SEATTLE, May 29, 2018 (GLOBE NEWSWIRE) -- Trupanion (NASDAQ:TRUP), a leader in medical insurance for cats and dogs, announced today that the U.S. Patent and Trademark Office has approved a Utility Patent entitled “Pet Insurance System and Method” for the technology underlying the company’s proprietary software platform, Trupanion Express. Trupanion’s proprietary software facilitates on-the-spot payment of bills at the time of checkout by integrating directly with a veterinarian hospital’s practice management software.
Trupanion Express removes a major point of friction – the reimbursement model – that exists between “pet insurance” providers, pet owners and veterinarians. Not only does Trupanion Express remove claim forms and eliminate the reimbursement model for Trupanion members, it greatly increases the speed in which hospitals get paid – frequently in under 5 minutes.
The rest of the industry operates on a reimbursement model that requires hospitals to hold account receivables or pet owners to pay out of pocket at the time of checkout, complete paperwork related to the veterinary procedure, and then wait for confirmation that the procedure will be covered, and ultimately what the determined reimbursement amount will be.
“Our technology eliminates the financial barrier to care by enabling Trupanion to pay veterinarians directly before the pet owner even leaves the hospital,” said Dr. Steve Weinrauch, BVMS, MRCVS, Chief Veterinary Officer at Trupanion. “With Trupanion Express we have changed the way pet owners are able to approach the costs of veterinary care, while enabling veterinarians to provide the best care possible.”
“We want to be recognized as setting the industry standard in customer experience, and the approval of this patent helps solidify our positioning,” added Darryl Rawlings, CEO and founder of Trupanion.
Trupanion Express also helps veterinary hospitals reduce credit card fees, increase in-house pharmacy sales, and dramatically improve client compliance, all at no cost for the veterinarian. Pets receive 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.
Trupanion Express is already in thousands of hospitals across the U.S. To date, over 43,000 pets have received access to care through Trupanion Express. Over 233,000 veterinary invoices have been paid through Trupanion Express to date, and more than $67 million in claims have been paid directly to hospitals through Trupanion Express with $24,642 being the largest veterinary invoice paid so far.
In addition to the approval of the utility patent, Trupanion also holds a design patent on its Trupanion Express system.
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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