It can be hard to know where to start when you’re trying to price out your treatments.
How much are patients willing to pay for aesthetic procedures?
You can bet if they’re coming in asking about Botox® that they’ve been shopping around.
Your job isn’t to be cheapest option. Your job is to communicate the value of what you’re offering and ensure you’re getting paid what your service is worth.
One of the best ways you can differentiate yourself from your competition and create more value for your patients is to create packages.
How do you do this?
Well, you can either make a custom package for each patient that you put together for each one after your initial consultation.
Or you can have pre-set packages already priced out for common treatment combinations. For example, if a patient comes in you might have a set price for a package that includes microneedling and PRP (platelet-rich plasma) treatment to help enhance your patient’s results.
You can take this a step further and create a facial rejuvenation package that includes multiple treatments and also skin care products to help your patients further maintain their results at home.
What you want to include in your packages is up to you. But remember, everything you include has value and you will want to emphasize the value your patients are receiving.
Determining your pricing strategy can take some time and research.
There are a number of factors that can affect your prices including:
There are other factors you may want to consider as you develop your treatment menu and prices, but it’s best to keep things as simple as you can when you’re first starting out.
Before you start pricing your packages, you should have a good idea of what to charge for each treatment individually.
Then you can show the value your patient is receiving when purchasing the package and they can see what a great deal they’re getting!
The best way to do this is to shop around. Pretend you are a prospective patient who wants a treatment done and phone around to other practices or medspas that you find in the area.
You can also have one of your staff do this research for you because it can take some time to make the calls and gather all of the information.
If you can, call from a personal line or from your cell phone.
Or, if you’ve signed up for our Business of Medicine On-Demand course in the IAPAM Learning Lab, you can also find some specific pricing examples and more details on creating your ideal patient packages in the Creating Patient Packages section (you will be asked to login).
This is everything about the Business of Medicine that they never taught you in medical school.
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You’ll learn everything you need to know from how to select the right location to your practice, to hiring and retaining the right staff, to marketing and pricing strategies for new and recurring patients.
It can be hard to know where to start when you're trying to price out your treatments. Learn how to know how much your patients are willing to pay for aesthetic procedures.
If you don't already have a patient retention plan in place, you could be losing patients already to another practice! Learn valuable ways to keep your patients happy and engaged.