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Patient Attraction Episode 346
Welcome to our final day of podcast-viewer comments. Yesterday we started our look at whether viewers agree that dentists should stop discounting their fees. We’ll look at more comments when we return.
– Before we get into the comments, I think you have seen that I am willing to show comments from viewers who disagree with me.
– But in the case of discounted dental fees, that was not an issue.
– Like this one from Philip Christie, dentist, periodontist and author in Wellness and Prevention.
– He said, “Value is determined by the fee. Reducing the fee hails loudly the lack of value.
– “Dentistry continues to devalue itself as it panders to commercialism.
– “My advice is to revalue yourself and the work you do.
– “Increasing the fee is the way to do this.”
– I love that outlook.
– That’s not to say that I agree that INCREASING the fee is a way to show value.
– You don’t want to price yourself out of the market.
– But if you give it away for free, that’s all it’s worth.
– Another comment comes from Lydia Katrova, a professor of dental medicine.
– She said, “Thank you Colin. It is a brilliant explanation of how to consider ourselves on the market.
– “We are not selling crowns and bridges but we assist people to solve their problem.
– “The prerequisite of a successful deal is the awareness of value product.
– “We negotiate plans of treatment rather than price of items.
– “Thank you again because you helped me a lot in my teaching lecturing activities as well as in my dental office.
– “Value versus price. Congratulations!”
– Well said. And you are welcome. This is what I do.
– Finally, I’ll leave you with some comments from John McNabb, managing partner at Continental Management Consultants.
– He said, in part:
– “I agree wholeheartedly with Colin on this issue of discounted pricing: it is a slippery slope to a fool’s paradise and temporarily increased volume and permanently reduced profitability.
– “Long-term reduced profitability permanently impairs your ability to pay competitive wages to staff, keep your equipment up to date, modernise your office, undertake marketing campaigns, etc.
– “REGULATORY COMPLIANCE is an additional issue that may also be very important concerning discounted pricing: For example, in Ontario, Canada, the largest Canadian province with 9,000 dentists, regulations specifically prohibit advertising a fee that is not available to all patients.
– “This is a grey area and sometimes it’s difficult to know where you stand.
– “Discussing reduced pricing with 1 patient doesn’t qualify as advertising.
– “But advertising a discounted price for persons without insurance coverage (a common practice) would contravene the regulation because it sets a lower price for a group of patients that isn’t available to all.
– “Broad-based price discounting will become entrenched.
– “Once you’ve established a reputation in your market as a low-cost provider, you won’t be able to implement price increases to restore the financial health of your practice without losing a significant portion of your patient base.”
– YES! That is exactly the point of the podcast.
– Plus that provides some great supplemental information about our friends to the North.
– Keep the comments coming.
– I love feedback on the podcasts.
– You can leave the comments on LinkedIn, Facebook and YouTube, or you can email me at [email protected]
– Come back tomorrow and I will give you some tips on how to kickstart your creativity.
– Until tomorrow, keep moving forward.