The Dilemma Of Raising Your Dental Fees
It can be difficult for some dentists to discuss the topic of raising their dental fees. Many dentists believe that if their patients are happy with their prices, there’s no point in risking losing them by raising fees.
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.