Discover the secret to exponential business growth in refractive surgery: delivering unparalleled value to your patients. In today's competitive landscape, offering quality healthcare services is no longer enough. Transform your practice into a profit powerhouse by elevating patient experiences and creating the value they simply can't resist. Dive into this must-read guide to learn the winning strategies and insights to set your practice apart, attract loyal patients, and propel your bottom line to new heights.
Unleash your profit potential by getting well past the break-even point
Refractive surgery, a predominantly fixed-cost business, presents unique challenges for newcomers seeking to break into the market.
With patient treatment costs remaining relatively stable, aspiring competitors must surpass a critical patient threshold before reaping the rewards of their investments.
Once this breakeven point is achieved, each additional patient contributes substantially to the bottom line due to the minimal costs of providing care. To truly maximise profits in this industry, it's essential to not only raise your prices but also deliver unparalleled value that justifies your position as the most valuable offer in the market.
Don't just be a provider; become the gold standard in refractive surgery that patients cannot resist.
Why you still underprice your services
Many practice owners are hesitant to raise their prices due to various fears and concerns. Some of the most common fears include:
- Losing patients: The fear of losing customers to competitors with lower prices is a significant concern for many practice owners. They worry that increasing prices may drive away price-sensitive customers, reducing sales volume.
- Damaging brand reputation: Practice owners may worry that raising prices could tarnish their brand's image and erode customer trust, mainly if the increase is unjustified or excessive.
- Stagnating growth: Some practice owners fear that higher prices might slow their growth, as new customers may hesitate to try their products or services at a premium price.
- Price wars: Practice owners might be concerned about triggering a price war with competitors, leading to an ongoing cycle of price cuts that can damage all parties involved.
- Market conditions: In uncertain economic times, practice owners may worry that raising prices could be viewed negatively by customers who are already struggling financially.
- Implementation challenges: Some practice owners may fear the logistical challenges of implementing price increases, such as updating pricing structures, informing customers, and training staff to handle potential objections.
To overcome these fears, business owners must carefully consider the value they are providing to their customers and develop a strategic plan to justify and communicate any price increases effectively.
What do these factors mean:
Dream Outcome is the customer's desired result or benefit. The more meaningful and attractive the outcome, the higher the perceived value of your product or service.
Perceived Likelihood of Achievement: This refers to the customer's belief in their ability to achieve the desired outcome using your product or service. The higher the likelihood of success, the more valuable your offering will appear.
Time Delay: This is the time it takes for the customer to experience the desired outcome after purchasing your product or service. The shorter the time delay, the more valuable your offering will appear.
Effort and Sacrifice: This refers to the work, inconvenience, or discomfort the customer must endure to achieve the desired outcome. The less effort and sacrifice required, your offering will appear valuable.
To create maximum value for your customers, you should aim to enhance the dream outcome and perceived likelihood of achievement while reducing the time delay, effort, and sacrifice involved. This will make your product or service more appealing and valuable in the eyes of your target audience.
Applying the value equation to refractive surgery
In this guide, we will apply Alex Hormozi's value equation to the context of a refractive surgery practice owner wanting to increase their price by adding more value to their offering. We will summarise the recommendations and provide examples of applying these concepts to your practice.
Dream Outcome - How to Enhance the Desirability of Your Surgery
As a refractive surgeon, you have one of the best dream outcomes available on the market - clear vision without glasses and contact lenses. Yet, many refractive surgeons don’t focus on that dream outcome in their advertising and messaging. Instead, they spend time and energy explaining how they deliver the dream outcome.
I often point to how holiday promoters market their holidays. Do you see them explaining how planes work (technology), how to get through security (suitability) and what can go wrong (risks)? Or do they focus on happy people enjoying their incredible holiday of a lifetime (dream outcome)?
If you want to keep your prospect focused on the desirability of your service - identify their dream outcome and then focus everything on that.
Perceived Likelihood - Boost Confidence in Your Practice's Results
If you wanted to increase the likelihood of getting a successful outcome from any service, would you go to the person who’s delivered the product 10,000 times, or would you go to the person who’s done it once?
The answer is obvious. Even if the person who’s done it once spends 10X as long with you as the person who’s done it 10,000 times, you’ll pay more for the person who is most likely to deliver the dream outcome because there is value in certainty.
To increase the perceived likelihood of the patient achieving the dream outcome, showcase your practice's success stories and testimonials from satisfied patients.
Highlight your surgeons' qualifications, experience, and the number of successful surgeries they have performed to increase patients' confidence in your practice.
Offer free consultations to assess patients' eligibility for refractive surgery, increasing their confidence in your services.
Use state-of-the-art technology and equipment to minimise surgical risks and complications, further reducing the perceived risk by patients.
Publish your outcomes and complication rates in graphical form. Make it easy for analytical patients to see what kind of results they can expect by reviewing the data you freely share on your website.
Guarantee free enhancements and unlimited post-ops. Considering how few patients will need them, every patient will benefit from that added reassurance these offers provide.
Time Delay - Minimize Time to Achieve Results
The longer your patient gets their dream outcome, the less valuable your service becomes.
Thus, massive value arises when you reduce time delay.
Streamline your appointment scheduling and surgery booking process to minimise patient waiting times. I often recommend having at least three appointment slots available within seven days at all times.
Streamline the consultation process: Optimise the patient consultation process to reduce waiting times by using online questionnaires (i.e. self-tests), phone consultations, or virtual meetings to gather preliminary information before the in-person appointment.
Improve scheduling: Implement an efficient system to minimise patient wait times, maximise clinic utilisation, and reduce appointment backlogs. Offer flexible appointment times, including evenings and weekends, to accommodate patients with busy schedules.
Enhance patient education: Provide patients with comprehensive educational materials, such as brochures, videos, and webinars, to help them understand the procedure, pre-operative preparations, and post-operative care. This can reduce the need for multiple consultations and help patients make informed decisions more quickly.
Make pre-operative assessments more efficient: Streamline pre-operative assessments by better coordinating with optometrists, ophthalmologists, and other specialists to perform necessary tests and evaluations promptly.
Implement advanced technology: Invest in the latest surgical equipment and technologies to expedite surgical procedures and reduce recovery times, enabling patients to enjoy the results sooner.
Increase staff efficiency: Train staff to handle patient inquiries, manage appointments, and assist with pre-and post-operative care efficiently. Cross-train employees so they can perform multiple tasks and fill in for each other when needed.
Optimise patient follow-up: Implement a systematic approach for post-operative care and follow-up, including phone calls, emails, or text messages, to ensure patients receive timely support and guidance during their recovery.
Collaborate with other providers: Establish partnerships with other healthcare providers, such as optometrists and primary care physicians, to facilitate referrals, expedite pre-operative assessments and post-operative care and streamline the overall patient experience.