I’m going to start of my week’s theme on Financial Modelling with this email that I recently received. I’d like to know if you find yourself in a similar siuation and whether you’ve found a solution to this that works for you. I’ll be posting more on this as the week continues.
Hi Chris,
Since the practice opened in 2004 I have steadily increased the prices of treatment (not examinations, hygiene or membership) by about 3% every 4 months. However, in the last year I have not continued these increases because a number of patients are complaining about the costs of treatment and some are not returning for their treatment because cost has become THE issue for them. I feel it is time for an increase but am concerned that it could lead to a negative effect on treatment uptake. What do you think? Are other practices still increasing their fees? (I know my suppliers are!)