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How Often Should you Review your Prices?

It’s one of the trickier aspects of any business – setting prices.

Review Prices

For many, setting a price is equal parts art and science. The art is figuring out just the right price points that will bring patients in, and generate new business through online exposure and word of mouth. The science is keeping those prices close enough to your competitors as to allow you to make a proper profit.

Price is so important, in fact, that it is the major deciding factor for patients when they think about not only just who they will pick to perform the service, but also about if they will have the procedure done at all.

One study done by the American Academy of Facial Plastic and Reconstructive Surgery found that price is the number one factor for seven in 10 patients.

A lot of considerations go into setting prices. Not only do you have to figure out your basic costs such as salaries, you need to consider the cost of supplies (such as disposable and equipment), office rental fees, accompany feels (such as electrical bills), and several other costly factors.

There are also less easily defined factors such as the doctor’s level of expertise. Remember, though the actual procedure may take only a half hour, that half hour is backed up by the years of experience by the medical professional performing it.

There’s also something to be said for higher, prestigious prices. Though it may seem counter-intuitive, low prices may attract more traffic but be bad for your clinic in the long run. Frugal customers don’t tend to have any loyalty to clinics they visit, and may not become repeat customers. Another idea of similar intention is to require a booking deposit to make sure you’re dealing with reliable clients.

Once you’ve figured out and set your prices, the question becomes: How often do you review them?

Finding the right time span between price reviews is crucial. Looking at the to-consumer cost once a year is generally the industry standard.

Reviewing prices every 12 months will give you ample time to review your competition’s prices and take any other basic cost fluctuations into account, such as the price of the medical supplies.

In addition to increasing cost of supplies is the further experience your in-house experts have with injectables. As each year passes, the people administrating these become more experienced in the field, making their time more valuable to those seeking their services.

The bottom line, however, is that while getting the fee right is important, making sure the patients get the results they want is what will keep your business thriving in the long run.