I don't know about you, but inside of my practice, sometimes we have people that come in saying, “Wow, that much for an implant?” Or, “Wow, I didn't know that Invisalign would cost so much.”
I’m sure I’m not the only one experiencing this. It can be difficult to come up with an answer for these patients. This is especially true if we don’t fully understand ourselves. When we know, it’s much easier to explain costs to patients well.
If you struggle with responding to your patients when the cost is too high, you’ve come to the right place.
Know your profit margin.
Every owner should know their profit margins. Profit margins are the actual cost to be able to do a particular service. It takes into account the supply costs to be able to do that service, fixed expenses, and variable expenses per hour for the use of variable expenses.
Oftentimes, dental practice owners don't know how much it actually costs to run their practice per hour. What are your costs per hour for salaries? What is your cost per hour for use of your office? Make sure to include rent or mortgage, utilities, marketing costs, and other expenses. Divide those numbers into the number of hours you work. When we are not certain of our actual expenses, it’s easy to start to doubt your prices. You might just see the fee number and agree that your fees are high when the reality is, it might be that your operational expenses are too high, and that’s what’s requiring higher fees.
When you know that, for example, it's going to cost you $140 to do a filling in your practice, you won’t feel bad if a patient says, “Wow, $160 for a filling,” if that's your fee. Knowing your numbers help you better prepare your case presentation and enhance your verbal skills.
If you haven't looked at your costs per hour, I highly recommend doing so. And if you want help, you could join our Platinum Coaching program and we can help.
Present your treatment plan with the patient's personal goals in mind.
The other step to take if patients complain that costs are too high is to present treatment plans from your patients’ perspective. You must understand your patient’s goals and so you can help them see what investments they need to make. For example, many of the most successful dentists ask each patients, “What are your goals for your teeth, your mouth, your smile?” They then ask patients questions like, “What would it mean for you if you got this fixed?”
The patients’ answers will help you better understand why they're there, what they want and desire. And they then present options to them in the context of how the options will help the patients achieve their goal.
We suggest asking patients for permission to present the case to them. Keep it simple, asking “Is it okay if I take some time and share with you how we can help you and how we've helped other patients just like you?” Of course the answer's going to be yes. Then present your treatment plan in that context.
At the end, say, “Now, this is going to be an investment. The great thing is that once you have your smile makeover done, this is what your life is going to look like.” Follow that with the goals they want that your treatment plan will help them achieve.
Once done, ask if they want your help. Encourage them that they’re worth it and show them options to help afford their treatment. You can say, “This is an investment in yourself and you're worth it. But we can work with you and create a customized plan so that you can fit this dentistry that you so deserve and you so want into your budget.”
Are you ready to help more patients move forward with their treatment?
If patients think fees are too high, we might not know our numbers enough or be presenting treatment in the context of their goals. These two steps can help you immediately boost case acceptance rate. And then you will be able to help more patients achieve their goals and live a better life.
If you want help, join our free Facebook group for dental bosses. In of that group, you will be able to mastermind and share with dentists and team members. And if you’re looking for training or coaching for your team to accelerate your growth, click here to learn more.