The thought of raising rates often stirs up feelings of stress and uncertainty—even outright panic—for a cash-based practice owner. And that fear can keep you working for less than you’re worth for years! But, I’m here to tell you that by equipping yourself with the right knowledge and strategies, you can confidently wrangle your sense of dread so you can raise rates fearlessly and help get your practice to the next level!
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.
This “highlight” is from a Q&A call with my Mastermind Gold group—a highly interactive, supportive group where people who have tons of questions and concerns about how to start, grow, or transition to a cash-based private practice get the answers, resources, and confidence they need to build the practice of their dreams. We have a group coaching call every week, and we occasionally use excerpts of those calls for this podcast.
More specifically, we discuss these topics related to how to raise rates strategically:
- How to reduce your stress surrounding the idea of raising your rates, so you can make rational business decisions.
- Which specific metrics will quickly tell you if your new pricing is too high for the current market.
- How to handle existing patients who are unable to afford the new pricing.
- An equation that will tell you if any ‘nos’ you receive are a valid reason for reassessing your new rates.
- A simple followup tactic that can get more patients on the schedule fast.
- How to position the higher prices with existing patients so you can head off the likelihood of pushback.
I’ve got a free resource for you: “Price Increase Confidence Booster training.” Watch me coaching my Cash Practice Mastermind Students who are thinking about raising their prices but really fearful about doing so.
Click below to access this free coaching session on the mathematics and decision-making psychology of your leads that will help you see why raising your rates is a no-brainer… so you can do it with minimal fear and risk.
Thanks so much for checking out this week’s podcast… hope you enjoy the Price Increase Confidence Booster training!
WANT STEP-BY-STEP GUIDANCE TO START, GROW, OR TRANSITION YOUR OWN CASH-BASED PRACTICE?
HERE ARE SOME OTHER EPISODES ON CASH-PAY RATES:
In this episode, you’ll hear tips for determining the right prices, introducing them to your clients, and how to put your fears to rest that you are about to destroy your business.
Find out how you can get rid of that awful, business-blocking feeling and replace it with complete confidence about what you charge for your services (and stop undervaluing and undercharging as well!)
In this podcast, I walk you through some simple yet incredibly effective strategies for minimizing price sensitivity among potential patients.
MORE RESOURCES TO HELP NAVIGATE PRICING ISSUES:
In this 1-hour Masterclass, you’ll learn the exact pricing strategies Jarod’s clients use to increase their profit per patient visit by 25%-50% practically overnight. Find out how you can discover your market’s “price threshold,” so you can get paid what you’re worth while eliminating any risk associated with implementing a price increase. Check it out here.
If you or your staff dread the “Do you take my insurance?” question, then look no further than this masterclass. It very quickly provides every detail on how private-pay practices confidently answer this dreaded question, skillfully guide the conversation, and convert the maximum number of prospects into cash-pay customers. Check it out here.