The Easy Way to Save Money and Build Your Practice
Regional Fee Schedule
An independent dental practitioner is also a small business owner, and in order to be successful, they must be aware of the local market and competitive environment. A big part of this is ensuring that your fees are appropriate for your area. ION provides regional fee schedules, assisting members in maximizing profitability and staying competitive in an increasingly competitive industry.
We will do all the heavy lifting for you. Our experts will give you a precise range of fee evaluations for your area, to ensure that you are staying competitive in your are but not over or undercharging your patients. Our primary goal is to see an increase in your profits, so we do our best to determine what fees would best suit your practice. An accurate regional fee is so important to guarantee the longevity of life of your business. Some dental practitioners are surprised to know that the lowest prices don’t always guarantee an increase in patients.
Three factors that help us evaluate the proper pricing necessary to your specific services are:
- Competitive Analysis – A detailed examination of your competitor’s pricing, with the consideration of the actual value of the product. This is more than just the cost, but also an in-depth look at the value that this package gives the customer. We look at how it compares to the value that you offer your specific patients, and how we can maximize the value for cost of service.
- Price Ceiling – This is the limit of price per service that is possible in your field and the area you serve. This doesn’t necessarily mean it is the highest price in your area, it could simply mean the highest price that offers the most value. A service that claims to be unique or give a patient the best experience could be priced higher than the average or the limit, because you are giving superior quality. Determining where your prices should be based on the ceiling price will be based on your specific marketing strategy. Going lower or higher than the ceiling depends on who you are trying to identify with.
- Price Elasticity – This is like the room for variation in your prices. It shows how responsive your target patients are to the cost per value of the service, along with the demand for the product or service. Different variables determine how sensitive your patients are to fluctuations in your changes in cost. Things like whether or not is an essential service or a cosmetic procedure, how popular the service is in your area, the quality you aim to provide, or how easily replaced by competitors the service may be. Some things are more flexible than others, so price elasticity is important to consider for individual goods and services.
The dental industry is constantly evolving, so we want to give you the information necessary for you to stay competitive in your field. We offer up-to-date information so that you can focus on best serving your patients. Let us worry about the competition so that you can focus on your patients. If you would like to learn more about our regional fee schedule, call our office at (800) 985-8047 for further details.
Know Your Practice
ION Dental Group provides its Premium members with an annual Practice Summary Appraisal, Equipment Valuation, Regional Fee Schedule and Practice Performance Snapshot, giving them the data they need to plan for the future and make informed decisions.