Creating Value

Sameer Puri D.D.S.

13 years ago

There was a recent thread on www.cerecdoctors.com where the doctor was asking about setting fees for his restorations. It got me thinking - does it really matter what the fees are if you create the right value for the treatment?

As some of you may know, I'm a fan of watches and enjoy reading about and following the trends in high-end watches. My favorites happen to be Audemars Piguet and Patek Philippe, both highly respected watch brands based out of Switzerland that have been in business for more than 100 years.

The least expensive watches from these companies start in the $15,000 range with some models routinely running into the hundreds of thousands of dollars spectrum. The average cost of a 'run of the mill' watch is around $30,000.

Now, you would wonder how any company can stay in business and survive in this economy charging these kinds of fees when you can buy a digital watch for about $50 that does the same thing as well, if not better. You probably are not surprised to hear that not only are these companies surviving, they are thriving.

Both Patek and AP, in fact, raised their prices (AP for the second time this year) about 10% on September 1, which means that a $30,000 watch just went up in price $3,000. Yet despite the price increase, these companies cannot keep their watches in stock; even the most loyal customers find it difficult to find the exact models they want without being put on a waiting list.

How then do we apply this knowledge and gain the same loyalty in dentistry? What if we could create the same customer excitement in our own practices where price was not the big barrier to treatment that it typically is? How do we create a practice where patients value what we offer enough to not worry about cost and are only concerned with getting the best treatment possible?

It all boils down to setting yourself apart and giving patients what they want instead of giving them what you want them to have. Think about this statement and let it sink in. Set yourself apart by giving the patients what they want, not what you want them to have.

My suggestion - do a survey. Ask your patients. What is it that you want from our practice? If they want convenient hours, why do you close your doors for 90 minutes every day at lunch? If they want evening appointments, why do you see your last patient at 4:00? If they want better looking teeth, why have you not invested in the education and technology to offer them the best care?

Think of the value that you provide your patients; think of how to make them raving fans for your services. Find out what patients want and do it to the best of your ability and you, too, can thrive like the Pateks and APs of the world.