Are Your Prices Transparent? CMA Releases Initial Findings on Veterinary Market Investigation

Trust is the foundation of veterinary care. As a practice owner, your goal is to provide the best possible care for animals while maintaining strong relationships with their owners. But with the Competition and Markets Authority (CMA) now releasing its initial findings on pricing and competition in the veterinary industry, transparency has never been more critical.

The CMA’s latest update highlights concerns about pricing clarity, competition, and whether clients have access to enough information to make informed choices. So, what does this mean for your practice, and how can you proactively address these findings?

Key Takeaways from the CMA’s Findings

The CMA has raised concerns about:

• Limited Price Transparency – Many pet owners struggle to access clear pricing information before committing to treatment. The CMA’s investigation found that transparency was not consistent across the industry, leading to confusion among consumers.
• Competition Challenges – There are worries that industry consolidation, where larger corporate groups are acquiring independent practices, may limit competition and consumer choice. This could affect the range of services available and potentially lead to higher costs.
• Lack of Awareness About Ownership Structures – Clients may not realise that some veterinary practices are part of larger corporate groups. This lack of clarity could impact their decisions, as they may not understand how ownership affects pricing models and service availability.

The report signals that the CMA may take further action to ensure better transparency and fair competition in the sector. While it’s not yet clear what regulatory changes might follow, practices that take a proactive approach to pricing transparency can strengthen trust with clients and prepare for potential reforms.

Why Transparent Pricing Matters Now More Than Ever

With growing scrutiny from the CMA, veterinary practices need to ensure that clients have access to clear, upfront pricing. Transparent pricing:

• Builds Trust – Clients appreciate honesty and clarity, making them more likely to stay loyal to your practice.
• Prevents Misunderstandings – Clear pricing helps avoid confusion or disputes over treatment costs, which could escalate given the CMA’s investigation.
• Enhances Client Experience – When clients understand pricing upfront, they can make informed decisions without delays or stress.

Steps to Improve Pricing Transparency in Your Practice

If your pricing information isn’t easily accessible, now is the time to make changes. Here’s how:

1. Review Your Current Pricing Structure – Ensure that your fees are competitive, fair, and reflective of the value you provide. Transparency should not just be about displaying prices but also demonstrating the quality of care behind them.
2. Make Pricing Information Easy to Find – Whether through your website, printed brochures, or digital estimates, ensure clients can access clear pricing details before treatment begins. This helps clients make informed decisions and prevents any surprises.
3. Clearly Disclose Corporate Ownership (If Applicable) – If your practice is part of a larger group, make this information transparent to help clients understand their choices. The CMA’s findings stressed the importance of clear communication about ownership to prevent confusion.
4. Train Your Team – Equip your staff with the knowledge and confidence to discuss pricing openly and effectively with clients. Ensure they can explain why prices may vary and how ownership or location factors into the cost of services.
5. Use Digital Tools – Consider interactive cost calculators, estimated pricing tables, or treatment package breakdowns on your website. These tools can offer a more personalised experience, reflecting your practice’s commitment to transparency.

How to Address Client Concerns About the CMA Investigation

Clients may start asking more questions about pricing due to the CMA’s findings. Here’s how to address their concerns effectively:

• Acknowledge the Findings – Let clients know that you are aware of the investigation and committed to transparent pricing. Assure them that you are working towards providing clarity and fairness in your practice.
• Emphasise Your Practice’s Commitment to Fair Pricing – Explain how you strive to provide clear, competitive pricing and open communication. Highlight your dedication to ensuring that clients are well-informed and not blindsided by hidden costs.
• Highlight the Value of Your Services – Educate clients on what goes into pricing, including specialist care, equipment costs, and high-quality treatment standards. Make it clear that the pricing reflects the expertise, time, and commitment to their pets’ health.
• Offer Payment Solutions – Discuss pet insurance, wellness plans, or financing options to help clients manage costs effectively. This proactive approach can ease financial concerns and create goodwill.

Conclusion

The CMA’s findings are a wake-up call for the veterinary industry, but they also present an opportunity. By embracing transparency now, your practice can not only comply with potential regulatory changes but also strengthen trust with clients and enhance the overall veterinary experience.

Now is the time to take proactive steps – ensure your pricing is clear, educate your clients, and show them that your practice is committed to honesty and fairness. In an industry built on trust, transparency is the key to long-term success.