Blog, Chirosecure Live Event July 28, 2022

Time to Raise Your Fees or Go All Cash?

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Especially with inflation, that costs are going up more, but you’re not making more necessarily you’re. So is it time to raise your fees? Whatever. Going all cash. How do you make that decision? This is 10 yet your six and seven figure practice make-over mentor and introverted, and your host of our ChiroSecure show today.

So let’s have this conversation about I, what you’re charging, what are the possibilities? When is it, what are some considerations about raising fees and when is a good time to raise your fees? What about going all cash? What are some considerations there? And if you’ve thought about going all cash, but haven’t pulled the trigger yet, how can you pull the trigger without feeling concerned that patients will just leave and you’ll be left with your patients.

So first let’s have a conversation about. Now one mistake that I often see that chiropractors make when it comes to fees is thinking that people will pay you what you think they will pay you based on your feelings about what you will. So the truth is that people will pay what they will pay and it doesn’t have anything to really do with you and what you think you will pay for something.

So that’s one big distinction and click to make about deciding on fees. The other thing is that, and what I’ve also noticed is that if you are concerned, That’s people won’t pay the fees and you really don’t feel like what your services are. What you’re offering is worth that. Then if you do raise your fees, it could backfire because you might have these feelings of I shouldn’t be really be charging this.

I’m afraid of this. And guess what people can sense that people could smell it from a mile away that. You don’t feel confident about your fees. So even if you share those fees, then they might not. B, they might tell you it’s too expensive. And then you will just tell yourself that it is too expensive.

And so I should not be, have raised my fees or maybe I should lower my fees again. Whereas if there’s another chiropractor, just like you, even in the same town who is confident about what they’re charging and what the, their value is, and they talk about this is our fees, that’s, it could actually.

That the potential patient would feel that and sense that and still work with them. And interestingly enough I’ve thought about this too, before where I’ve experienced this myself, or I seen other people experience this. Where have you ever had this experience where you told someone that, oh, that’s too much.

And I can’t afford it or that’s too expensive. And then you talk to another person about that same service. They quoted you even more, and then you decided it was totally worth it. And you paid even more to go work with someone else. Has that ever happened to you before? I know it’s happened to me before, and I just happened to our clients before, too.

Or chiropractor clients before. So it, so that’s one thing to keep in mind that decisions aren’t made just by simply the fee itself. So the other thing to keep in mind is maybe your bait, you’re basing what you’re charging on, what other people are charging in your area. And this is also a common mistake.

I see. Oh, I can’t possibly be charging outside of this range because then other people, when they call around, they’re going to find out that those people charge that and then I’m significantly higher. So then they’re not going to want to come see me. And the thing is there really only three factors that determine what you could charge and get.

What do you think they are? So the first is your confidence level of what you have to offer, which we just talked about right now, too, is. How are you talking about the value so that they see that value in and are willing to pay you for that? And then three is, are you in front of people who really need what you have to offer?

And have a need right now. And if those factors aren’t in place, then you could easily charge what you’d like and get it. So if you’re concerned about if you have this inkling of desire to raise your fees, but you’ve been holding yourself back, you haven’t pulled the trigger, then consider. Which one of those three areas, do I feel more weak in or not in alignment with and get in alignment first and then you can totally raise your face with what’s the worst thing that can.

We’re saying that could happen is that perhaps you aren’t getting as many people booking appointments and then maybe you end up tweaking your fees again, maybe Laurie it. But if you could really just own your the value that you’re truly providing for patients and you could charge what you’d like, and what is, how do you determine when to raise your fees?

I would say that if you are feeling, if it crosses your mind that gosh expenses are going up my cost to with equipment or different things, and within the practice are going up, my cost for hiring and all this stuff, is it, and having staff has gone up then that’s a good time to consider raising your fees, or if you’ve just been feeling like it’s time.

To raise your fees. And then at the, as if you’re out of a alignment mint with what you would like to charge let’s say you would like to bump up your fees by a certain amount, but then you’re, again, you’re not fully owning that. Then maybe do a little bit of inner work first before, before you actually read.

Now as far as they a couple of other things to think about with fees is we often think of fees as more of a sided way of looking at. Are my visits really worth it? What will they look at it as, okay, so I’m charging this much and it’s only taking five minutes for the adjustment that they’re going to feel like, oh, that’s so much money.

Like I go see a doctor for an hour, a medical doctor for an hour. And I pay them this copay of X, Y, Z, or I only pay, I pay them this. And then I’m only seeing you for five minutes. And you’re charging me that for an adjustment or functional medicine visit, if, oh that’s as good an example of doing special medicine but as our R w we tend to think of fees in that way, as far as are our visits worth it, but we don’t often think about is what.

What you charge is also a reflection of how people will value it. So have you ever thought about how when they are paying you for this, there’s an energetic exchange and through that energetic exchange of what they value they put up as an energetic exchange as a reflection of what they value.

They actually benefit from. It being that level of energetic exchange for them as well. So instead of just looking at it as a. An idea of it is my five minutes worth it for someone, or it might be trying to like, look at it also as, what the benefit they will be seen from you owning your value and then them putting towards it, the energetic exchange of money to, in reflection of that.

And then, for those of you who are concerned about weight this, but I want to make it affordable and I don’t want to charge too much. And that kind of thing. Certainly, you need to be in alignment with your own philosophy of practicing and so kudos to you for whatever that is for you.

And at the same time consider what did they have to compare it with? Your chiropractic adjustment, which is whether it’s $25, $50, a hundred dollars, versus the wasted amount of time spent at medical doctor’s offices when they can’t figure. What’s going on with them and giving them these bagfuls of medications is still not working and it’s actually damaging for the body, or they’re just not getting better.

And maybe even having side effects or more suffering with their health. If they didn’t actually see you or having to resort to surgery, when you could have helped them avoid surgery, what is it worth it to them? What is it worth to them to help them avoid surgery? What is it worth to them to not be in that suffering every day?

What is it worth to them to not have to take time out of work and spent all that time, wasted time going to doctor’s offices and still not having answers. So that’s another way to look at. And then as as far as raising your fees or deciding to go all cash in your practice. So how many of you have thought about going all cash in your practice?

Because you’re tired of the headaches of. Of insurance reimbursement situation and all this paperwork and the hassles and sometimes playing this cat and mouse game and so much back and forth and sometimes not even being paid. And then did you know, and I’m sure many of you do, and some of you might have even encountered this, but insurance companies can even change things down the road and then ask you for your payments back, like in terms of.

And then you’re out that money, not to mention that when you get paid so late, you’re basically fronting the the. The money within your practice because you’re getting paid so late. And so all this can create stress and headaches, even if you wanted to make it available insurance available for be on insurance to make it available for patients because people have insurance, it’d be nice for you to allow them to be able to use it at a certain points.

You might hit this tipping point in your practice where you just feel like this is just not worth the time. And. I would like to be spending this time and energy instead on treating patients on helping my patients and not be restricted to where you need to feel like you need to justify why you’re doing certain things with your patients and having to file tons of paperwork to get it just by why not have your patients, why not attract patients?

Phil appreciate the carrier, giving them the recommendations you’re giving, and they’re just willing to even pay out of pocket. So for some of you, that may make a lot of sense for some of you, you may still choose to stick with insurance and that’s totally fine too. You need to practice in a way that feels in alignment with you and your philosophy, but for those of you who have an interest in going on.

But then maybe you’ve been concerned about pulling the trigger because you might feel like if I go all cash then, and especially since I’ve been accepted insurers, I’m gonna lose all my patients. They’re so used to, to just having their insurance pay for this. And the thing about it is that you’re right in a way, in the sense that you might not retain a hundred percent of your patients.

However there, if you are a good doctor, if you also are able to differentiate yourself well from other chiropractors in your area, and people have that connection with you, there is still a high possibility your existing patient base will follow you. And then B be paying you cash as well. How many of you have insurance yourself for your own healthcare.

And the thing is when you have insurance, certainly everybody would love to use insurance, right? Because you’ve paid for it. But what people let’s say, look at the psychology of people who pay cash, people who pay cash usually are they. Interested in a particular expertise perhaps that someone has, or that they like the service, maybe it’s faster service, or maybe it’s just better service and then they’re willing to pay cash for it. So just because they have insurance and they would prefer to use insurance. Doesn’t mean that they won’t pay cash for their health. So instead of assuming, or instead of feeling like whenever somebody says to you, oh, do you accept insurance?

And that you just automatically think, oh shoot, they’re going to not want to pay cash. Instead of thinking that way, look at how can you. Differentiate your practice so that people see you as a go-to practitioner as a go to chiropractor. Who really knows what they’re doing, and it is so much worth going, see, going to see you then making sure that they just make sure that their insurance covers it.

So when you are seen as someone who. An expert or a specialist, or I’m really good at what you do, a go-to chiropractor in your area, then you don’t have to worry about raising your fees and then people dropping off because she raised her fees or people dropping off because you went all cash.

There are plenty of chiropractors out there. All cash based pack, like with a completely cash based practice and have a full patient load. We have clients we’ve helped many clients over the years, transitioned from a, an insurance-based practice to a cash based practice successfully.

And every single one of them who has done it has said, I’m so glad I wish I did this. And so it’s just a matter of having a few key things in place before you transitioned to all cash. So that way you are bringing in patients willing to pay you packs. And then one great way of doing this is as far as getting known more as a go-to chiropractor in your area is to be ’cause one reason why people may not be coming to your practice, whether it is because they may not know about you or how you can help them.

And they might not see you as the go to chiropractor in your area to one great way to be able to move that process along faster. So that you don’t have to be posting constantly on social media or feeling like you have to do all this kind of marketing or feeling like you need to be running ads and spending all this money that you don’t really want to spend it.

You just want to focus on helping people. So instead of doing all that, you can just focus on one main thing. What is it? It’s to be educating people, whether it’s virtually or in person by speaking. And I know what you’re thinking, because some of you might think that speaking, when you hear the word speaking, it just feels like such a big.

It’s oh, I don’t know about that. I don’t know about speaking to more than one person at a time. I prefer one-on-one relationships and connection communication, but I don’t know about seeking friends, providing insight, intimidates me, or just feels like a lot of work. But the thing about it is that it’s just a great.

To leverage your practice instead of reaching one person at a time of feeling like you need to go to networking to me one person at a time or having money go out the door because of having to spend money on ads to get visibility or SEO, to get visibility. It’s what if instead you educated people about one main topic that so creating one on top that.

About the benefits of chiropractic or how you can help them. And then that way people will start coming to you. They will see you as a go-to practitioner instead of you trying to just get people’s attention. And so if for those of you who have an interest in. And I’m getting that how do you get that going without feeling like you need to be doing a lot of work, and how did you get it going by even being able to sit comfortably from your own home and reach more people at once and you can go to www. So this is a free master class I’m doing on this, on how to attract new patients virtual. And I’m by educating them. And that way you could just be getting more consistent patients and even raise your fees or go on cash without having to worry about it.

So you can go to www dot, get booked Again, www dot get booked speaking. Dot com forward slash virtual, and I’ll make sure to pop it in below in the comment section or in the chat. And then, one thing to think about is also for the CQ who may think do I really want to be doing that?

What do you what’s what did these people have in common? Dr. Josh Axe, Dr. Mark Hyman. Or think about some of the people in the chiropractic profession, you you really look up to what are they all have in common?

I venture to say that most likely what they have in common is that they speak, they started out speaking and they still. For example, we have a client of ours who was a patient of Josh Axe, Dr. Josh Axe. And and then he said, oh yeah I know the speaking thing works because that’s how he built up his.

When he had an, in a brick and mortar practice, and guess what? He still speaks right now, even though he has a very successful online business, he still speaks. Why are same thing as Dr. Mark Hyman? He still speaks. Why does he still speak when he is very successful, because it’s one of the most effective ways to reach more people at once, it gets seen as a go-to chiropractor as a go-to practitioner.

So people come to. With that, you’re welcome to go to www dot, get books, for slash virtual, and check out the free masterclass. Happy to help you on I and share with you the exact things that our clients are doing that are bringing a consistent flow of patient. And even another stream of income through speaking.

And then for those of you who were at a place in your practice where you’re at a plateau and you just know you’re capable of so much more and you would love to grow faster with less stress, or you would like to have more time freedom in your practice, and then reach out to us, check out introverted, and happy to see how we can help you grow faster until next time.