For Dentists: What You Need to Know When Raising Your Fees

Raising Dental Fees

Raising Dental FeesRaising dental fees is one of the basics in dentistry. Over time, you will discover the need to modify dental fees based on equipment, patient feedback, and supply prices. Routinely raising your fees at least every 10 months brings numerous advantages. Prices of basic commodities continue to increase every year. If you refuse to increase your fees to at least keep up with today’s standard of living, you find yourself on the losing end.

While your patients may not agree to price increases, remember that it’s beneficial for the both of you. When considering raising dental fees, do not waste time hesitating and adjusting fees separately. Do not focus too much on possible negative feedback from patients or how to properly negotiate dental fees with insurance companies. Focus on the benefits that adjustments offer.

How often should I raise my fees?

Ideally, you should raise your fees by 3-5% every 10 months. When you regularly raise your fees, you get additional increases every 5 years. This is above what normal yearly increases provide. Most dental clinics find it difficult to recommend large fee increases to make up for lost time. When a dentist fails to raise fees regularly, they face the risk of lower profits and greater overhead percentages throughout the duration of their career.

Raising your fees by 5% is also a standard rule; it keeps dentists in line with today’s inflation rates. Also, it helps you pay for the costs of your investments, such as office machines and equipment, medicines, and rising payroll expenditures. The regular cost of operations in typical practices advance at 3 to 4% every year. To maintain your standard of services, raising practice fees is important.

Determining your fees

When it comes to determining your dental fees, never underestimate your efforts in providing your patients quality dental services. Remember: quality is better than offering them inexpensive fees with no guarantees of 100% customer satisfaction. Raising fees is essential in providing them with first-rate care and a comfortable clinic.

You can’t stop your patients from commenting or complaining about price increases. Despite your want to please them, however, consider the viable reason behind raising fees. Staying at the same price over
a long period of time decreases the quality of your service. Raising your fees is essential in providing your patients the quality dental healthcare they deserve.

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