The biggest myth surrounding fee schedules is that your patients watch your fees like they watch the stock market. Truth be told, when your team members are comfortable presenting and supporting fee adjustments, most patients don’t even take notice. Here’s another business truth we all know: when questioned patients will think your fees are high regardless of where they are positioned. The key to your success is in exceeding patients’ expectations so that you deliver on the value you promised and price is not a issue.
Take a good look at your current practice numbers: revenue, expenses and fees. If you recognize that you have been avoiding taking a serious and hard look at your fee schedule, seek counsel from your accountant and consultant and make the decisions that need to be made to position you for sustainable success. If you don’t know where your fees are positioned, contact me and we’ll can have an analysis done for you.
I don’t know who said it first, but it bears repeating: “Charge what you are worth and you will be worth what you charge.†The resulting profit will provide the freedom for you to practice the way you choose to practice rather than finding yourself beholden to managed care. Profit isn’t a four-letter word; it’s a requirement for sustainable success. You work hard; you’ve earned it.
Check out Ginny’s full feature article on fees in the January issue of Dental Practice Report