Episode 32 - healthcare pricing strategies - squareMost practice owners walk a pricing tightrope between charging what they’re truly worth and the fear of chasing away patients. Fortunately, with the right approach, getting patients to pay out of pocket for top-level care doesn’t have to be a nerve-wracking experience. In the video below, I dive deep into the art of setting cash practice rates that are both attractive to patients and reflective of the transformative impact your care has on their lives.

Below the video, you can also get my “Cash-Based PT Superbill Template and OON Coverage Guide.” This resource includes an optimized superbill template and all the questions I have my prospective patients ask their insurance companies so they can get the maximum reimbursement for your services.

It’s no secret that pricing is one of the most daunting topics for cash-based practice owners, especially those transitioning away from low-paying insurance contracts. Yet it’s also one of the factors that will have the greatest impact on your ability to build a successful business. Check out the video below to learn a few simple tactics that can enable you to confidently set or raise your rates, so you’ll be able to create the practice you truly dreamed of when you decided to go out on your own. 

More specifically, I discuss these topics related to setting cash practice rates:

  • Mindset hacks that can adjust your beliefs about how much patients are willing to pay, so you can confidently charge what your care is really worth.
  • How to do some marketing research to learn what rates clients are currently paying in your area.
  • How to leverage pricing psychology milestones to avoid leaving money on the table.
  • The two main strategies for setting rates and how to decide which will deliver the best value proposition for your unique patient population.
  • Why I recommend against notifying your whole email list about a rate increase.
  • Tactics that minimize pushback from existing and past patients when you discuss the new rates.
  • How you can use a rate increase as an occasion to sell packages to existing and past clients.

Cash practice rates: how to set and raise your prices without losing patients

I’ve got a free resource for you: “Cash-Based PT Superbill Template and OON Coverage Guide,” which includes a superbill template with everything you need for patients to get maximum reimbursement plus a list of questions I give my prospective patients to ask their insurance companies so they can get a sense of what their true cost of care is going to be. 

Click below to download this resource:

Thanks so much for checking out this week’s video… hope you enjoy the resource!

 

 

HERE ARE SOME MORE EPISODES ON CASH PRACTICE RATES:

How to handle emailed questions about cash-pay rates

In this episode, I walk you through how to manage written rate questions in a way that maximizes your potential to turn those prospects into paying customers.

4 ways to reduce sticker shock for your cash-pay services

In this podcast, I walk you through some simple yet incredibly effective strategies for minimizing price sensitivity among potential patients.

Raise Rates Fearlessly in a Cash-Based Practice

In this podcast, you’ll discover effective ways to manage your anxiety and make informed, rational pricing decisions for your practice. You’ll hear ideas for how you can handle existing patients, manage price objections, strategically assess your results, and quickly fill any holes in the schedule.



MORE RESOURCES TO HELP MAKE YOUR PRACTICE PROFITABLE:

 

How to increase your cash pay rates, maximize profits, and minimize customer pushback on cost

My Pricing and Profit Optimization Masterclass can quickly and predictably put more money in your pocket so you’ll be able to provide the highest level of care possible. You’ll learn exactly how to determine the right price to charge—without outpricing your market or underpricing your care. Check it out here.

 

How to answer How to answer the question, “Do you take my insurance?”

This powerful system helps you master the initial patient phone call so you can help prospects make the best decisions about their healthcare, and maximize conversions of phone calls into cash-pay patients … even if the very first thing out of their mouth is, “Do you take Blue Cross?” Check it out here.

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