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.
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
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
Experiences have value. You spend time on experiences. That’s worth a lot more than you might think for your medical practice.
Time is the new money. And consumers (AKA patients) are willing to use their money saved on goods and services on experiences.
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
Those of you who have been following my content over the years know that I am not a fan of discounting, especially when it comes to elective procedures. Analyses of several major categories including LASIK and breast augmentation have shown that lower prices do not translate to more procedures. What
