Inevitable price hikes: here’s how to navigate them

My son is an avid golfer and works at the Cog Hill Country Club driving range during the summer.

At the range, they added a feature called “Top Tracer,” which involves tracking the balls hit. He also has to communicate with customers, answering questions about rates—even when people aren’t overly happy with them.

This past season, they upped the prices per bucket, and guess who works the desk on Father’s Day? My son. A 17-year-old kid who just wants to work and do something he’s passionate about.

So, guess who got hammered by the increased rates?

My son.

But ultimately, EVERYONE paid. The people who came to the range wanted to get a bucket of balls, and even though the rates went up, they still paid for what they wanted.

There is a lesson to be learned here concerning your patients and growing practice. Price hikes will (and should) happen to remain competitive.

Let’s dive deeper into that so you can continue building a successful, growing business without feeling like you cannot raise your prices when you need to.

Your patients are allowed to (and will) complain

By running a practice and growing a business, you know that people complain about price hikes. They’re allowed to. This response is something that comes with the territory.

Your patients have the right to complain about the cost of things.

I’m sure you do it yourself from time to time. However, that doesn’t mean we still don’t buy the things we complain about.

Give your patients space to complain about the stuff they want to complain about—prices included. If they want the professional services you offer, they will pay for them.

Just like the people complaining about the cost of a bucket at the range, they said their peace, bought the bucket of balls, and moved on.

The same applies to your practice. Allow your patients the freedom to complain and move on. This approach will contribute to a retention-based, thriving practice. Don’t let your business stagnate because you don’t want to raise prices.

My son on Father’s Day is a prime example

Take my son as an example. There was no way he could (or should) take what people said personally. It wasn’t about my son—it’s just the price of things.

His response accurately depicted the situation: “Yeah, they upped the prices two weeks ago.”

What more could he have said? Nothing. His response was a black-and-white explanation of a simple price hike.

What more can you say about your rising fees and costs?

NOTHING.

Why?

Because that’s just how it is—that is what things cost. If you want to continue building a successful practice, your prices must adjust to match the cost of things—just as any other successful business does, whether it’s a chiropractor’s office or driving range.

Remember, it’s not your fault

Running a practice is a business, and that comes at a cost.

It’s important to remember that as the price of things increases, it is not your fault. It is not a FAULT at all, period.

It is just what things cost.

Having that mindset will help you build a business—which is what your practice is: a business. Without the ‘business’ you have no vehicle for service.  Although money isn’t everything in life. For your business, money is everything.

Remember, while you should have compassion for your patients, your practice is not a charity. You can’t avoid price hikes and must adapt accordingly, or you will sink. All you have worked for could be lost if you don’t keep up with inevitable price hikes.

Communication will always be key

Being a chiropractor means you must wear many hats.

You are a doctor, first and foremost. However, you are also a business owner, which requires sales and communication skills.

There will be moments when you need to verbally communicate with your patients to address their concerns or goals. However, sometimes, the best way to communicate is to say less.

Price hikes are a prime example of that.

Sometimes, the best way to communicate is to give a simple and clear explanation, giving the client the space to navigate the next steps on their own. It is what it is.

Just like those at the driving range, if your patients want your services, they will pay for them. Allow them to complain so that they feel heard.

And this is just one example of how you’ll need to implement communication skills—which is why it’s time to stop winging it. Having a clear strategy in place can mean the difference between a successful practice and one that suffers.

Implement a proven protocol to skyrocket close rates

Remember our proven, step-by-step chiropractic sales training process if you’re worried about how your patients will respond to price hikes.

Stop settling for 50% close rates when you could enjoy close rates as high as 95%. We see it all the time after doctors implement our Day1 Day2 chiropractic sales training protocols.

Learn from other industries, applying the power of sales to your practice.

Get started today

Heavily discounting your services to get people into the door shouldn’t be an industry norm, and we’re here to help you prove that.

Regardless of how specific your practice is, whether you are a solo practitioner or are running a multidisciplinary enterprise, our sales training applies.

So, if you’re ready to leave the anxiety of price hikes behind, see a spike in your close rates, and achieve sustained success, we’re here to help you every step of the way.

Join our chiropractic consulting community to start building your dream practice and the life that comes with it.

Book a free consultation to discover more about business training for chiropractors today!