Dentistry has often been called a recession-proof business. After all, people always need dentistry, even when money is tight, right? Its not true because cash strapped patients postpone their twice-yearly dental check ups. Dentists feel squeezed from patients wanting lower rates while expenses grow, employee salaries rise and inflation looms. What is a private practice dentist to do?
It's crucial - but a must for a dentist to take a hard look at the fee schedule once a year to make certain that it's fully up-to- date and appropriate for the area. Do you remember the last time you really closely examined your fees? Not just a cursory examination, but the last time you really dug deep, got critical, and analyzed where you currently stand compared to all of your peers?
Chances are it's been a while. 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 which enables you to remain viable without running the risk of your services becoming undervalued.
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. You also can't provide your patients with benefits.
Patient benefits continue to be one of your best tools for building patient loyalty and setting yourself apart from your competitors, but 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.
