A successful dental practice absolutely must raise fees regularly.
(PRWEB) August 26, 2012
A recent survey conducted by dental marketing blog TheWealthyDentist.com (TWD) asked doctors when they last raised their fees. More than half of the respondents had implemented fee increases within the past year. Individual dentist comments provided even more insight into current economic trends affecting dental practices.
While the majority of dentists who participate in the dental marketing survey had raised their fees within the past year, and slightly more than ninety percent reported having raised fees within the past 3 years, many dentists commented that they were hesitant to do so. One Texas dentist stated that the local economy surrounding his practice understandably played a large role in setting fees. Since his practice was located in an area with ongoing high unemployment and where residents had no insurance coverage, he was discounting fees more than ever before.
Several dentists reported on the difficulty of raising fees when insurance companies and managed care companies were involved. Many dentists commented on the need to review fees on an annual basis, even if the resulting decision was to keep fees the same.
"While annual fee increases are an important part of dental management, lots of dentists overlook raising dental fees – sometimes for years! If your practice hasn’t raised its fees in the past 6-12 months, then you’re not as profitable as you could be," said Jim Du Molin, TWD Editor in Chief and founder of Internet Dental Alliance, Inc. (IDA). "A successful dental practice absolutely must raise fees regularly."
Unfortunately, many dentists don’t track increases, don't have a regular review policy, and are unsure about how to successfully raise fees without driving new and existing dental patients away. Fortunately, The Wealthy Dentist blog provides dental practice management resources and offers a video tutorial that addresses how to price services in relation to the competition, how to successfully institute dental fee increases, and how to train the front desk team to handle the situation.
"Quality treatment must be supported by fees that allow you to maintain your team, facilities and continuing education at the highest levels of which you are capable," adds Du Molin. "The math is simple: When your costs increase due to inflation, you must raise fees to stay profitable!"
Jim Du Molin, Editor in Chief of TheWealthyDentist.com, has been helping dentists improve their dental management, marketing and profits since 1985. He helps dentists improve their business skills and manage their practices more effectively. As founder of sister company Internet Dental Alliance, Inc. (IDA), Jim helps dentists attract more new patients that fit with their clinical skills to maximize cash flow. IDA is North America's largest provider of websites for dentists and online dental marketing plans. Its New Patient Marketing Machine™ packages include dental directory listings, and customizable dental websites.