How to Set a Price for Your Services

Do you know how HARD it was after a 50 minute acupuncture session to say, “That will be $X for today?” Cringlingly, stomach-achy, backpedal-inducingly hard. But it didn’t last forever! Eventually, collecting payment became second nature and no longer gleaned a second thought. I worked completely alone in my practice so I booked appointments, treated patients, ordered supplies and collected payment.

Ways to take the stress out of charging for your services.

• Be detailed in what each service costs. Make a list of services offered. This leaves zero room for confusion at payment time. Do you have a standard fee? Are there add ons? Do you notify the customer of each time an “add-on” is added on?
• Ensure the prices for your services are clear before the appointment/point of sale. A customer may not ask what the price is when setting up an appointment (I love the decadence in this behavior BTW) but it is important for you to clearly state it to them. I HATE surprises on a bill. If I know if I’m being charged for something, I am happy to comply with the “contract.”
• Do not volunteer this but be prepared to explain the reasoning behind your prices.

I was asked a few times why “I was so expensive,” and this is how I would reply (extended version). An acupuncture education is a 3 year and 8 month masters degree education. In the state of California I am a primary care provider. There are many expenses and responsibilities associated with maintaining the licensure, business and insurance for practicing acupuncture. I charge more per appointment than other acupuncturists who see multiple patients at once (rotating from room to room) because I spend all my time with one patient at a time. In addition to my traditional education in Chinese Medicine you will benefit from additional techniques that I studied (at additional cost) that set me apart from my peers with specialized skills. I work in one of the most exclusive areas to rent clinic space. My clinic is serene, beautiful, confidential and by referral alone. I do not advertise (except through word of mouth). I purchase the highest quality materials (needles, supplements etc.) which are most painless and effective. My patients benefit from my continued education as I study with a mentor in my free time. I am consistently learning new techniques to improve patients’ health. I have a balanced work/life schedule so I am a happy, peaceful example to patients. I love what I do and I put everything I have learned into each patient. The majority of my patients are regulars and I treat many of their family members. As my patient, you will enjoy having direct access to me through email and cellular phone to ask questions or make appointments. I can guarantee you a unique, beneficial and educational experience with each visit. You will benefit from my network of colleagues who I consult with consistently. You should recognize a positive change after your initial appointment and if you do not, I will refer you to a colleague who can better meet your needs. If the potential patient felt that I was still “too expensive” for them, I happily referred them to other great acupuncturists who charged lower fees or took insurance. It was my goal to help people find what they needed. That intention alone will make you a brilliant business person!

• People are more apt to try things when some risk is mitigated. Do you have some sort of guarantee? I wanted patients to know that I wouldn’t continue to “take their money” unless they were benefiting. Do you offer a free consultation or a free sample of your work?
• Special discounts. You may decide to offer special pricing for certain populations such as senior citizens or active duty military. Check into the legalities of this type of pricing depending on your area of business.
• Sliding scale. This is a type of pricing where a customers’ income is taken into account when setting a price point for services. It might allow for you to take in a wider group of customer. This can be tricky. Do your research. Personally, I feel taken advantage of when I have to pay more for something because I have a certain amount of income.
• Donate. In some instances, I donated my services. I did this for some people in service jobs who made no money and needed medical attention. It was my community service. You can do things like have a certain amount of your time/skills/products given away for free for a specific amount of time or money each month.
• Trade. There may be a person who wants your services but isn’t able to pay with cash but can pay with services or products. Be sure to keep a very good log of traded services and be aware that bartering is legally taxable.
• Professionalism is KING. When you can back up everything you provide and stand for in a neutral tone, it leaves the potential customer with facts to base their opinion on. They are looking to trust you with their investment/health/happiness etc. Focus on address their concerns. This will keep you from getting triggered by their judgements of what you do/costs that are fueled by their fears.
• Have a VERY well-trained front desk/point of sale representative. This person is an extension of YOU. Train him/her in your justifications and financial values. Their job is to represent YOU. Give them tools to deal with bill-questioning or value. Be available to address any concerns your employee cannot. This level of separation can keep you focused on your craft and keep that apart from the $$.

If you are “weird” about your prices, your clients will be weird too. So, if the prices make sense to you, you’ll attract like-minded people who also value your services at that price. Think about the kind of business you have and the hours you want to work. Do you thrive on having many clients or just a few? Are you trying to reach the most people or be exclusive? Are you providing excellent service or very good service? This will help you profile your client and thus reflect a price that makes sense to him or her. Sometimes I want a deal and in other instances I want “the best.” P.S. I always shell out more for someone I LIKE. What else is important to you in setting a price for your services?