Preparing Your Chiropractic Practice for Price Increases

As the operational costs of running a chiropractic practice continue to rise, many practitioners are left to wonder if and how they should adjust their prices. That said, changing your chiropractic fees is not simply a financial decision, it is a strategic move that requires careful analysis, planning, and communication to execute successfully. Follow along as today we’re exploring practical steps to ensure a smooth transition in pricing adjustments that focus on practice value and protect the financial future of your chiropractic business.

Step #1: Assess and Analyze

The first step in making fee adjustments is to assess and analyze your operational costs and service value. Take a detailed look into your practice finances understanding your costs and revenue and how they may have changed over time.

After analyzing finances, evaluate your practice from a clinical standpoint, reviewing clinical outcomes, patient satisfaction scores, and value provided. If your output isn’t up to par, quality adjustments MUST be implemented before considering any sort of price adjustment.

Step #2: Compare Yourself to the Competition

Next up take a look at your pricing against the local competition. Do your market research investigating different pricing strategies and the pros and cons of each. Consider what unique offerings you bring to your patients and what specialized services you provide that set you apart from other providers. From advanced technologies to specialized diagnostic and treatment offerings, highlight what makes your practice exceptional.

Step #3: Ramp Up Quality of Care

Increased quality = increased value therefore to justify higher chiropractic fees, your quality better be on point. Provide meaningful client interactions, ground your work in evidence-based research, prioritize professional development, and tailor treatments to your client’s specific needs. By improving your care, you can improve your outcomes and satisfaction scores and organically enhance patient perception of value.

Step #4: Justify Why Price Adjustments are Warranted

Price increases need to be supported by data and value add. Develop a clear-cut strategy and justification statement for why you’re increasing prices, how patient care will benefit, and what these changes will do for the future of your practice. Be specific, detailed, and direct considering everything from inflation to increased overhead to increased value.

Step #5: Educate Your Team Members

With any business changes, having an aligned understanding of the change is essential to effective implementation. Train each member on why, when, and how pricing will change and develop consistent messaging that will be communicated when discussing these changes with clientele.

Step #6: Notify Current and Future Patients

Most important to any price adjustments, be transparent and clear in your communication with clients. Use various methods of communication including email, letters, and digital marketing to provide sufficient awareness and notice of the upcoming changes and be candid with in-person discussions during patient visits. Always encourage an open line of communication to ensure concerns and questions related to the changes are addressed directly and promptly. 

Step #7: Implement the Price Adjustments

When the time comes for price implementation, be prepared and organized.  Ensure all systems are updated and consistency is present across all client-facing marketing. Clearly communicate the effective date of the changes to both staff and clients and take the extra time to monitor billing outputs for any internal errors.

Step #8: Evaluate Profit Impacts

At regular weekly, monthly, and quarterly cadences, evaluate the impacts of your changes. Consider patient feedback, review your profitability, and adapt as needed. Continue to monitor your overall practice value and clinical outcomes and ensure that these align with the pricing structure you implement. Commit to continuous improvement, re-invest when able, and always prioritize high-quality patient care.

If you’re looking for additional tips for effective price increase implementation for your unique practice, book a strategy call with Rehab Chiros and elevate your chiropractic business today.