Have you considered that you might be undercharging for your patient care?
Today I met with a very talented physio. I won’t name him (he’s shy), but let’s just say he has much more than just a good reputation in the world of hip and groin pain. He has recently taken the plunge of commuting into ‘the smoke’ to hold an evening clinic in Harley Street.
We met up to talk hips. Yep, we are proud F.A.I. geeks – get over it. I’m chuffed because he is finally seeing patients in London (my patch). That means I can send him my trickier hip patients, his care will be awesome, and I will be able to bask in the glory of his general fabulousness.
In other words, my patients are going have reason to love me, because he will complete the care loop for them. Few people have his particular expertise.
Yet, when I asked him what he would charge for the self-funding patients, his prices were far less impressive than his skills.
Don’t get me wrong. No one loves a bargain more than I do (or at least that’s the excuse I use for bulk buying New Zealand Sauvignon Blanc from Majestic.) Nor do I approve of fleecing patents. That’s just not cricket.
I disapprove of therapists and doctors not getting paid for the service they give. It’s all about quality. If you give huge value when caring for your patients, it should be reflected in your pricing.
Because, I bet it took up the best part of a decade or two to hone those skills
Nobody buys solely on price. If they did, we would all be eating like medical students for the rest of our lives.
The trouble is, most therapists set their prices based on what is going on around them.
Here’s how it happens.
Imagine you are opening a new Physio or Osteo practice and you are setting up shop in an already crowded market place area. (By the way, this ain’t as daft as it seems, because Hatton Garden, Columba road market, and Smithfield Meat Market apparently don’t find it a problem. In fact, quite the opposite.)
I’m guessing you will probably decide to ‘have a nose’ at your competitors’ prices. With the help of Mr. Google, you have a little gawp at what it costs to self-fund seeing the very recently qualified ‘physio-round-the-corner’.
You then irrationally decide that the value of your vastly experienced care should be determined by the prices set by complete strangers. Persons whom you have never met.
Repeat after me:
“Thou shalt not set prices determined by my neighbours’ prices”.
Got it? Right. Now go and start charging what you are worth. Please.
Perhaps, you are a little foggy on how to calculate your price? click HERE onto one of our previous blog pages with a nifty sum that could to help you out.
Sometimes, we all need a little extra help in building our practices – from a business perspective, as well as a clinical one.
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