One of the big challenges facing elective medical practices is in understanding the relationship between price and value in the mind of the patient. A common mistake is thinking that if the price is lower, the patient is more likely to commit. In other words, lower price equates to higher perceived value.
Luxury in the modern medical practice can be those seemingly little things. And when fees increase, so does demand.
Price can be a touchy subject. “Why is it so expensive?” is a question many medical practices hear from their patients.
That sweet spot for the pricing of your services may be higher than you think. Is Starbucks charging too much? One market-researcher-turned-neuroscientist says the opposite is true. His studies – which measured EEG brainwave response to different pricing scenarios for a cup of coffee – showed that people were willing
From Switzerland to Turkey and Across the US In describing how the Experience Economy works, coffee is an easy way to show how the value of a cup of coffee increases when you move from agriculture to manufacturing to service and to the ubiquitous “coffee drinking experience” that now commands
Pricing in plastic surgery has to premium in order to signal a premium experience. Lowering fees does not lead to an increase in demand.
Pretty much every doctor I meet (especially those that are business owners) wrestles with figuring out how they will differentiate their services sufficiently in the minds of their patients. This is especially true for those who are paying customers when it comes to elective procedures. A distinction I’ve found
Today, people want to spend their money on experiences. Here’s how that can help your medical practice reach success.
With the rise of inflation also comes the rise of demand for consumer experiences. Here’s how your medical practice can take advantage.
Earlier this year, I had the chance to visit a refractive surgeon with a remarkable reputation for price integrity. No discounts. Ever. For anyone. Including staff and family members. The practice is extremely well run and highly productive. In my 20+ years of working with elective practices, I have rarely come
