Endo Mastery

HAPPY NEW YEAR! IT’S TIME TO RAISE YOUR FEES!

Celebrations bring new energy and growth into your life and practice if you open yourself to the possibilities.

DR. ACE GOERIG

OWNER & CO-FOUNDER

Dear Colleague,

 

I am a person who likes to celebrate major holidays and events like New Years. How great we feel when we can simply enjoy a celebration with our family and friends. There’s such positive energy and optimism that we carry with us even after the celebration ends.

 

I am also someone who likes to celebrate in more personal and individualized ways too. I am always looking for reasons to celebrate with the people in my life, whether that is for a birthday, anniversary, milestone, or accomplishment. It’s part of being close to someone to share those important events in each other’s lives.

 

In the practice, celebration also has a role as a very important leadership and growth technique. The team bonus system in my practice offers a tangible benefit to team members, but even more important is that it gives me a daily way to celebrate the team’s progress and contribution to the practice’s success.

 

Plus, throughout the year, I find ways to recognize or celebrate both the team collectively and individuals on the team. Sometimes those celebrations can be as simple as positive words of deserved recognition spoken in front of everyone that makes someone feel special and validated.

 

The celebration mindset also extends to referrers, where I strive to personalize each GP relationship and show my appreciation for their professional support. I’m not a huge fan of the routine and predictable “let’s have lunch” system. Instead, I make sure my marketing coordinator regularly connects with the GP’s team while I focus on the doctor-to-doctor connection.

 

I like to invite doctors to a sporting event, a day of sailing, a fishing weekend, etc. I can usually find a shared interest with every doctor to connect with and celebrate them in a meaningful way. Lunches are probably forgotten by the next day, but personalized recognition and celebration are remembered.

 

Finally, the most important person to celebrate in your life is yourself. Too often we get caught up in the day-to-day busyness of practicing and we forget to honor ourselves. We need to create those celebration moments to remind us that we are deserving of happiness, success and recognition, both professionally and personally. It’s from that energy that we remain inspired by the profession and inspired to reach for new goals.

 

Now is a great time to put into action your plan to achieve new goals and success for the coming year. Otherwise, if you don’t harness that energy when you have it, the whole year can slip by. There are some people who don’t celebrate the New Year or birthdays, saying, “It’s just another day like any other.” That may be fine for a day, but it’s something you never want to say about a whole year in your practice. Every year should be better than the year before.

Time to raise your fees

I always remind doctors at the beginning of the year that it is time to raise your fees. In fact, some doctors prefer to adjust their fees twice annually in January and July since the cost of living and business expenses are always increasing. At a minimum, at least once a year you need to calibrate your fees to current financial realities. It’s one of the most overlooked but necessary actions you can take to keep your practice finances healthy and profitable.

 

This year (and the foreseeable future) continues the trend of elevated inflation across the board, so a fee increase isn’t optional. If you have delayed or omitted fee increases during the pandemic years, it is especially important this year to get back on track. My recommendation for all doctors this year is at least a 5% increase, but you should look at your expense ratio to finetune the right percentage for your practice.

 

To help you with your fee setting process, here are two resources. The first is an article about fee increases that addresses the concerns and factors to consider when adjusting your fees.

The second resource is an Excel calculator that you can use to estimate the impact of a fee increase on your practice. Just plug in the numbers from last year’s Procedure Analysis report to model the impact of a fee increase.

I hope you have an amazing year,

Dr. Ace Goerig

DDS, MS, ABE Diplomate
Endo Mastery Owner

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