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THE PRICE PREDICAMENT

FOCUS ON SAVINGS WHEN DISCUSSING COST WITH PATIENTS

OF ALL the patient complaints I hear, pricing has to be one of the most common. When a patient complains about your fees for the services and products you provide, it means you have not done a good job of explaining the “value proposition” for them. It’s that simple.

A complaint about pricing is a huge red flag, and if it happens often, it may be time to rethink your tactics. Here, I explain how to refine your approach when discussing your fees with patients.

SAVING VS. SPENDING

Never tell patients how much they are spending before you explain how much they are saving. In my experience, people make better decisions when they have the opportunity to save vs. being told to spend.

This is especially true for those who were not expecting to spend money to begin with, which is common in eyecare practices. Often, patients with vision plans do not understand their coverage and expect to pay little to nothing out of pocket. So, when they are told they have to spend, they can become upset and take it out on you and your staff, even though you are just following the protocols set forth by their vision plan.

DISCUSSING COPAYS

When it comes to copays, it’s a good practice to calculate the total cost of frames and lenses both with and without the patient’s vision benefits, as you must always represent the value of their plan. Explain that the full retail value of their lenses and frames is $X; but, because of their plan, they are saving $Y, reducing the amount owed to $Z. Never just announce the cost without first explaining the savings.

When discussing cost with patients, focus on what they are saving vs. spending.

For example, instead of saying, “Mrs. Jones, the frame and lens combination you chose will cost you $X,” say, “Mrs. Jones, your ‘vision savings plan’ ‘contributes’ to everything you need today. It is a very good plan, and I am going to help you maximize your benefits.”

See? Focusing on the savings helps to put a positive spin on the transaction. And, notice that I avoided certain words — “insurance,” “allowance” and “visioncare plan” — all of which translate as “free” to a patient. This is key. Think about it: What do patients want you to do? Maximize their benefits! So, let them know that that is what you will do.

This interaction is also a great time to educate patients on their vision benefits. A simple segue is to ask: “Mrs. Jones, did you know that your vision savings plan makes the lenses for your glasses?” Regardless of her answer, you have made her aware of it, and also that it can take up to X number of days or weeks for her plan to make and ship her glasses, and that you, as her advocate, will keep track of it for her.

THE BOTTOM LINE

The bottom line is the bottom line — both yours and your patients’. In order for your practice to have a healthy one, you must talk in “savings” language. OM

JAY BINKOWITZ is the president of GPN, an optometric consulting company based in Huntington, N.Y. He has had extensive experience in retail operations, merchandising and marketing. Email him at jay.gpn@gmail.com or to comment on this article, visit tinyurl.com/OMcomment.