As health professionals, we have the absolute joy of proving deep, transformative solutions for our patients. So why are many of us ignoring this crucial value when pricing our services?
Your prices are low with minimal profit margins. Your bricks and mortar health business is running down a slippery slope to the bottom.
You know you need to raise your prices, but you’re scared. What if your loyal patients revolt? What if this frightening choice is actually detrimental for your business?
Granted, a sudden spike in price with nothing to back it is likely to fall on deaf ears. Let’s face it; if you aren’t telling - or showing - your patients precisely why these services deserve a higher price, why on earth should they pay you any attention?
The easiest, most successful way of solving this is value-based pricing.
Value-based pricing looks at your services through the value you provide, the result, the outcome, the health transformations and the ability for patients to achieve their aims and goals.
It centres around looking at the solution you are providing the patient, rather than the clinical problem.
These solutions can be life changing experiences; ones that your therapists will guide their patients towards on a session by session, hourly, daily or weekly basis. It’s time we started giving this the attention it deserves.
Start off by figuring out your unique worth.
Take the time with your therapists to consider the genuine value of solutions such as;
- Getting a self-employed patient back into work as quickly as possible, being productive and earning money so that they can meet their financial commitments
- Helping someone to learn to walk again, or return to running
- Helping someone get back into an activity, hobby or sport they’ve given up on
- Helping your patients to live a positive active health life that is pain and injury free
… the list could go on. These solutions truly have the power to change lives. It’s about time we valued ourselves more in line with the impact we are having on our patients’ futures.
This has to start with the therapist’s mindset.
What are the thoughts, feelings and behaviours that they are bringing into the consult room? These come together to form a mindset that can focus on assumptions, hang-ups and paradigms about their self-worth… things that can be seriously damaging.
That’s why it is crucial to invest in your therapists to develop their self-belief. Not only will this increase their love for the job - and, ultimately, their longevity within the role - but it will help them to deliver great value and serious outcomes for their patients.
To improve a therapist’s self-worth, it’s helpful to focus them on;
- How many years did they spend gaining their qualifications?
- How much did it cost them to qualify, including tuition fees, student loans and the cost of living at university?
- How many hours did they spend learning their craft and skills on a minimum wage?
- How many weekends have they spent on training courses?
These costs soon add up, revealing how much you are under-selling your therapists’ worth. It will also show your therapists their enormous value, and how exceptional they are at their job.
The buy-in and sincere support from your therapists of a new pricing and profit structure for your health business is fundamental. Simply put, if they don’t believe they are “worth it”, you need to prove it to them; otherwise, they will fast become a liability.
Once they understand their higher value, boast sky high confidence and unequivocally believe in the solution you are providing, raising prices won’t be a problem. Your patients will appreciate and accept it, transforming your revenue and sustaining your health business for the long-term.
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