A hot topic in the Facebook groups –
Should I publish my rates on my speech therapy website?
Let’s review pros and cons
Reasons to publish your rates:
Healthcare is moving towards price transparency. A recent federal law requires hospitals post prices for their most common procedures. Price Transparency websites such as Fair Health and Clear Health Costs offer comparison prices by CPT code and zip code. If transparency and affordability are part of your brand, then posting pricing helps facilitate that message.
A competitive advantage. If your competitors either post their prices (and are similar or higher), then you are providing one more comparison point for consumers. Consumers will use your website to get an idea of your company’s approach, if you can solve their problem, and how much it will cost them. Make it easy for potential clients to move you to the top of their list.
Know your value. If you are setting your pricing correctly, then you know your speech therapy services are worth every penny that your private practice charges. Part of being a business owner is being able to confidently state your pricing.
Reduces clients attempting to negotiate your rates. If your rates are confidential, it implies there’s flexibility or discounts available and customers may try to negotiate a lower rate. If you are clear and confident about your pricing, there’s less risk and awkwardness. Still unsure about this one? Check out our post on offering discounts.
Bonus: “Speech therapy cost” is a search keyword. Including your pricing is one more way to improve your search rankings.
Reasons NOT to publish your rates.
Some private practice owners prioritize that initial rapport-building phone call for a personal touch. Requiring a phone call before providing company information provides an opportunity for you to build rapport, learn more about the individual client’s needs, and convert them into a client.
If your services are consultative and highly individualized, or if your pricing changes often, then you don’t want to mislead potential customers with inaccurate posted speech therapy rates.
If you lack confidence in your pricing, it’s uncomfortable to have them posted publicly in black and white.
Top 2 Myths about posting your prices online
“It will turn away potential customers”
Will it? If a person can’t afford your services, isn’t it better to know up front before you invest time into building a rapport and converting that client?
Posting your prices can also reassure clients that speech therapy is an affordable option for them. Being up front avoids wasting your time if your rates are out of range for what the client can afford. Speech Therapy is a significant financial investment– transparent pricing helps a client know what to expect and reduces “sticker shock” that can occur during a phone call.
“Posting your prices is illegal price-fixing”
This is just false. If you meet with your competitors and all decide a certain rate, or a certain minimum (e.g. “must charge more than Medicare rates”), THAT is price-fixing. Checking out what your competitors charge is ONE component of setting your own prices – it’s called market-research. If you analyze your expenses, needed profit margin, expertise and specialty and determine that your needed rate is twice what your competitors charge for the same service, then you likely need to reconsider your service model, price structure, or if you can afford to go into private practice.