This episode is not about increasing fees; it's about understanding the value we put on feet. Jonathan Small is a UK podiatrist, and we discuss why the podiatry profession needs to start thinking differently about the value of feet.
If we think differently, so to will our patients.
Thinking differently is not about charging more, it's about valuing what we do, the service we provide, the lives we change, and the long-term benefits to the patient.
What we do as podiatrists and what the patient gains from seeing us holds tremendous value, more than just pain relief. We can give patients their lives back by allowing them to be active and mobile.
Level of Care & Fee Structures
Podiatrists need to value the solutions we have at our disposal. We can provide services far better than any other health profession, and when we provide this service, we need to value it and charge accordingly.
Respect from our patients only comes once we respect ourselves.
Funding Your Fees
You get what you put out. If you do not value what you do, your patients won’t value it either. Undercutting another podiatrists fees is not good for you, your business or the profession.
You may think patients cannot afford what you're really worth, but is that true?
How are they funding and prioritising other aspects of their life? Haircuts, beauty treatments, teeth whitening, eating out all costs money, and people budget for this, so it's important to remember they also budget for healthcare.
Listen to Patients
Podiatry brings value to patients lives. When someone is in pain, they will probably have a money figure in their head on how much they are prepared to pay to have it fixed.
Therefore when we’re setting our fees, how can we determine what is value for the patient?
What's more important to the patient is not the fee you're charging; it's the cost of it not being fixed properly. This is where the patient really suffers.
If you cut your fees too low, you may unknowingly cut time with the patient or short-cut a service.
Clinic Registration Fee
Jonathan introduced a clinic registration fee for all new patients because a lot of work goes into their first visit before they arrived.
If an insurance company can charge an admin fee, why can't a podiatry business do the same? I think it's brilliant!
You Can't Do That
Some podiatrists will say, 'you can't do that', but Jonathan Small has proven you can. And his business is in a small town with a competitor only 50 meters away.
It's simply a change in mindset.
Defining Our Fees
We shouldn’t define our fees based on what we think is valuable to the patient. We think their health is the most important aspect, but time is more important or convenient for some patients.
Can you have an on-time guarantee or more convenient hours and be prepared to charge a premium for this service?
VIP Experience
Can you create a VIP Experience? That's a game-changer. Are you able to give your patients a choice or different service levels?
Car companies do this all the time. They have the basic model, and then there are added extras. They offer extra because they know a percentage will say YES.
It’s then up to the consumer to decide...not you.
Value Perception
It’s all about each visit's perceived value, but not just from the patient; it's also the perceived value from the podiatrist.
What else can and will you do at each consultation to justify the fee you charge. How else can you increase the value of each visit?
"You’re not going to rush through an appointment if you know you're charging more than your competitors".
While your competitors are bulk billing, cutting fees and rushing patients through their clinic in an attempt to make more money, you can take your time with each patient, add value to each consultation, work fewer hours and in the end make more money and have a better reputation.
Respect
If you want more respect from your patients, you need to be charging what you’re worth.
Stop being told by GP's that you should be bulk-billing certain patients. They have no right to tell us (the podiatry profession) what to do.
Reinvest and CPD
When you're making good profits from your business, it's not about taking more holidays; it's about reinvesting back into your business, buying new equipment and providing more services. This helps your patients and your community.
Don't be 'that podiatrist' that's too busy and flat out with patients, who don’t value their feet, which prevents you from attending CPD events and upskilling.
It's All About the Experience
When patients go to a restaurant and eat a high-quality meal, they’re happy to pay $150-$200, and if the service were good, they'd drop an additional $20 tip without giving it a second thought.
We need to be delivering a nice meal experience.
Final Tip
Step away from you being the only opinion on the value of feet and the value of the services you provide for those feet.
Listen to the A-type patients that happily pay your fees and respect the value you provide. Never listen to C's and D's that do not value their feet, do not listen and want the cheapest treatment possible.
If you have any questions about this episode, please send me an email at tf@tysonfranklin.com, or you can connect with Jonathan at Health First Foot & Gait Clinic.
If you want to learn more about Jonathan's short 2-hour course, follow this link to FOOT VALUE.
Jonathan's previous episodes:
Ep 006: Work Smart, Not Harder
Ep 044: Podiatry Success Is A Mindset
Ep 081: Don't Live In The Land of Low Fees
Ep 096: Fear & Comfort Zones
This episode was sponsored by PODIUM and to learn more CLICK HERE.
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