The Practice Gap
The Practice Gap
#41: Breaking the Silence: Why Practitioners Struggle with Pricing
We explore the discomfort many practitioners feel surrounding money and how that affects their perceived worth in healthcare. There’s a deep-seated belief that health and earning shouldn't mix, leading to challenges in pricing.
• Understanding the relationship between healthcare and money
• The impact of insurance on pricing perceptions
• The costs of undercharging and its effects on care quality
If this episode resonated with you, please screenshot this episode and tag me on Instagram at the Practice Gap with your biggest takeaway. If you know a practitioner struggling with pricing, share this episode with them!
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Elisabeth Aas-Jakobsen, DC, MSc
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Hi and welcome to the Practice Gap, the podcast for closing the gap between the practice you have and the one that you want. I'm Elisabeth, a chiropractor, a business owner, coach and entrepreneur, on a mission to help you move from frustration and overwhelm to clarity, focus and joy in practice. Three, two, one go. Today we are going to break down something we all pretend doesn't exist in healthcare Money. Why is it that we, as practitioners, can talk for hours about technique, patient care, research, even the strangest clinical situations, but the moment we talk about pricing it just feels weird? I know so many brilliant practitioners chiropractors, physios, osteopaths, acupuncturists who feel guilty about charging for their services or they feel frustrated because insurance companies are dictating what they earn, and you know what that messes with your sense of worth. So today we're going to break down why healthcare and money have this awkward relationship, how insurance pricing shape the way we see our worth and, most importantly, how to finally own your pricing without guilt, because if you don't believe in your value, why should your patients? So the question is why is it that talking about money feels so uncomfortable? Let's start with the big one. Why does money feel so awkward for us in healthcare? Because we were taught that health and earning don't go together. From day one, we were told that this is a calling. We are here to serve, to help to heal. And somewhere along the way we picked up this unspoken belief that if you truly love what you do, money shouldn't be a big factor, that making too much means you're greedy. But let's flip this. What if I told you that undercharging doesn't serve anyone Not you, not your patients and definitely not the profession. So a quick reality check. Imagine if your favorite airline or coffee shop said we love what we do, so we're just going to charge you the bare minimum. Would this stay in business? Nope, and you wouldn't expect them to. And then we have the insurance trap.
Speaker 1:That is when someone else decides your worth, and this one's huge. A lot of us are in a system where insurance companies tell us what we're worth. They reimburse less than what our care is worth, and over time that slowly chips away how we see ourselves. It's like a constant message your time is invaluable. And even though we know it's wrong, we internalize it. We start believing. Well, I guess this is just a going rate. But no, that's just an outdated system, saying what you're worth, not what your expertise actually is worth.
Speaker 1:Another big problem is that we don't talk about money with our colleagues, so we stay stuck. In other professions people compare salaries all the time, but in healthcare, when did you last ask your colleagues how much do you earn? We keep it quiet. It's kind of taboo and that keeps unfair pricing structures in place. If we don't talk about it, we don't challenge it, and if we don't challenge it, nothing changes.
Speaker 1:So what are the hidden costs of undercharging? What happens when we accept less than what we're worth? First of all, you work harder for the same money, more patients per day, longer hours and more exhaustion just to compensate for low rates, and your patients value you less. Here is the wild truth. Patients actually take their care more seriously when they invest in it. Have you ever had a friend coming to you for free in the clinic? It's quite a big chance. They only can come when they're super, super acute and they don't follow necessarily your advice the way you would want. And if something is cheap, people just assume it's less effective. So undercharging isn't just hurting you, it's hurting your patients because they don't take the treatment as seriously and there's a big chance you will burn out faster. Let's be real. When you're constantly overworked and underpaid, you stop loving what you do, and that's a problem. If you want to stay in this field for the long run, your pricing needs to sustain you, not just the patients.
Speaker 1:How do we finally change our relationship with pricing? First of all, we have to stop thinking that you're charging for time. You're charging for results. This requires a one-shift set. You are not selling an hour of your time, you're selling a transformation. Patients aren't paying for 30 minutes of treatment, they're paying to get out of pain and they're paying for a better life, and that's worth so much more than just an hourly rate. And if you're stuck in insurance pricing, one option is to start adding private pay options. So here's the deal If insurance isn't paying you what you're worth, start creating services that aren't covered by the insurance Wellness check-ins, specialized treatment plans, premium care memberships these are ways to start shifting out of the insurance trap.
Speaker 1:When you reframe the money conversation with patients, something else happens. So instead of saying, well, this costs X amount of dollars per session, you may say this care plan is designed to get you back to whatever the patient goal is. The investment for this is X amount of dollars, and also it matters who you surround yourself with. So surround yourself with practitioners who charge their worth. Find a mentor, join business groups, have real money conversation with colleagues and friends, because when you surround yourself with people who value themselves, it's so much easier to do the same.
Speaker 1:So here is a little takeaway challenge. What I want you to do this week is take a serious look at your pricing and ask yourself does this truly reflect the value you provide? If not, what's one small step you can take to start challenging it? Maybe it's researching better pricing models, offering a premium service, or just shifting your mindset and seeing yourself as something worthy of higher pay. Whatever it is, just take one action this week and if this episode hit home for you, let me know. Screenshot this episode and tag me on Instagram at the Practice Gap with your biggest takeaway. If you know a practitioner struggling with pricing and I'm sure you do share this episode with them, because we all need to start charging what we're worth. And don't forget to subscribe so you never miss an episode. We'll dive into more topics to help you create better work-life balance and truly thriving practice. See you next time.