How often do you compare the prices of your procedures with other cosmetic practices in your area? While most prospective patients will take more than just pricing into account when selecting a practice, the cost of procedures can often play a major role in their choice. This is why it’s important to stay aware of what your competitors are offering. Luckily, there are a few tools designed to help you do just that.
It’s recommended to see how your practice’s prices compare at least a few times a year. While the information gathered may not cause you to adjust what you charge, it will allow you to have more informed conversations with patients when the topic of cost comes up. Being knowledgeable about average competitor prices will also help you understand any changes in demand for a particular procedure, or in your practice’s business overall.
For example, if you experience a drop-off in procedures, and you know what you charge is above the local average, it may be time to reevaluate your pricing model. This can be an opportunity to consider how to differentiate yourself and market your practice in order to support higher than average prices. Or, it can be a signal to lower your prices.
There are a number of sources available to check average cosmetic practice pricing by ZIP code. One is the American Board of Cosmetic Surgery’s pricing calculator. There is also the BuildMyBod Health Pricing Assistant, an online tool designed specifically for patients seeking cosmetic and aesthetic surgery. A helpful write up-of their price comparison tool is available in this Cosmetic Surgery Times article.
Another helpful resource is the Healthcare Bluebook, an online search tool that provides cost comparisons for several different types of procedures in multiple medical fields, including hospitals, dentistry and cosmetic surgery.
Whether they’re booking a hotel stay, purchasing a designer handbag or planning for cosmetic surgery, consumers today expect to be able to compare costs and like being well-informed about pricing. By making a small time investment, you can be well-informed about how you compare to the competition.
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