Are you charging what you’re worth? I mean what you’re really worth? Chances are, you’re not.

Setting the right price for your services can often be a challenging task. Are you, as a dental practitioner, charging what your expertise and services are truly worth? Many dental practices struggle with this question, especially those offering specialized or high-end cosmetic procedures. 

The key lies in recognizing the value of your expertise and conveying this to your patients. This guide is designed to help dental practices navigate the complexities of pricing, ensuring that the rates charged are a true reflection of the quality and care provided. 

Get over the fear of charging more. 

Fear is one of those things that will always, always, always hold you back. And it drives many of our decisions and actions. 

Recognizing this fear and working to replace it with confidence in the solutions that you’re able to offer your patients will put you on track toward developing a better pricing strategy. 

Sound good?

CHOOSE ONE: PRICE OR TALENT

You can compete on price or talent. But only one. Choose wisely. And I don’t recommend going up against the person who’s doing it cheaper.

Competing on price never ends well. It’s only going to be a race to the bottom, where nobody wins.

Some companies may be set up to operate this way, but that doesn’t mean that you should. As a service-based business with an expert at the helm (you!), you should be focusing on providing value, not positioning yourself like a commodity.

Instead, you’re going to want to position yourself as the best option for your target audience. 

Now, it’s important to note that if you want to be respected for the value that you add, then you have to maintain integrity with what you’re charging. 

This will give you confidence to boldly charge what you’re worth, and to competently field any questions from prospective patients. 

RECOGNIZE YOUR VALUE

The expertise and experience you bring to your dental practice are invaluable. Years of training, continuing education, and clinical experience should be factored into your pricing. 

Whether it’s a complex implant surgery or a cosmetic smile makeover, your expertise ensures high-quality outcomes, which is what patients are investing in.

STOP NEGOTIATING

It’s crucial to balance the act of being accommodating with maintaining the value of your services. While offering occasional discounts can be a strategic move, especially if it fosters long-term patient relationships, it’s important to avoid excessive discounting.

Overdoing discounts can inadvertently position your practice as the ‘budget-friendly’ option, which may attract patients seeking only the lowest cost services. 

This perception can undermine the true value of your expertise and the quality of care you provide.

ROOT OUT TOXIC BELIEFS ABOUT MONEY

Money, and our relationship with it, directly impacts our ability to acquire it. So a negative view means you’ll often make decisions that will drive money-generating opportunities away. It’s crazy how this works.

We all have beliefs around money that hold us back. These beliefs are often subconscious and rooted in things that we learned when we were younger. 

Common money myths include:

1. Money = Evil
2. Having too much money makes you greedy
3. Earning money is too risky
4. Money’s scarce
5. I don’t have time to earn more money

Self-limiting beliefs though, will only hold you back. It’s important to banish any money myths that you may have, take the time to really understand how money works, and stop feeling guilty for wanting to earn it. 

The journey of establishing the right pricing in your dental practice is a delicate balance of understanding your worth and communicating this effectively to your patients. It’s about recognizing the unique value of your services, particularly if you specialize in high-end or cosmetic procedures, and ensuring that your pricing reflects the quality, expertise, and care that you offer.

Let’s learn to discover our worth, and get clear on the value that we bring to others. Then and only then can we start moving toward a place where we realize, suddenly and unashamedly, that we’re not afraid to charge what we’re worth.

Are YOU charging what you’re worth? What do you struggle with when pricing your services?

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