- Why Is Price Transparency So Important?
- The Main Benefits Of Price Transparency
- Increased Efficiency Of Consultations
- Offering Discounts With Pricing
- The Possible Risks With Price Transparency In Plastic Surgery Practices
- 3 Models For Price Transparency
Plastic surgery price transparency often has varied viewpoints. Not knowing when you’re sharing too much, or possibly not sharing enough. Or, when choosing to implement price transparency, what is the best way to do it without selling yourself or your practice short.
Surgeons want to continuously evolve, so how important is it to be transparent about pricing? In addition, how can affect a practice overall. Or, how much influence does price transparency have and when should practices implement it?
A study from CEO and Founder of Build My Health App, Jonathan Kaplan, showed how 72% of patients that booked and paid in full to receive a discount, were aware of pricing beforehand.
Often described as patients’ main pain point, pricing is the make or break for many when looking for their chosen practice.
Why Is Plastic Surgery Price Transparency So Important?
Patients simply look for an uncomplicated process from start to finish. This starts from consultation to post procedure.
Commencing a patient’s journey in the smoothest way possible sets the tone for further experience.
It’s human nature that we like when things are easy for us. Nobody wants to work hard for something that can be given easily. So, when the process such as comparing prices is easy, it puts you ahead of competitors. Patients appreciate its easy to discover essential information.
Building trust is a crucial element of a successful patient and surgeon relationship. Price transparency is one of the many foundations to this. Awareness and honesty surrounding what is likely one of the most important moments in a patient’s life should never be underestimated. Beginning with transparency is a great step.
The Main Benefits Of Price Transparency In Plastic Surgery
Price transparency comes with its benefits. It goes deep within a practice, including the office staff.
The productivity of office staff can significantly increase as a result of this. Less time is wasted on office staff answering calls that predominantly surround pricing questions.
When people cold call for information this takes a considerable amount of time. This is unproductive and likely frustrating for office staff.
The Purely Journal article by Jonathan Kaplin states that 41% of patients were more likely to book their procedure if they were price aware at the time of consultation.
In addition to more productivity within the office, talking about pricing is an educational aspect for patients. However, surgeon Jonathan Kaplan advises staying away from static pricing. However, leaning towards price breakdown. This is helps patients understand procedures in more detail.
For example, procedure pricing should be shown including costs right down to areas such as anaesthesia or additional time that may be needed to possibly adjust a previous surgery.
Increased Efficiency Of Consultations
Providing in-depth information regarding procedures and pricing allows patients to be well-informed. Importantly, before consultations. Allowing more time for discussing other key details.
Offering Discounts With Pricing
A great component to add with price transparency is offering a discount to patients who pay all of their balance in full. A discount is not only highly appealing to patients, but this limits your office staff needing to chase up payments. Jonathan Kaplin, states that 72% of patients who paid in full, had a discount.
Something that works for both sides. Practices will, of course, be taking a slightly less income as a result of the discount. Although, this could be considered worth it due to better productivity within the practice as a result of less time spent chasing up payments, and happier patients from receiving a discount.
The Possible Risks With Plastic Surgery Price Transparency
However, just like with any new way of working, possible risks and disadvantages
need to be considered before you can decide if something is right for your practice.
Having your prices openly available for others to see can put you in a position where competitors purposely provide lower prices to seem more appealing. Nonetheless, it should be noted that with plastic surgery procedures, cheaper cost isn’t always reflected as better service and, therefore, it could be argued that this factor is insignificant.
In addition to this, price transparency leaves less room for curiosity. Patients who are predominantly price focused may be put off to even consider a consultation if a price is out of their budget.
Frankly, if a patient feels more confidence in a surgeon, the factor of pricing becomes less important. Meaning, they will likely be willing to pay more for a procedure if the surgeon in question makes them feel more comfortable over another surgeon. However, the possibility of patients not even considering a consultation due to price is surely a missed opportunity.
3 Models For Price Transparency
For practices who want to implement price transparency in the best way, there are 3 fundamental models to consider.
Share Information Freely
Allowing prospective patients to feel that you are open to sharing information is essential. Not only does this build trust between surgeon and patient, sharing valuable information beforehand is a huge opportunity to show prospective patients your expertise.
It would be great to also consider allowing office staff to send out quotes digitally from telephone calls. This is a more beneficial way rather than instructing people to visit your website. It’s important to take the opportunity to get their details in the moment, and not lose prospective patients by sending them away. This is focused on creating an easy experience for them with you gaining prospective patients details.
Nothing creates confidence in patients more than a surgeon who can demonstrate ability and isn’t afraid to share information. Sharing information freely allows patients to feel that there are no strings attached and you simply want to better educate.
Creating online forms is a great way to start a patient customer experience. An easy, hassle free process for prospective patients to enquire.
Making a patient’s experience as smooth as possible can be done with the use of pdf downloads. This may include price lists or in-depth information regarding specific procedures. Not to forget, a great way to help build your mailing list.
Whether patients choose to come in for a consultation or not, you have their contact details to reach out in the future when suited. Jonathan Kaplin shares how he found that only 13% of people dropped off when they had to enter details on his platform. With a huge 87% of people following through.
Considering a method revolving around a live chat is a great way to share prices and answer queries in real time to set up consultations.
In conclusion, price transparency comes with its possible disadvantages, but alongside huge opportunities. From better organization within the practice to being a driving factor that can accompany patient trust.
The advantage possibly lies with the diverse methods available for implementation. The ability to choose a specific method more suited to your practice as a whole makes it functional for almost every practice.