Hey guys and welcome back to the Medical Entrepreneur podcast.
My name is Adam Sewell, and this is where we teach you how to break free from traditional medicine, carve the career of your dreams, and still do what you love.
In today’s episode, I am going to show you the most common pricing mistake in medicine and how to avoid it so that you and your medical business can not only stay afloat but succeed.
There is a myth in medicine that health professionals should not charge a lot for their services and that it is our duty to make healthcare accessible to all, even though we are not in charge of the healthcare system.
I am going to debunk this myth from various viewpoints and show you how charging what you’re worth actually benefits you, your business, and your patients. So without further ado, let’s get right into it!
Healthcare Workers Aren’t To Blame For The Broken Healthcare System
Many healthcare workers, especially aspiring medical entrepreneurs, fall into the trap of thinking that they should provide their medical services for free or at very low prices. Otherwise, they are bad people.
Of course, we all want to help people first and foremost. Being able to help people in need is why most of us even chose this profession. However, charging below a certain threshold or allowing people to not pay at all actually makes it harder to do that. Why?
Because if you don’t have enough money to sustain yourself, your medical practice, and your staff, you will hardly be able to provide quality medical services.
This Pricing Mistake Leads to Dangerous Medical Practices
This common pricing mistake really only leads to unsafe medical practices. Practices that undercharge are usually understaffed, their equipment is outdated and some even resort to using expired medical supplies.
Not to mention the lack of energy and motivation to provide patients with the care they need.
And not only that – by charging low prices or allowing patients to skip payments, you attract patients who do not even want to pay. And those patients will try to do everything they can to avoid paying you! They are coincidentally also the most demanding. SO they end up draining your bank account and your energy.
So what can you do?
How to Avoid This Pricing Mistake?
Easy. All you have to do is confidently charge what you are worth.
You may be afraid that you will lose patients by setting higher prices. But in reality, you will only lose the bad patients who don’t want to pay you and gain patients who value your expertise and are willing to pay you adequately for it.
This will result in various benefits for you.
The Virtuous Cycle of High Prices
Once you set your prices to a higher amount, you will notice that you have more energy and motivation. This will enable you to offer the highest quality of services.
Furthermore, it will allow you to equip your practice with the best equipment and hire highly trained staff to help you run everything smoothly. You will be happier, your patients will be happier, and your wallet will be happier!
This is the virtuous cycle of high prices. It is a continuous process of improvement.
Don’t Be Afraid to Charge What You’re Worth
As you can see from all of the above, charging more will only have positive effects. But even if we ignore all of this, keep in mind that you have trained and studied for years, maybe even decades, and there is nothing wrong with wanting your salary to match that.
It is not on you to fix the broken mainstream medical system. Your job is to offer the best possible medical services and nothing more.
I hope this guide helps you set fair prices that will keep you and your practice afloat. And if you think you’re ready to start your own journey as a medical entrepreneur, make sure to follow us on social media and subscribe so you never miss an episode!
Additional Resources:
– Join my challenge here!
– Check out my website here!
– Sign up for our Aesthetics training here!
Medical Entrepreneur is a podcast dedicated to those who are trying to escape mainstream medicine and start building the healthcare business of their dreams.
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