Consumers and businesses are both feeling the sting of inflation. As a dental practice, you don’t want to increase prices so high that you risk isolating your most loyal patients, but you also need to make some changes to stay profitable. There is no one-size-fits-all solution for raising your fees, but there are some proven strategies to boost your revenue without losing your patients.
Why Do Dental Practices Wait to Raise Fees?
Many dentists are reluctant to raise fees, even when things are getting tight. Some of the most common obstacles to fee increases include:
- Fear of Losing Patients
- Concern About Isolating Potential Patients
- Fear of Pushback
While these fears often feel very real, they have little basis in reality. The vast majority of patients are not looking for a dentist based on price. Instead, they are looking for someone who accepts their insurance, who a friend recommended, who is close to their home, or who has an opening when they need emergency help. Additionally, remember that, just like any other medical provider, unless you cost $0, you will always have some patients say you are charging too much.
Raise Fees in Increments
Research has found that increasing your fees by 1% every 90 days until you’ve achieved a 5% increase allows you to gauge patient feedback and make changes if needed. Because many patients use insurance and are used to paying a co-pay, they will often not notice the increase in fees. Most patients also don’t recognize the existing costs of a root canal or crown, so they won’t have any idea that fees increased. For hygiene services, they are unlikely to complain about a modest increase, like 1-2% since their last visit.
Talk to Concerned Patients
Even though the majority of your patients won’t even notice the small fee increase, some of them will and will likely complain. This is a chance for you to take a closer look at your outreach and marketing strategies. Are you doing a good job at displaying the value that your office gives to patients? Are you offering multiple payment and financing options so that patients feel like they can handle the difference in cost? If patients have specific concerns, make sure to hear them out.
Make Billing and Payment Easy with APEX Reimbursement Specialists
Whether you’re looking for a way to make the insurance verification process easier or hoping to improve your overall patient communication plan, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.