Putting up your fees on an annual basis should be top of the “to do” list for dentists. The pandemic may have induced a sense of anxiety about the future which makes you reluctant to put up their fees but there is every reason for dentists to put up prices with confidence, particularly in the face of rising costs.
It’s good practice to put the prices up every year rather than leave it for a few years and then have to impose a substantial increase to keep up with inflation or rising costs. Patients are more likely to accept small annual increases.
What we are seeing at the moment is high demand for good quality dentistry. Dentists need to increase their prices in order to keep covering their costs and maintain the margins and safeguard the viability of their business. The same applies to dental plans. It can be tempting to be generous to your plan patients because their regular contributions are such a show of loyalty. But a small increase every year is unlikely to be an issue.
Are you a potential RBD client? Please do make contact and see if we can help you.