An OD called me the other week after sending me a scan of his current fee schedule. His question: “Should I raise my fees? And by how much?”
I asked him, “When was the last time you increased your optometry fees?”
“2019, I think.”
My response: “Yes, you should raise your fees.”
But first, a disclosure on price fixing
While we offer bookkeeping services and optometry benchmarks, we don’t set your practice’s fees for you. Be careful when asking your peers about how they price their products and services. You should never coordinate rates with other practices—price fixing is against the law.
You should also periodically have staff check what various competitors are charging, including both similar practices and lower- or higher-cost alternatives. This can help you position your fees appropriately in your local market.
When to raise optometry fees
Raising your fees shouldn’t be a once-in-a-blue-moon event. Instead, make it a regular habit and raise your fees every one or two years.
With inflation and tariff-driven increases in wholesale costs over the past several years, I would review your mark-ups on frames and contact lenses at least every six months.
Many optometry practices hesitate to raise their prices because they fear patient complaints. But do your patients really remember what their fees and prices were when they came in 18 months ago? Ironically, the practice I spoke with recently was accused of raising his fees regularly, even when he hadn’t.
Managing staff concerns during fee changes
Here’s my last big suggestion for raising fees: you need to manage your team’s fear of dealing with awkward conversations ahead of time.
Make a friendly agreement with your team to give a new price increase a six-week trial. If it doesn’t work out, you can always change it back; you’re a small business after all. During the six weeks:
- Staff shouldn’t call attention to the new fees.
- Staff shouldn’t apologize for the new fees.
Most patients don’t remember what they paid in the past, and they also understand that things cost more over time. Deep down, most teams probably feel like they’re underpaid for the value they offer. So why not reward great care with fair compensation?
Is it time to update your optometry service prices?
Staying on top of your optometry practice’s fees is essential for maintaining a financially healthy practice and ensuring your services reflect the value you provide. Books & Benchmarks can help you make informed decisions with accurate optometry benchmarks and expert bookkeeping support tailored specifically to your practice. Contact us today to see how we can guide you in optimizing your pricing strategy and keeping your practice thriving.
