The idea of raising your rates is enough to induce quiet panic among most cash-based practice owners. Yet it is one of the easiest ways to both improve your compensation and give your practice the resources needed to provide truly outstanding patient care. Even so, most practices wait far too long to raise prices and effectively leave a ton of money on the table while they struggle to make ends meet.
In this episode, I discuss how you can raise your rates without risking your practice. 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. So take a few minutes to learn the easy way to get a long-overdue raise for yourself!
For more on this topic, you’ll want to check out my upcoming Masterclass that will walk you through exactly how to fill your schedule with patients who will pay top dollar without thinking twice. It’s a deep dive on how to raise your rates and make sure you and your team can get paid what you’re worth. I’ll share all the details when enrollment opens next week.
This “highlight” is taken from Q&A calls 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, I discuss these topics related to raising your rates:
- How to leverage price anchoring to enhance perceptions of the high value of your services.
- How to test your new rates and calculate if you have found the sweet spot.
- Why your fears associated with raising your rates are likely unfounded.
- Ideas for introducing your new pricing to existing patients in a way that minimizes pushback.
- The attitude you must take when discussing your new rates if you don’t want to trigger hesitancy among your customers.
- Why staff credentials are irrelevant to pricing, and where you should focus instead if you want to command top dollar for your services.
Want step-by-step guidance to create and optimize your own Cash-Based Practice?