Your complete guide to COVID surcharges
/Time to read: 3 minutes
Most of you are thrilled to be back in the clinic, but to practise safely, you’ve had to make a ton of changes. From “hard costs” like PPE and extra cleaning supplies to “soft costs” like having to see fewer patients, it’s clear we need new strategies to run a profitable practice.
So what are these strategies to help you stay healthy and wealthy?
Enter the COVID surcharge. It’s an extra fee added on to an appointment, or added by increasing your appointment fee temporarily, to cover your increased costs during this time.
Not all of you will need to increase your fees or charge a COVID surcharge to keep your practice afloat. Some of you will have profit margins great enough to sustain this bump in the road. But some of you will need to charge one in order to keep your practice open.
How to know if you need to charge extra?
Look at your numbers. That needs to be your starting point so you know whether you have enough cushion to absorb these costs, or whether you have to pass some of it along to your patients. The Healthy Wealth Tracker can be great for seeing exactly where you’re spending your money and what your profit margins look like.
If you decide you need to charge one, you need to think about 3 key things:
Overcome your mental barrier
I get it, I’m a practitioner too, and I also want to help EVERYONE! We’re used to putting ourselves last and prioritizing the health and well-being of those around us.
But here’s the thing: you’re not going to be able to continue positively impacting your patient’s health if you can’t sustain your practice because you’re burnt out or can’t pay your bills.
Your first step needs to be giving yourself permission to take care of yourself. Your patients are important, but you need to place yourself at an equal level to them. Think of oxygen masks on a plane: sometimes you need to strap yours on first before helping others.
Communicate effectively with patients
Next, you need to let your patients know about the additional fee. Think about how your message will look from their perspective and frame it in a way that makes it clear how important their health and well-being is. Make it clear the fee is temporary, and explain what it’s for.
If you’re already sending out information on the changes you’re making to your practice (PPE, protocols, sanitization changes, etc.), add in a few points to explain the additional fee. This helps your patients connect the extra fee with the additional protocols.
Talk more about the value you add, rather than how your costs are changing. It’s cognitively hard for patients to think about your costs, especially when you’re asking them to pay. Instead, talk about how you’re adding this fee so you can continue treating them in a safe and caring manner.
Best practices
A big question – how much should you charge? This goes without saying, but the fee shouldn’t be egregious. It should be reasonable and compensate you for your additional time and supplies.
It might be as low as a few dollars to cover the cost of a mask, or it could be an additional $25 for supplies and your time spent screening patients and/or cleaning between appointments.
Once you decide on an amount, you need to decide if it will be a separate fee or if you’re going to raise your usual per-visit fee. Think about practical things like how easy it is to add a “add on” fee in your billing software, but also put yourself in the shoes of your patients. People in general don’t like add-on fees, as it’s a negative surprise.
If you’re a regulated health professional, ensure your COVID surcharge aligns with your regulatory college’s guidelines on fees. Most colleges have rules around ensuring your fees are reasonable, they’re agreed to in advance by the patient, and they’re posted clearly somewhere.
We believe people are going to come out of this with a renewed focus on their health. It’s a great opportunity to show patients and clients how much you improve their quality of life. While everyone else is taking care of themselves, we want you to take care of yourself too; that includes being healthy and wealthy.