When was the last time you examined your fee schedule? Chances are, it has been awhile. Your fee schedule is an important component of your business plan, and the start of a new year is the perfect time to make adjustments to get your practice off to a strong start.
The problem is that without regularly looking at your fees, it’s impossible for you to make effective decisions regarding your business. The key is finding the fee schedule sweet spot that enables you remain viable without running the risk of your services becoming undervalued. You also can’t provide your patients with benefits such as cash, senior or advance payment discounts, Comprehensive Finance, Care Credit or Whitening for Life. Patient benefits continue to be one of your best tools for building patient loyalty and setting yourself apart from your competitors.
Without increasing your fees, you may not be able to stay competitive; you can’t afford to continue to update your practice with the latest technology, or to get all of the necessary continuing education to hone your clinical skills. Operating a successful practice depends on implementing these kinds of patient incentives in a way that boosts your bottom line rather than destroying it. And the key to doing this lies in setting appropriate fees. Take the time this January to evaluate your fee schedule and make 2014 your most profitable year yet.More