Nearly $1B paid out in claims since 2000
Over $140M in veterinary invoices paid directly to hospitals since 2014
SEATTLE, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Trupanion, a leader in medical insurance for cats and dogs, announced today that it has processed its one millionth veterinary invoice this year in care of its members’ pets.
The one millionth veterinary invoice for 2019 was processed on behalf of Molly, a 1 year old standard poodle from Ohio, for the treatment of pancreatitis for which Trupanion has paid over $1,080 in veterinary expenses. On average, Trupanion processes more than 80,000 claims per month and since 2000, has paid nearly $1 billion in veterinary invoices.
“When Trupanion was introduced nearly 20 years ago, we wanted to redefine the North American pet insurance landscape, offering the product with the broadest coverage designed to be used by loving, responsible pet owners,” said Darryl Rawlings, founder and CEO of Trupanion. “It’s for this reason that we celebrate opportunities to help our members pay for their pet’s veterinary care if and when their pet becomes sick or injured – it is why we exist! Processing one million veterinary invoices in a single year is a milestone and a testament to the team, and in particular those at Trupanion who work 24/7 365 days per year on behalf of our members to help pay their veterinary invoices.”
Approximately half a million pets are covered by Trupanion’s high-quality medical insurance, with 90% reimbursement, no limits or coverage restrictions and offered for the life of a pet. Trupanion does not direct care, nor costs. With Trupanion, pet owners can access services from any veterinarian, anywhere.
Chief Product Officer and DVM, Steve Weinrauch added, “Our product was built from the ground up in consultation with veterinarians, veterinary professionals and pet owners, to facilitate the practice of high-quality medical care. With Trupanion, pets have more access to the best care possible, members don’t have to wait weeks for reimbursement, and veterinarians can recommend what they believe is the best course of medical treatment. It’s a win for the pet, the pet owner, and the veterinary hospital.”
Trupanion is the only provider of medical insurance for pets that has the capability to pay veterinary hospitals directly at the time of checkout. With its exclusive hospital software, not only has Trupanion removed claim forms and eliminated the reimbursement model for Trupanion members, it has greatly increased the speed in which hospitals get paid – frequently in under 5 minutes.
Since 2014, Trupanion has paid more than $140 million in claims directly to hospitals through its patented, proprietary software. Nearly 412,000 veterinary invoices have been paid and more than 75,500 pets and pet owners have benefited with access to care through Trupanion’s hospital software.
“We have believed in medical insurance for pets and the value it adds to our clients for many years,” said Dr. Natalie Marks, medical director of Blum Animal Hospital in Chicago. “However, with the advent of Trupanion’s exclusive software, which integrated seamlessly into our practice management system, our hospital has provided not only an invaluable perk for clients who know their financial responsibility in minutes, but also improved job satisfaction for our client services team who see relieved and happier clients.”
With Trupanion’s proprietary software, veterinarians realize savings in credit card fees, increases in-house pharmacy sales with clients more likely to purchase medication at the time of checkout, and improved client compliance, all at no cost for the veterinarian.
Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion has given pet owners peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. For more information, please visit trupanion.com
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