Courtesy of Chiropractic Economics
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An optimal pricing strategy balances profitability with patient satisfaction, attracting and retaining a loyal clientele.
Yet, few resources offer a comprehensive how-to guide for DCs on creating an effective pricing strategy for their offices.
Know your demographic
Before embarking on the journey of creating a pricing strategy for your practice, it’s crucial to understand your demographic.
Analyze costs
Understanding your costs is crucial in setting your prices. Calculate fixed costs (rent, utilities, salaries, etc.) and variable costs (supplies, marketing, etc.).
Fair market value
Charging fair market value (FMV) ensures your pricing is reasonable and complies with the rules and regulations. In simple terms, FMV is the price a willing buyer would pay to a willing seller when neither is under any compulsion to buy or sell and both have reasonable knowledge of the relevant facts.
Review provider contracts
Have you signed contracts for less than what it costs to deliver care? You must read your provider agreements and understand every stipulation you agree to with your signature.
Communicate your value
Transparent communication about your pricing and the value you provide is not just a strategy, it’s a commitment to your patients.
Profitable discount strategy
Even patients with health insurance are not immune to the burden of healthcare costs. Nearly half (48%) of insured adults worry about affording their monthly premiums, and many rate their insurance coverage as “fair” or “poor” regarding premiums and out-of-pocket costs.