{"id":8319,"date":"2018-09-06T09:57:29","date_gmt":"2018-09-06T14:57:29","guid":{"rendered":"https:\/\/digitalblogs.wpengine.com\/?p=8319"},"modified":"2019-09-30T18:53:35","modified_gmt":"2019-09-30T23:53:35","slug":"how-to-raise-fees-increase-profitability-and-keep-patients","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/how-to-raise-fees-increase-profitability-and-keep-patients\/","title":{"rendered":"How to Raise Fees, Increase Profitability and Keep Patients"},"content":{"rendered":"

Nobody likes increasing fees. Despite what many patients may think, that includes dentists. However, the truth is that just like the sun, fees must also rise.<\/p>\n

Overhead certainly won\u2019t decrease over the life of a practice. Yet, many dentists are afraid that if they raise their fees they will lose patients. Truth is, the only thing they sacrifice is profitability.<\/p>\n

Keeping low fees are like a slow drain over time. The effects compound annually with every new piece of equipment purchased, staff salary increase and insurance payment adjustment. This path of diminishing profits can soon hit a pothole should you want to sell or bring on a partner into your practice. When fees are too low, it undervalues the practice. Also, when the new owner adjusts to meet the market, he or she may lose that loyal patient base they were sold on.<\/p>\n

It\u2019s Just Business<\/strong><\/p>\n

Fees are a natural part of doing business. Every single business needs to evaluate costs and adjust accordingly. That\u2019s true whether you sell shoes or root canals. Patients expect fees to increase over time. If the adjustments are small and the level of service remains exceptional you\u2019re not likely to hear a peep. An increase of $4 to $5 won\u2019t have a huge impact on their pocketbooks but could have a significant impact on your bottom line.<\/p>\n

If you think about it, raising fees is a lot like going to the dentist. No one really likes to do it, but if you put it off too long, it ends up being more uncomfortable than it needed to be in the first place.<\/p>\n

Overcoming Your Fear of Raising Fees<\/strong><\/p>\n

For over 30 years, Steven J. Anderson and his team of practice advisors at the Total Patient Service Institute<\/a><\/span> have helped practices of every shape, size and specialty re-engineer their approach to the business of dentistry. Along the way, they managed to dramatically increase practice production and profitability for thousands.<\/p>\n

According to Steve, a practice owner should adjust their fees every 12 months. If you haven\u2019t done a fee analysis in the past 12 months, schedule your fee increase today and make sure you do it at the same time every year. The best time is at the calendar change when insurance companies update their procedure codes.<\/p>\n

Besides the turn of the calendar, there are other signs it\u2019s time to examine your fee structure:<\/p>\n