Three Ways to Deflate Inflation Before It Deflates Your Practice

Hang onto your hats. We’re still in the middle of a cost-push, demand-pull inflation storm. You could call it a perfect storm, but there’s nothing ideal about it. 

You know you're going to continue to pay way more at the pump and hand over more for prime cuts of meat at the grocery store. All businesses are compensating by passing along the rise in costs to their customers. Your customers are your patients and prospective patients.

We haven’t seen these kinds of record-breaking rates since December 1981 when Wayne Gretzky scored his one hundredth goal in 38 games, breaking an NHL record.          

As much as we’d like to put inflation on ice, we can’t. But what you can do is take the proper steps to deflate its effects where possible to save your practice. If you haven’t taken any of the following steps to help slow the bleed, we recommend you get on it now before you lose even more wealth. 

1. Raise your fees. Everybody’s doing it. And everybody expects it. This should be an across-the-board raise for all fees. Give your patients notice via email or when they come in for appointments so they aren't caught off guard. 
2. Review staff salaries. Are you paying competitive rates? We ask because replacing a team member who jets off for more money is quite costly. You’re better off paying a fair wage and offering great benefits like a 401(k), health savings account, childcare incentives, and other alternatives that won’t mess with their tax liability. Do some research and do right by your staff.
3. Call your financial advisers and get advised. It’s their job to help you review your profit and loss statements and run some comparisons this year to last. We’re halfway through the fiscal year, so there’s time to get going and secure your wealth. 

Inflation is bad and it’s angry. Get angry right back at it, and combat it with all you’ve got. If you feel like you’re behind the 8-ball already, let’s talk.