Many medical professionals don’t think of pricing as part of their overall marketing plan, but correct pricing for products and services is critical to long term success and profitability. If you don’t charge enough to cover your costs and leave a healthy profit, your business will suffer. For example, maybe you are starting to realize that you’ve been working hard for 40 years and have no retirement savings to speak of other than your practice, which isn’t worth as much as you had hoped because it isn’t very profitable. Or maybe key staff members are leaving because they haven’t had a raise in 5 years. As an aside, the “dead wood” and embezzlers never leave, but that’s a topic for a different day. In this regard, employees are like clients: many don’t tell you the REAL reason they’re leaving because most humans are inherently conflict avoidant. They just smile and “vote with their feet”, but you never learn the reasons why. This is one reason that exit interviews are such a great tool. (You are doing these, right?)
Rather than get into how to set prices for vaccines or office visits, which is information that is readily available elsewhere, I think it’s more important to take a step back and ask yourself some more fundamental questions. Questions you may never have asked yourself before. (more…)



