It’s challenging to know the right strategy for what you’re going to charge. You’d think the lower the fee, the higher number of patients you have. In certain specialties and industries, your fee is how people perceive your value. Under-pricing your services may attract the wrong type of patient and set your business up for failure.
Where Do I Start?
The first step is to do a competitive analysis. Look at where other companies are and figure out where you fall on the spectrum of quality. We all have strengths and weaknesses, and there’s value assessed to different areas of strength. So, look at what others are charging and make sure you’re in the ballpark.
-If you’re significantly lower it’s very difficult for people to take you seriously
-If you’re higher, that may be ok if you want a lower number of patients and that’s ok.
Is the Return Worth My Time?
The main factor to take into consideration is: how much time is involved. Find out much of your personal time, and your team’s time is needed and ask, “What do I have to charge to make this worth our time and energy?”
You want to look at everything involved, and you want to make sure that it’s something that you look forward to doing. If you are under-priced for what you do, you’re not going to enjoy what you’re doing.
Think about if certain things are worth it to you. If your mindset is “I’m only going to get ‘X amount’ of reimbursement, this service isn’t even worthwhile for me,” is that fair to the patient? No. You may need to change your fees, insurance involvement, or change your program. That way, you’re not only investing the time but you’re excited to invest the time.
For more strategies on how to improve your practice, contact us and schedule a complimentary marketing planning session today! To hear Grace’s thoughts on this, please watch her video at: https://youtu.be/9m6PA575b6A