Posted on Jun 12, 2017
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The Dilemma Of Raising Your Dental Fees
The Dilemma Of Raising Your Dental Fees. It can be difficult for some dentists to discuss the topic of raising their dental fees.
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However, not only is it not true that raising fees will cause patients to look elsewhere; it may even be the opposite. Your patients understand why and even expect that your fees will increase over time. They know that in order for you to provide them with the best possible dental care, you’ll need to purchase new equipment, attend seminars, and hire qualified staff members. Your patients will be happy to spend an extra $4 or $5 per procedure to continue receiving quality care.
How To Tell If It’s Time For A Fee Adjustment
Below are a few ways you can tell that it may be time to adjust your dental fees:
- Lowest Fees In The Area – Having the lowest prices in town isn’t always a good thing. You may draw in many one-time patients who need a procedure done quickly, but you’ll have difficulty finding loyal, long-term patients. People know that price represents value, and the lowest price may not reflect great quality.
- Unaware Of Prices At Other Practices – Oftentimes dentists will set prices without first doing research about the fees of other dental practices in the area. You want your prices to be similar to others in the area, otherwise you may be charging too much or too little without knowing it. You can do research online or call your Chamber of Commerce to find this information.
- Random, Unpredictable Fees – We’ve also seen dentists with unstable fee schedules, meaning they’re charging too much for a certain procedure and too little for a different one. Being unable to predict or understand prices may cause your patients to become frustrated or confused.
- Falling Short Financially – Lastly, the most obvious sign that you need to increase your fees a bit is if you’re unable to make ends meet anymore. As the cost of running your business increases, your profits must increase as well. Set attainable, realistic goals for your practice, and adjust your dental fees accordingly.
As long as you continue to provide amazing care to your patients, they will understand a fee increase and respect you more for it. For more tips on how to draw in and retain patients, or to speak with a dental consultant, give CTC Associates a call today.
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We’ve noticed that over-saturation is a big concern for dentists looking to purchase a practice or build a practice from…
February 19th, 2016
Finding and choosing the right dental partner for you can be an overwhelming and stressful process. Dentists are well aware…
February 09th, 2016
Finances are the biggest concern of dentists looking to sell their practices. There will obviously be costs involved with…
January 21st, 2016
The fist step in calculating what your retirement savings should be is to know exactly how much money you currently spend and…
November 15th, 2015
Purchasing your own dental practice may just be the largest professional decision you’ll ever make. Obviously, making sure…
October 23rd, 2015
Concerned clients ask us many questions and a lot of them seem to be of a similar vein. We’ve decided to put together a list…
January 21st, 2016
Purchasing a dental practice is a huge decision, one that can impact the rest of your life. This is why it’s so important to…
December 17th, 2015
Whether you’re purchasing a new dental practice, building one from scratch, or just considering adding a second office, you…
December 17th, 2015
We know that once the whirlwind of selling your practice is over, it can be very difficult to adjust to retirement or the…
November 20th, 2015
Dental partnerships can sometimes be a lot like a marriage! And just like a marriage, you don’t want to jump into it too…
March 23rd, 2015
Selling your dental practice can be stressful and overwhelming! We’ve put together a list of things that should make the…
Insights & Resources
Whether you're a seasoned dental professional planning your next big move or just beginning to explore the possibilities of buying or selling a dental practice, you've come to the right place. Our blog is designed to provide valuable insights, expert advice, and the latest industry trends to help you navigate the complexities of dental practice transitions. With decades of experience serving Colorado, Utah, New Mexico, Idaho, Wyoming, Washington, Alaska, and Hawaii, we are your trusted partners in building successful dental careers. Explore our articles and discover how we can support your journey toward achieving your professional goals.
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