Fees are important but they are not as important as you think! Part 1

By Jeffrey Brooks, CPA of JBrooks Wealth Advisors, PC, a CPA and CFP Professional firm specializing in helping professionals increase their wealth! 602-292-2009

Facts that you should know about fees and loyalty:

1. Only 13% of people make their buying decisions based on price!
2. 87% of people consider price but also look for quality care, service, convenience, a personal relationship, and more from their service providers!
3. Maybe your practice demographics are that 26% of people make their buying decisions based on price. Then you still have 74% of people who make their buying decisions based on other reasons. Shouldn’t you gear your practice to these people?
4. A common mistake it to assume that fee and value are related. They are not! Value is the total experience. For example, I happen to be fortunate to have homes in Phoenix and Prescott. I thought I loss part of a tooth and had pain in my lower mouth. I went to a new dentist in Prescott. I compared my experience with this present dentist to my experience with my Phoenix dentist and the dentist who preceded my Phoenix dentist. Without conscientiously thinking about it, I weighed the positive and negative experiences from the waiting room, to what I was quoted on fees, friendliness and professionalism of staff, the cleanliness of the office, what happened when I had too much water in my mouth..was the dentist and hygenist concerned and watching for this event which is common.
A simple observation was the music at the Prescott dentist. The music was from the current decade and was not enjoyable! It had a fast tempo that increased anxiety. The average age of patients in Prescott is older than Phoenix. I would guess that the average age of the patients were in their 60s. A more appropriate music would have been calming music or upbeat soft music from the 1950s and 1960s. Although the fee that was quoted was lower than I expected, once my treatment was completed the fee was higher than what was quoted. The staff at the Prescott dentist would have been smarter to quote a higher fee and then my perception of the the actual fee would have been lower. Or once the dentist was reviewing the situation, he should have let me know that the fee quoted was based on a different set of circumstances and asked me if I understood and whether I still wanted to go forward. Patients appreciate asking questions and letting the patient answer the questions. Psychologically this gives the patient some control.

5. Martin Schulman, a consultant says “Quality is a perception of the patient and is to a great degree unrelated to the actual quality of the dental work provided by the practice.”

6. I recommend that you do a post treatment consultation to review before, during and after! Offer patients a gift card for $10, $20 or $50 off their next treatment. Select people who you believe will be willing to give their opinions.

7. If you invest in education and newer procedures and equipment, I recommend you post the following on a board in the reception area: a list of courses you and your staff have attended, new equipment and procedures added and what the benefits are to your patients. Patients perceive that you invest in “cutting edge” education and tools.

I know most of this is common sense but it is amazing how many dentist do not make these steps a habit.

Jeffrey Brooks, CPA, CFP, MBA for JBrooks Wealth Advisors, PC, a CPA and CFP firm specializing in helping dentists.

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

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Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com