Unless well thought out by design, as physician practice owners we can end up setting up our physical practices and fees on a fear-based mentality. You know, you’ve heard it too – either from others or that little voice in your head “patients will never pay that…” or “that’s way too nice for a doctor’ office…” or something else along these lines.
Let’s cut right to the chase. The bottom line in any business (yes, in private practice you ARE in business!) is patient’s perception is reality!
When patient care, staff and physical expectations are exceeded, price so often never needs any explanation!
Let me ask you this: would you walk into a Mercedes dealership and expect it to look less than exceptional, or to walk away with a new car for less than $40,000?
Of course, you wouldn’t—and neither do your patients.
But a huge problem for physicians can arise when we present or price Mercedes level services in a less than appropriate appearing space, and or with sub-par prices.
Like it or not, patient perception is reality. To be as successful and profitable as we should be, everything about our practices must exceed perceived value!
To try to backpedal from an underpriced physical or financial position in your private practice is extraordinarily difficult.
Far too often, ill-advised physicians or those just “winging it” end up struggling because they’re giving away too many added services for free or have regular fees priced way below what they should be.
So, let me ask you: when was the last time you sat down with your monthly reports from your bookkeeper and accountant and figured out what it takes to run your practice—and what your actual overhead is?
Too many private practitioners will perform this exercise and find out the tradesmen they are treating may be taking home more in weekly paychecks than they are.
This is an incredibly sad fact. But it is a choice.
The solution is, we all need to continually grow our business & financial education just like our clinical skills!
So often it is our own attitudes about money that are holding us back and stopping growth in practice!
Don’t discount this.
Fees and physical office design are big issues that we can help you deal with.
Fortunately, on this platform we can, and should have these important discussions with each other on a regular basis!
So, please spend some time investigating other successful docs not only your own region but just what the top docs in direct care are doing and collecting daily!