{"id":6070,"date":"2015-07-06T15:55:44","date_gmt":"2015-07-06T20:55:44","guid":{"rendered":"https:\/\/digitalblogs.wpengine.com\/?post_type=post&p=5701"},"modified":"2019-09-30T18:53:45","modified_gmt":"2019-09-30T23:53:45","slug":"the-dentists-guide-to-setting-fees-the-right-way","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/the-dentists-guide-to-setting-fees-the-right-way\/","title":{"rendered":"The Dentist\u2019s Guide to Setting Fees the Right Way"},"content":{"rendered":"

by Steven J. Anderson, Total Patient Service<\/a><\/span><\/span>
\n\"Steve<\/p>\n

 <\/p>\n

My oldest daughter and her new husband just purchased their first washer and dryer.\u00a0 As expected, they did a considerable amount of research online and in retail stores comparing product features, prices, and warranties.\u00a0 After comparing all of their choices, they selected what they felt would be the best value for their investment.\u00a0 They did not purchase the cheapest option; instead, they chose the product that they felt would give them the best return on their investment.<\/span><\/p>\n

Isn’t that how we all determine whether or not we are making a good decision on our purchase?\u00a0 We do it by comparison.\u00a0 We determine value or whether something is expensive or cheap by looking at the alternatives.<\/span><\/p>\n

To what do people compare the price of dentistry?<\/b> <\/span><\/span><\/p>\n

For most patients, because of the subjective nature of diagnosis and treatment planning and the relationship with the professional that goes along with dental care, they don\u2019t do much \u201cshopping\u201d around.\u00a0 And if they do, it is limited.\u00a0 So, if you don’t have much to compare it to, there is only one conclusion you can draw: it is expensive!\u00a0 So whether you charge $250 for a crown or $2,250, you are most likely to be perceived as being expensive.\u00a0 Think about it: have you ever had a patient tell you that you were cheaper than they expected?\u00a0 Not likely!\u00a0 So, if you are going to be accused of being expensive, no matter what your fees are, then be it!<\/span><\/p>\n

While a great dental practice is built on solid patient relationships, not cheap fees, there is a practical science to fee setting that you need to seriously consider.\u00a0 Whether you are contracted or not, you still have to set your specific fees-for-service.\u00a0 And, how you set those fees can make a significant difference in the success of your practice.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Step 1:\u00a0 Compare.<\/span><\/b><\/p>\n

While most of your patients will not take the time to shop around and compare your fees to those of another practice, you <\/span>should!\u00a0 We recommend doing an annual fee analysis to see how your procedural fees compare to those of other practices in the area.\u00a0 This information is generally available and the analysis can be done for free by companies like the Total Patient Service Institute.\u00a0 This data is gathered from dental insurance claims and comes from nearly every dental office in the country.\u00a0\u00a0 The analysis shows what the fee is for each service based on a percentile range.\u00a0 For example, the analysis will show the percentage of offices in your area that charge more or less than a given fee for each procedure.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Step 2:\u00a0 Choose your target.<\/span><\/b><\/p>\n

Once you have the analysis, go procedure by procedure and target your fees to be in at least the 80<\/span>th<\/span><\/sup> percentile.\u00a0 If you have not done this for a while, you may find that you are way above or way below the 80<\/span>th<\/span><\/sup> percentile mark.\u00a0 This is why getting a fee analysis at least once a year is a much-needed checkup!<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Step 3:\u00a0 Be confident in your fees.<\/span><\/b><\/p>\n

Every day, you and your team are faced with fee and money objections.\u00a0 How you handle those objections tells your patients a lot about the kind of professional you are.\u00a0 If a patient ever ask your team to consider discounting your fees or asks you why they are so high, your team can respond confidently by saying, \u201cOur fees are what they are so we will never have to apologize for the quality of our care and service.\u201d\u00a0 (You might have your team memorize that!)<\/span><\/p>\n

Step 4:\u00a0 Believe it.<\/span><\/b><\/p>\n

We often suggest to financial coordinators that they rehearse in the mirror how they will quote the fees.\u00a0 Repeating the words and saying them while looking yourself in the eye does a lot to build your confidence.\u00a0 Dentists can benefit from doing the same.\u00a0 But, for the team members who are doing financial arrangements and quoting fees that they themselves may not be able to afford, it is important that they be able to quote fees confidently without any hesitation.<\/span><\/p>\n

If there is a mistake that most dentists make in the area of setting fees, it is that they don’t set them high enough!\u00a0 Have the fee analysis done every year for your practice and keep your fees where they should be.\u00a0 Then have a team around you that can quote your fees with confidence.\u00a0 Your expertise has come at a high price and your patients will value your work the more you do!<\/span><\/p>\n

Steven J. Anderson<\/b> is the President of the Total Patient Service Institute (<\/span><\/span>www.TotalPatientService.com<\/span><\/a>) that provides high-level patient service and practice productivity training for dental teams around the world.\u00a0 Total Patient Service provides a complimentary fee analysis for CWA clients<\/b>.\u00a0 Simply email or call with the zip code of your office and you will be sent\u00a0a fee analysis and receive a complimentary phone consultation.\u00a0 Call 1-877-399-8677 or email: <\/span>Answers@TotalPatientService.com<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

by Steven J. Anderson, Total Patient Service   My oldest daughter and her new husband just purchased their first washer and dryer.\u00a0 As expected, they did a considerable amount of research online and in retail stores comparing product features, prices, and warranties.\u00a0 After comparing all of their choices, they selected what they felt would be […]<\/p>\n","protected":false},"author":7,"featured_media":6323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[20],"tags":[],"ppma_author":[48],"class_list":["post-6070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management"],"acf":[],"yoast_head":"\nThe Dentist\u2019s Guide to Setting Fees the Right Way - Cain Watters Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/the-dentists-guide-to-setting-fees-the-right-way\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Dentist\u2019s Guide to Setting Fees the Right Way - Cain Watters Blog\" \/>\n<meta property=\"og:description\" content=\"by Steven J. Anderson, Total Patient Service   My oldest daughter and her new husband just purchased their first washer and dryer.\u00a0 As expected, they did a considerable amount of research online and in retail stores comparing product features, prices, and warranties.\u00a0 After comparing all of their choices, they selected what they felt would be […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/the-dentists-guide-to-setting-fees-the-right-way\/\" \/>\n<meta property=\"og:site_name\" content=\"Cain Watters Blog\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-06T20:55:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-30T23:53:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2015\/09\/DentistGuide.091557a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"233\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"CWA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CWA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/\"},\"author\":{\"name\":\"CWA\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/#\\\/schema\\\/person\\\/5377defb92fcf06c1ff8504bf9880267\"},\"headline\":\"The Dentist\u2019s Guide to Setting Fees the Right Way\",\"datePublished\":\"2015-07-06T20:55:44+00:00\",\"dateModified\":\"2019-09-30T23:53:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/\"},\"wordCount\":834,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2015\\\/09\\\/DentistGuide.091557a.jpg\",\"articleSection\":[\"Practice Management\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/\",\"url\":\"https:\\\/\\\/www.cainwatters.com\\\/digitalblogs\\\/the-dentists-guide-to-setting-fees-the-right-way\\\/\",\"name\":\"The Dentist\u2019s Guide to Setting Fees the Right Way - 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