Pricing isn’t as simple a matter as coming up with a number. It’s a delicate balancing act between affordability and profitability for your services, and delivering the best possible services for your clients.
So, how do healthcare professionals in the UK find the sweet spot for pricing strategies?
In this Article:
- Do your research
- A lower price isn’t always the right one
- Standing our from the crowd
- Price Lists
- Final thoughts
Do your research
Before dipping your toes in the pricing pool, you will want to research the local landscape. It is important to understand what your fellow practitioners and private clinics charge for similar services, paying close attention to their treatment packages.
It is common for companies to underestimate how much is charged for a service, as such they end up undercutting themselves when it comes to pricing. Which is great for customers but from a business point of view you need to ensure that your pricing reflects your company’s value. A key point to remember is having the lowest price isn’t always the best solution– patients value experience and reputation just as much as cost.
Lower prices aren’t always the solution:
Loyal patients often stick with trusted practitioners, and a low price can harm your business, this is because a lower price may make people undervalue your services.
We recommend you focus on understanding your target audience’s expectations and their willingness to invest in your services. Consider factors like income and the perceived value of specific treatments.
Value always remains crucial, for example in private dental and aesthetics service, it’s not just about the cost; it’s about the perceived quality of care, expertise, personalised attention, convenience, and patient satisfaction.
You should ensure that when people are reviewing your pricing, you emphasise your unique strengths, highlighting the benefits of private care, such as cutting-edge technology, experienced specialists, and shorter waiting times. Demonstrate how your approach translates into improved oral health or aesthetic outcomes and a smoother overall experience for the patient.
Standing Out from the Crowd:
You can differentiate yourself by focusing on specific aspects of value that resonate with your target audience, for example;
- Do you provide specialised treatments not easily found in the NHS?
- Do you prioritise same-day appointments or offer weekend consultations?
Clearly communicate these distinctive features, illustrating how your approach contributes to, for example, improved oral health and provide a more convenient and comfortable experience for your patients.
Some ways you can implement this are;
- Specialised Treatments: Provide unique treatments that may not be readily available through the NHS, showcasing your expertise in specific areas.
- Weekend Consultations: Cater to busy schedules by offering weekend consultation
- Patient Testimonials: Share positive experiences and testimonials from satisfied patients, building trust and credibility.
- Treatment Plans: You could offer personalised treatment plans tailored to each patient’s unique needs, demonstrating a commitment to individualised care.
- Follow-Up Care: Implement effective follow-up care procedures, showing patients that their well-being is a priority even after their initial appointment.
Beyond the price list
Pricing is crucial, but it shouldn’t overshadow the human side of healthcare. Focus on building strong patient relationships, based on trust and open communication. You can also explore alternative payment options, like flexible instalment plans or referral partnerships, to make quality care accessible to a wider range of patients!
Having a range of payment options available for your clients will ensure that your services are accessible to a range of people.
Another thing to keep in mind with your pricing is that while you want to set prices that accurately reflect your services, you also want to ensure that these aren’t too isolating for new clients. For people that use your services already, they will already know the value, and therefore feel less hesitant to pay more.
To encourage new customers, one thing you can do is offer discounts. This is a good way to get people through the door at a lower cost, where they can then experience the value of your services and potentially become a continuous customer.
Keep in mind that pricing isn’t a “set it and forget it” affair.
You should always analyse your strategies. Track key metrics like patient referrals, private appointment bookings, and revenue generation. With this you can then adapt your pricing models based on patient feedback, and any evolving treatment recommendations.
Final thoughts
Creating effective pricing strategies for private healthcare practitioners in the UK demands a versatile and thoughtful approach. Through thorough market research, a keen understanding of the value you provide to patients, and setting your services apart, you can establish pricing models that maintain financial viability for your private practice while delivering exceptional care.
Keep in mind that transparency, ethical standards, and cultivating robust relationships are essential to navigate the dynamic private healthcare market. Choose prices that will not only benefit your practice but also prioritise the well-being of your patients.
