20/20 Money Episode # 54 – Controlling Your Income: The Importance of Fee Schedules on Profitability
November 18, 2019
Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jeremy Ciano, owner of RevolutionEyes in Carmel, IN. Jeremy has been on the show in the past and today’s conversation was actually sparked by a question from one of our listeners and a prospective client of our firm, which was analyzing their fee schedule in their practice to determine if their profitability ratios are where they should be.
During this conversation, Jeremy shares so many good ideas and strategies to consider. He talks about how he thinks about the retail price of his glasses not based off some multiplier of cost but rather what patients are willing to pay, why this is a perfect time of the year to look at your frame prices and why you should raise them within the next month, how he organizes his frame board to optimize profitability, and how additional pre-testing services (and how those services are positioned and priced to the patient) can influence profitability as well.
We then jump over into the insurance side of the practice, where he talks about how he’s negotiated his fee structure with VSP (which actually turned into a tease for a future episode unto itself), and why you should have a few different CL fee schedules (but not so many that it makes it confusing for patients),
And be sure to listen to the end, where Jeremy shares why it’s so important for your front office team to really hear what your prospective patients are asking about when they call into your office to inquire about your cost and services and what your two action items are after listening to this conversation.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
And with that introduction, I hope you enjoy my conversation with Dr. Jeremy Ciano.
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