Many dentists choose to adjust fees in the fall. If you’re among this group, now is the time
to consider doing so. Even if you do not
increase fees, it is good business practice to review them annually. This year some practitioners are reluctant to
increase fees due to the economic climate.
If you are deliberating, discuss the decision with your practice
management consultant or your accountant.
You may receive advice about raising fees selectively rather than across
the board.
A general rule of thumb for years has been to increase fees
by 1.5 to 2 times the inflation rate annually.
Sometimes that rule of thumb leaves dentists scratching their heads
because the inflation rate is inconsistently analyzed and reported by various
sources. Additionally, some sources omit
food and fuel costs when calculating inflation rate.
The latest Consumer Price Index information on-line lists the
current US inflation rate at
approximately 3%; however, that was prior to the current frequent hikes in fuel
costs, the Midwest drought that has devastated
the nation’s corn crop, etc.
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