If any of the above is true, you need to raise your rates. If those reasons aren't compelling enough, consider that by not raising your rates, you're losing money because costs are increasing across the board. Not only are expenses rising, but by not raising your rates, you're losing income that can compound over years.
How to Raise Your Rates
Raising fees can be daunting for some people because they emotionalize it. We wonder if patients will think we don't deserve it or maybe think we're not worth it and it paralyzes us into inaction. These are not good reasons and, in fact, costing us money since the cost of living is going up.
The first place to start with raising your fees is with your new patients. Not the initial evaluation, although that is certainly a fee worth increasing. Increase your care plan cost.
They don't know what your fees or discounts are so they wouldn't know the difference.
Not doing care plans? Well, then you need to attend an Everest Bootcamp and make that your New Year goal.
If you are providing care plans for your patients, that offers them a service over time with payment options, this is where you can increase your costs.
Not providing a care plan?
The first question I ask you then. What is YOUR COST for providing your service?
We have spoken about this before. What does it cost YOU to give an adjustment?
You must figure in ALL your overhead: salaries and all. Basically, what does is cost you per month to keep your doors open. Once you know your total overhead, multiply that by 12 months. Once you know that number, divide it by the total number of patient encounters you had over that 12 months, including new ones, even if they didn't start care with you. That is the COST, TO YOU, TO SEE A PATIENT.
So, now I ask you...Are you charging enough?
My guess is NO!
If you are not charging enough now, you won't be next year either. If you want to keep your doors open, help your community, and provide for your family, you must increase your fees.
How do you do that? Like Nike says, "JUST DO IT."
Communicating your new rates needn't be difficult. In fact, one word can help change your mindset when it comes to communicating your new fees: you're not *raising* your fees, you're *changing* them. Sure, you're raising them, but most of us don't love hearing we're going to be paying more. Simply changing the word helps communicate to your patient that change is necessary and this is the new rate.
Simply let your patients know on January 1st (or whatever date you pick), you will be changing your fees. Do not apologize for raising your fees nor ask them if is ok with them. The fact is we're running a business and this is part of the business.
What if you lose a patient? You were going to anyway. If they are staying with you because of your fees, they don't see the value in what you do.
Bottom line, if you feel you're worth what you're charging, so will your clients. Raising your fees isn't a sign of weakness, it's a sign of strength and you should be regularly evaluating your position with your patients. so you can make price adjustments accordingly.
