Are you setting the right prices?
Setting your fees correctly is so important in running a dental practice. Whilst you want to be compensated for your hard work and skills, it’s also essential you don’t price yourself out of the market and remain excellent value to the patients you serve.
I wish other companies could replicate this level of customer serviceFive stars
All too often we have seen dentists price their services based on local competition and then pray and hope that the fees are ok. But sometimes, the fee charged may not even cover the basic overheads of a business.
Our approach to pricing your dental services is analytical and thorough, ensuring you price your services profitably and effectively.
If you wish us to help you price your dental services, please get in touch.
Our Fee Review Process
The process involves us obtaining a list of all the treatments you currently provide, and the quantity delivered over the course of last 12 months. In addition to this we require details of the approximate time frame it takes to complete each treatment.
We then use financial data from you accounting records to work out the break even point per hour for your surgery. By using this information, we can highlight which treatments are being provided at low margins or a loss-making exercise. We will need a competitor analysis, which we can update if not most recent to then suggest at what rate the treatments will become profitable and remain competitive in comparison to the competition.
We will then calculate the revenue growth you will achieve with these new prices, for example a £10 increase in a treatment that remains competitive, which has been delivered 600 times over the course of a year will generate approx. £6,000 in revenue based on new pricing. Similarly, a treatment which is not breaking even per hour of the same nature would be costing you £6,000 annually which is a reduction in profit for the surgery.
You can then use this information to potentially consider other options such as offering surgery subscription plans to tie in the patients for reoccurring treatment plans and build a constant stream of revenue.
Dental Accounts & Tax Specialists
As dental practice owners ourselves, we know what makes a clinic tick. We have been working with dentists for over 20 years to help manage their accounts and tax.
Whether you’re a dental associate, run your own practice or own a dental group and are looking to save time, money and effort on your accounts and tax then we want to hear from you. Our digital platform takes the hassle and the paperwork out of accounts.
To find out more about how you can save time, money and effort on your accounts and tax when you automate your finances with Samera, book a free consultation with one of our accounting team today.