Setting Your Fees Right for Success
Welcome to PKPI Chartered Accountants, where we understand the crucial balance between being rightfully compensated for your expertise and ensuring your services remain competitively priced in the market. Our comprehensive approach to fee setting goes beyond mere local competition, ensuring that your practice not only thrives but also delivers excellent value to your patients.
Analytical and Thorough Fee Setting Process
Our unique fee review process is designed to empower your dental practice financially. We begin by compiling a detailed list of all the treatments you currently offer and the corresponding quantities delivered over the past 12 months. To add precision, we request information on the approximate time required for each treatment.
Utilising financial data from your accounting records, we calculate the break-even point per hour for your surgery. This meticulous analysis allows us to identify treatments with low margins or those operating at a loss. We then conduct a competitor analysis to recommend competitive yet profitable rates for your services.
Beyond Fee Adjustments: Building Revenue Streams
But our approach doesn’t stop at fee adjustments. Armed with insights from our review, we help you explore new avenues for revenue growth. You might consider implementing subscription plans or other strategies to secure recurring business, fostering loyalty among your clients while ensuring a steady revenue stream for your business.
Services Tailored for You
Comprehensive Pricing Analysis:
PKPI Chartered accountants conduct a detailed assessment of your current pricing structures across services or products. We analyse historical data and market trends to ensure your prices are competitive and profitable.
Costing and Break-Even Analysis:
PKPI professionals help calculate the costs associated with delivering your services or producing your products. This includes identifying the break-even point to ensure that your prices cover costs while generating profits.
Competitor Benchmarking:
PKPI Chartered accountants compare your pricing strategies with those of your competitors. This analysis aids in understanding market positioning and helps you set prices that are both competitive and financially beneficial.
Profitability Assessment:
We evaluate the profitability of each service or product, identifying areas where margins can be improved or where adjustments are needed to enhance overall profitability.
Strategic Pricing Recommendations:
Based on our analysis, professionals provide strategic recommendations for pricing adjustments or new pricing structures that align with your business goals and market demands.
Revenue Enhancement Strategies:
PKPI Chartered accountants may suggest revenue enhancement strategies beyond pricing adjustments. This could include exploring new revenue streams, subscription models, or other innovative approaches to boost overall revenue.
Regulatory Compliance:
We ensure that your pricing strategies comply with relevant regulations and standards in the UK, helping you avoid legal issues related to pricing practices.
1.What is a pricing review, and why is it essential for my business.
A pricing review is a comprehensive evaluation of your business's pricing strategies and structures. It's crucial as it ensures your prices remain competitive, profitable, and aligned with market demands.
2.How often should I conduct a pricing review for my business.
The frequency of pricing reviews depends on various factors such as market dynamics, industry changes, and business growth. However, as a general guideline, businesses should consider conducting pricing reviews annually or biannually to stay responsive to market shifts.
3.What does a pricing review involve.
A pricing review involves a thorough analysis of your current pricing models, cost structures, competitor pricing, market trends, and profitability analysis to optimize your pricing strategy.
4.How can a pricing review benefit my business.
A pricing review can benefit your business by identifying opportunities to improve profitability, ensuring competitive pricing, optimizing revenue streams, and enhancing overall financial performance.