Are Your Patients Actually Fee Sensitive?
Ever wonder if your patients are actually fee sensitive? In this week’s episode we discuss a mysterious topic – setting our fees. Is there a true science to it, or does it depend on “feel?” And do your patients even care? Join in to find out! And then on the secret shopper calls we continue along those lines and ask “How much do you charge for a crown?” Every practice got soooooo close, but nobody could bring it home. You gotta check it out.
If you have a question that you would like answered on our podcast, or if you would like us to call YOUR office, please email us at firstname.lastname@example.org. You might be the office that gets it right!
Highlights from “Are Your Patients Actually Fee Sensitive?”
0:10 – Dr. Richard Madow opens the Dental Practice Fixers Podcast by asking the question: “How much is a crown?” Can any dental practice really answer that question?
2:20 – Want to lower your overhead? Switch to FattMerchant for your credit card processing. Madow.com/save to get started.
3:45 – Marketing companies will do a A/B split test to determine which product or price point will sell better. In the dental practice you can’t do that.
4:38 – Many years ago a study was done by a student in Loyola University at Baltimore, Maryland that tested cost sensitivity. The item she used was a refrigerator. Find out what she found. Rich explains this.
6:10 – Should you charge $10,000 for crowns? Rich tells you why not but the lesson to learn is explained.
6:45 – What should you charge for a crown? Rich gives an example.
7:20 – Rich talks about when dentists say that their fees are in the 80 percentile for the their fees. Is that accurate? Rich gives a scenario of an above average driver with 500 people in the room. Most people would never admit that they are below average even though 50 percent in the room have to be. Learn from Dr. Madow what this teaches us.
11:07 – Here are two things that are very important for your dental practice. The doctor and entire team needs to be on the same page with the fees. An incredible investment dentistry really is. You need it way more than a phone. It keeps you happy and healthy.
13:12 – People will invent $900 for a nice winter jacket and only wear it less than half the year. A crown is used everyday!
15:30 – Are you enjoying The Dental Practice Fixers Podcast? If so, please give us a like, a good rating and subscribe.
15:47 – Rich makes his first secret shopper call.
17:54 – Find out what Dr. Rich has to say about this dental practice office. The caller used a term that should never be used: “permanent crown.” Find out why you should never use this phrase from Dr. Madow.
20:29 – Rich makes the second secret shopper call with the same question.
21:42 – Rich was surprised at the ball-park figure for the crown. Find out what this caller said about the cost of a crown and was Rich fee sensitive?
23:56 – Rich makes the final secret shopper call.
26:14 – This dental office was so very nice and even had her own experience to rely to Rich. Did she ask Rich for a scheduled visit? Find out!
27:51 – Listen | Learn | Have Fun! – Dr. Richard Madow ends today’s podcast and email us if you have any questions at email@example.com.