the carriers need to keep in mind when implementing telehealth is to understand the legal aspect of VCPR, which stands for Veterinary Client Patient Relationship. The carriers must clearly understand and comply with the evolving legal regulations to ensure that the services are legally sound and effective.
The Way Forward
In essence, telehealth in Pet insurance can be considered as the future of Pet insurance, while existing to complement and not replace the existing process. To seamlessly use telehealth to aid in operations, it’s important to understand the key factors above before implementing.
Archismita Mukherjee
Insurance Content Analyst
