Eyeworld

110 | EYEWORLD | SPRING 2024 P RACTICE MANAGEMENT Contact Rabourn: brabourn@medcgroup.com greater cost certainty and a focus on the end result. This can lead to an overall competitive advantage in your market or at least provide a compelling benefit for potential patients to consider. Implementing a new pricing structure However, moving to global pricing requires care- ful planning and research because each practice or ASC is unique, even within the area it serves. The following are some tips for determining the right price for what your practice offers: 1. Look at patient data. 2. Include direct and indirect costs. 3. Look at what competitors are charging. 4. Categorize procedures. 5. Be sure to include procedure-specific costs in the final price. 6. Don't forget value-based pricing. 7. Clearly communicate with patients. In addition to the above steps, be sure to clearly define exactly what is and isn't included and communicate that to the patient before the procedure. Also mention that unforeseen com- plications might require additional follow-up care and fall outside the scope of the price being quoted. This way, you can help avoid any unex- pected surprises. Once a price has been defined, clearly edu- cate patients on not only the medical aspect, but also the technology used. This will give them a better idea of why the price you are charging is justified and reasonable. Don't forget to review your contracts with Medicare and third-party payers to ensure whatever pricing implement- ed falls within the guidelines outlined in those agreements. Finally, implement the new pricing structure gradually and not all at once. Begin with the procedures your community needs the most and work from there. This will also provide you with a trial run to see if your pricing is what it should be or if adjustments need to be made. Additional considerations Moving to a global pricing structure may bring new patients through the door, but it may also turn off some who are not used to seeing the total cost of a procedure upfront. This can be overcome with proper education. Explaining what's involved and the technology used will do much in helping to overcome objections. If you educate potential patients properly through marketing and in-person consultations, they will make the right decision. However, before you begin the education process, make sure you have decided what me- dia should be used and who the best person in your clinic is to conduct consultations. Printed information and/or a video are the most effec- tive aids in educating potential patients on the process. Also, if you don't have the staff in place to handle consultations and the administrative duties required, take the time to get the right people before launching this type of pricing structure and provide them with the proper training. Financing options are something else to consider. Most people know that surgery is ex- pensive, and for procedures that aren't covered by a healthcare plan, financing options can make them more affordable. Finally, periodically review your pricing structure to ensure it is competitive within your market and accurately reflects current costs. There are many advantages to using a global pricing structure. It streamlines billing and administrative processes, provides patients with cost certainty, and helps provide your clinic with a competitive advantage. It's proven successful in many U.S. markets and has shown to increase patient satisfaction. However, im- plementing this type of model requires careful planning and research. If done right, everyone benefits. continued from page 109 Moving to global pricing requires careful planning and research because each practice or ASC is unique, even within the area it serves.

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