Setting The Right Prices For Your Cash Based Chiropractic Practice
One of the most important things you can do to set your cash based chiropractice is to pick prices that will allow your clinic to grow. Too low and you won’t be able to pay employees or invest in other aspects to grow your business. Too high and you may price out people who otherwise be interested in working with you.
It’s imporssible for me to say specifically what your prices should be. They will be entirely dependent on a lot of factors that will be unique to you. Where you clinic is located, how much time are you personally spending with patients, and what value/outcomes your delivering for your community are all factors to consider. However, avoiding the following mistakes you can pick the right prices and set your clinic up for success.
Setting Prices Too Low
The #1 mistake new cash based chiropractors make is setting their prices too low. I know because I made the same mistake and it almost put me out of business. Raising my rates is what allowed me to hire my first employee, invest in more marketing to grow my business, and finally build the lifestyle I imaged when I became a chiropractor.
Remember…price is what you pay, value you is what you get. One of the benefits of being a cash based chiropractor is you can provide much higher value than insurance based clinics. More time with patients. A better experience. Better outcomes. These are all things that people will pay more for from their chiropractor and should be reflected in your price.
Not Having Any Payment Options
Every potential patient will be in a different financial situation. On top of that, people spend their money differently. For example, I pay my car insurance in one lump sum at the start of the year because I hate monthly payments.
Having different ways to pay lets your patients know that you are considering their financial situation and truly want what is best for them. I recomend having 3 options. Pay-as-you-go (visit to visit), discount for paying up front (for packages), and a payment plan (3 and 6 month.
Too Many Treatment Options
On the other side of the spectrum, many people give the patient too many options in regards to treatment and payment. Confused patients don’t buy. Your job it to present a clear path to the outcomes you (hopefully) discussed on the phone call and discovery visit. When you present your prices during the report of finding the cost, how many appointments, and total investment should be crystal clear so the patient can make the best decision for themselves.
As you can see, there’s a lot to think about when setting the prices for the cash based chiropractor. Your prices should reflect confidence in what you offer while providing options for any financial situation. For more help picking the right prices for your clinic and other topics regarding starting a cash based chiropractic clinic, set up a time to speak with Dr. Baird at the link below.
