Raise Your Rates Today!

Today, I want to give you my two proven strategies for raising your rates in your cash-based practice. Check it out below!

Raising your rates can be really scary, I get it. But that doesn’t mean it won’t work. It doesn’t mean your patients will run away screaming or new ones won’t show up. Here are the two ways I suggest:

  1. Raise your rates just a little bit. Maybe $10 to $25 per visit.
  2. Don’t just sell one visit at a time, sell the plan of care, a.k.a. the transformation.

I’ve done both, and I’m going to share how to accomplish both of them.

When it comes to the first strategy, all new patients get the new rate. Old patients can keep the old rate until they finish their plan of care. If you need to raise your rates on people who come in regularly, say once a week or month, just inform them of the date it will change. Don’t ever say “price” or “cost”—focus on using the words “investment” or “rates.” You don’t need to make any excuses. Tell them that if they pay up front for the rest of their plan of care they can stay on the old rate!

Whatever you do, don’t post about raising your rates. Instead, deal with it on a patient-by-patient basis. Don’t email to everyone that you’re raising rates because people who are not your patients don’t know otherwise. You’re likely to turn off those people who don’t need to know yet.

Here’s the deal about raising your rates: Even if your clinic has only been open for four days and you realize your rates are too low… raise them! If you feel like you are undercharging in any way, raise them! That’s how we did it. I realized $147/visit wasn’t enough to turn a profit in the business while hiring on employees. So I raised them to $247.

I can’t tell you what to charge, but I do know you can’t be charging $50 per visit If you want to grow and scale your business.

The second method involves a mindset shift. Stop selling the treatment and start selling the transformation. Stop selling one visit at a time and start selling the plan of care.

Explain to people, “So, Mrs. Jones, my recommendation for you is our ‘back to running’ program. It’s only 1998 when you decide to move forward. I’m going to finish the evaluation, do some treatment on you, and send you home with a few exercises to do over the weekend. Then I’ll give you a customized plan of care so you can get back to running in order to compete in that 5K. I want you to feel like you’re competent and capable and a great role model for your daughter without feeling like you’re doing permanent damage to your body. How does that sound?”

Most people speak that language and will immediately see it’s what they want.

You can also create an ongoing wellness program for patients who have phased out of their plans of care. It’s recurring revenue for you and helps your patients stay patients for life.

Remember: we’re not selling a commodity. We’re selling a custom solution they can’t price-shop for.

Bottom line… if you’re undervaluing yourself and what you know you can provide to patients, RAISE YOUR RATES TODAY!

If you’re interested in some more specifics on this topic, check out this video!

 

 

 

About The Author

Aaron LeBauer

Aaron LeBauer PT, DPT, LMBT started a 100% cash based physical therapy practice right after graduation. He's on a mission to save 100 million people from unnecessary surgery & enjoys helping passionate therapists build successful businesses without relying on insurance.

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