My latest PX Talk focuses on Price & Negotiation with Joe Bartel, an attorney who took his skills negotiating major corporate deals and translated them into training and development for medical practices that are serious about getting this right.
The Relationship Between Procedure Prices & Demand
Our firm has tracked the relationship between average fees charged and demand for procedures. The data is clear: low(er) prices do not lead to a growth in demand.
This is true for LASIK, breast augmentation and hearing devices…and likely most, if not all, elective procedures. If you or your team members are in the habit of discounting fees in order to “secure the sale,” then you are suffering from a destructive habit (and leaving a lot on the table). As my colleague Jason Brinton, MD recently shared with me, “discounting is the heroin of marketing.”
You and your practice can change and break free from the destructive nature of lowered prices as a form of marketing. It takes time and effort but the financial and psychological impact of achieving full value for your services cannot be underestimated. Learn more about price, negotiation, and making it work for your practice in my latest PX Talk with Joe Bartel: