Have you heard this story about Picasso?
It goes something like this…
A woman approached Picasso in a restaurant, she asked him to scribble something on a napkin and said she would be happy to pay whatever he felt it was worth.
Picasso complied, and before he handed her the napkin, he said, “That will be $10,000.”
“But you did that in thirty seconds,” the astonished woman replied.
“No,” Picasso said. “It has taken me forty years to learn how to do that in 30 seconds.”
So many of us discount how long it has taken us to learn our craft and how valuable it is to someone in pain or with the inability to return to normal, healthy function.
According to a survey where clinic owners were asked why they haven’t raised their rates, the answers were pretty consistent.
The biggest resistance for not increasing one’s rates was guilt. The feeling that we’re being greedy if we charge our patients more money.
When asked about why they felt guilty, many owners replied by saying they’re not doing this for the money. They’re doing this because they care.
I don’t believe in “strengthening the weak, by weakening the strong”. In order for us to provide great care and support our patients, staff, and community, it’s necessary we take care of ourselves.
That means making money so we can support ourselves with a good lifestyle.
If this doesn’t cause you to increase your rates, maybe this will…
According to US Inflation Rate.com, inflation has increased 25.46% since 2010.
The money you’re charging now is worth 25% less than in 2010. It’s costing you more to provide the same services you did 11 years ago.
Rent, supplies, and salaries are all increasing. If you don’t at least maintain the current inflation rate (currently around 2.0% per year), you’ll end up closing up shop or continue to suffer.
Consider raising the rates of your cash-based services.
Jamey
PS – and if you need help looking at other areas of your business that might be costing you money, click on my schedule, and let’s set up a time to talk.
