4 Reasons Your Dental Practice May Want to Raise its Fees
One of the scariest thoughts that dental accountants have is chasing away potential patients due to raising practice fees. It’s an understandable concern, especially when you consider the fact that many people attempt to cut costs whenever possible. The fact is, however, raising fees can actually have a positive effect on business, not to mention position your practice for a more financially sound future.
Still on the fence? Here are four reasons your daily practice may want to consider raising its fees.
1. You’re Looking to Build Patient Confidence
At the end of the day, no one wants to wonder whether or not the dental office they’re going to is keeping up with industry standards of quality. They want state-of-the-art equipment, a knowledgeable staff and the peace of mind that comes along with knowing they’re working with the best dental professionals around. Price doesn’t always translate to quality, but it most certainly can if you price your services properly. Raising fees may actually cause your patients to be more likely to stay with your practice—it’s a sign that they’re getting what they pay for.
2. Your Fees for Various Services are Inconsistent
When was the last time you took a closer look at the fees your practice charges? It may well be the case that certain services are in like with the norm cost-wise, while others are dramatically low for what they should be. This can occur as a practice grows, but it’s always important to reevaluate your pricing structures to ensure everything lines up evenly. If this means raising the cost of certain services, so be it.
3. You’re Fees are Too Low Across the Board
Some practices take the route of charging the lowest fees in their area in hopes that it will help bring them more business. In reality, however, this technique is more likely to cause people to wonder whether you’re actually providing quality care at such low rates, thus leading would-be patients to go elsewhere. Take a look at the local market and adjust your pricing accordingly—you’ll be doing your practice a huge favor.
4. You Need the Extra Capital
There’s no shame in falling short financially for a period of time. Growth doesn’t necessarily occur in a straight line, and sometimes, it helps to have access to a little extra capital to buy new equipment and keep the lights on. If the situation calls for it, raising your fees just ever so slightly can be one of the best ways to boost your bottom line, and chances are your patients will barely notice.
If you think your fees may need adjusting, they most likely do. So go ahead—raise your pricing with confidence!