COVID-19's presence in the world has caused a massive shift in how many industries do business. Due to this, price changes are occurring across the board to make up for the economic impact of COVID-19's damaging effects. While it is necessary for some industries, many groups within the medical industry are coming under fire for increasing prices during a time where people need medical care the most. Let's look at the pros and cons of charging more for dental services during and after COVID-19 and figure out what the best move would be for your practice.
The Pros of Charging More
The main perk of charging more would be that it would help to cover the costs of lost revenue during the COVID-19 restrictive period. A lot of businesses are struggling, and many dentists and dental assistants have experienced layoffs and outright terminations due to the current economic climate. It makes sense that you would want to make some money back once things could reopen fully, especially since even with providing only essential services, you are spending a lot of money on PPE and cleaning supplies.
You are also putting your staff at an increased risk of infection and should compensate them appropriately. Your team members are on the frontlines with you and are more likely to get sick because of it. Being able to pay them more would be a fantastic thank you and help to keep them stable and safe during COVID and immediately after.
The Problem With Raising Prices
Still, there are a lot of issues with raising your prices. The biggest concern is that it is unethical. Your patients rely on you for help and are suffering from economic problems, as well. Raising the prices could make your services inaccessible to people who need it. If you go this route, you will also likely lose many patients who will look for cheaper sources.
A Solution
Fortunately, there are a lot of things you can do to help fix your monetary issues without charging more to your patients directly. Offering more specialized services like luxury whitening and high-end treatments can draw in more patients and work to boost your income.
You can also look to work with temporary staff or do outsourced work to bring in more income avenues and cut down on expenses during this time. There are tons of different options out there. Increasing prices is not necessary and will come across as selfish or predatory to the majority of your patients who are also struggling.
Finding a Middle Ground
While you need income to keep the doors open, you do not need to take on a predatory approach. There are a lot of things you can do to earn more money and cut costs without making a stressful time worse for your loyal patients. Do your research and look at what options are available in your area.
You can also offer specific services on a freelance basis to cut costs. Sites like Stynt are making it easier than ever to access freelance professional jobs. Just sign up on their website or through their app to get access to unlimited jobs in the dental industry!
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