CEU Series: Conversations Module 2: Talking About Money With Ourselves, With Our Clients

Transcription

1 CEU Series: Conversations Module 2: Talking About Money With Ourselves, With Our Clients

2 CEU Conversations We Weren't Born as Homeopaths! We came to our profession from many backgrounds Communication about ourselves and our work is crucial School programs have minimal training about this Effective communication can make or break our practice (1) About What We Do, Who We Are, and What We Offer (2) About $$$ With Ourselves, With Our Clients (3) About Homeopathic Research (4) About Client Expectations and Results (5) About Client Pain and Aggravation (6) About Client Mischief Shape Up or Ship Out

3 Conversations Talking About Money With Ourselves, With Our Clients Taboos about Talking About $$$$$$ - EEEEEEKKK Money as a Representation of Value Setting Fees and Talking about Them What About Pro Bono Clients Requests for Discounts / Bargains / Barter Asking for Money / Arranging Payment / Delays / Avoidance Request (Demands?!?) for Refunds Connecting Non-consult Services to Payment

4 Taboo Topic: Money!!! Considered a personal / not for polite conversation topic Social etiquette discourages discussion of money Emily Post classified this as less discussable than sex and religion Considered gauche to discuss money (assets / debt) Considered tacky / boasting to talk about personal assets In stressful financial situations, parents tend to hide this from children or extended family, not discuss it. Our sense of self worth is often tied to financial assets. We tend to judge self / others by their income and assets. We tend to feel guilt when others have less than us. How does this affect us as practitioners???

5 Money : The Concrete Representation of Value Money (a fee for a service) represents the value you bring Society values some services more highly Trendy / popular (Pop singer) Rare / Hard to acquire (Artist / Diamond cutter) Complex skills that are perceived to have high benefit (Lawyer) Society values some services less highly Unglamorous though important (8 th grade science teacher) Easy to acquire (Retail shop clerk) Social worker helping with Skid Row Addiction Often money is not connected without how hard something is to do / produce / acquire it is connected with how the purchaser VALUES the service or item.

6 How Much Value Do YOU Place on Bringing Health, Relief of Suffering? Do YOU see the value of what you offer? Do You believe that practicing for profit is in conflict with healing people? Do You believe that therapeutic value ( a miracle is priceless...) is diminished by putting a price on it? Do You feel that you are a better person if you charge less than others? Moral high ground? More pure / giving etc? Do You feel that it is greedy or selfish to be paid well for providing a valued service?

7 Is It Okay To Earn Money In Healthcare? Ancient China: People paid their practitioner as long as they were WELL if they became ILL, then payment was no longer made. Should Insurance companies be 'For Profit'??? Are healthcare practitioners providing a valuable service that clients are willing to compensate? Are practitioners obligated to see everyone who needs their services? Everyone who is ill or suffering? Is it immoral to earn money from someone's illness or misfortune?

8 So For YOU PERSONALLY... Ask yourself right now: Do I have issues with money??? Are you willing to get over it? Are you willing to have your ideas about money impact your capacity to practice?

9 Setting Fees This is a personal process Governed internally by your perception of value (What do I deserve? What is an equitable exchange between me and client?) Governed externally by market forces (What do I want / need to earn? What do other practitioners charge?) MY TRUTHS ABOUT FEES There will always be clients at any price point If you are willing to bargain down your price right away, then you are charging more than you believe your value to be, regardless of external factors If you look at yourself in the mirror and think there is no way I would do the work for this case for less than my fee of $XX, then you are close to right.

10 How to state fees... Talking About Fees and Payment Own your value communicate with certainty My fee for is $. This includes X, Y, Z. No apology. Practice saying it. Consider the advantage of comparison budget vs cadillac options help you!! Story about Williams and Sonoma food processor How to ask for payment... The fee for today, which includes X, Y, Z, is $. How would you like to settle up? Credit card on file for payments by agreement Keeping Paperwork Current... Issue Promptly... Every consult gets a statement showing service, products, charges, payments. Every account owed gets a monthly statement Every statement has a 'Value Proposition' quote

11 'Value Proposition' Quotes Good health is priceless.' A healthy man has many dreams. A sick man has only one. Good health and good sense are two of life's greatest blessings. Take care of your body. It's the only place you have to live! Happiness is the highest form of health. Dalai Lama

12 What About Pro Bono Clients? Consider 10-15% of practice for pro bono clients Current client with short term financial difficulty Family member of current client where you are likely to increase your understanding of the current client's case Interesting pathology that you would like to have experience with NOT Good matches for pro bono slots in your practice Someone skeptical to just try it Friend, extended family member, other dual relationship For any pro bono client, define the type of consult, frequency and duration. Example: 1 hour consult, monthly for 6 months, then transfer to payment or refer (Student clinic? New practitioner?)

13 What About Discounts? Sliding Scale? Barter? Discount / Voucher / Incentive for New Client Onboarding Promotional Program for new clients Referral bonus for existing clients Sliding Scale what is average income in your area? Look at census data to see average income Fee based on that income. Slide lower based on proportion of income to base rate Get documentation / proof of income for sliding scale Barter always involves dual relationships Not recommended / Questionable Professionalism Define trade: $ for $ or time for time

14 Payment Arrangements There is VALUE in something that the client is willing to stretch / sacrifice to receive. Whenever possible, let the payment arrangement be within the client's own resources Credit card the client can pay it off over time Paypal credit the client can pay it off over time When required, set specific amount and date for each payment in advance before any services provided. Are you encouraging the client to reach beyond reasonable means? Accept that if the client declines to pay, it is a write off. If the client is unable to pay: I would like to talk with you about the payment arrangement. I care about you and want to make sure that our work is within your means, not placing an unreasonable burden on you. Let's pause and wait on any future appointments until the payments are on track. What do you think?

15 Overdue Accounts and Responsibility for Settlement It is ALWAYS the practitioner's responsibility. To provide visibility of fees, balance owed, payments made To communicate clearly about the current status of each account Clients may avoid payment... This may be part of the client's case (psora???) It does not matter. Fees agreed and services provided = amount owed Talk with the client / postpone future appointments Send monthly statement reminders for up to 12 months Write off the balance as a bad debt in your business after 12 months. Collections referral unlikely to be worth the cost

16 Client Does Not Want to Pay or Requests Special Situation Example of client who incurs services, then surprised Client calls with urgent acute condition at 2am 30 minute consult at 2am Client gets charged / bill the next day for 30 minute consult Calls to say she was not expecting to be charged, as she had not come into the office... she thought that she could call me as a friend, and I would help her, just as she would have helped me in the middle of the night if I had called her. This is inappropriate response. This is a fee for service arrangement. This is a professional business. I would be glad to refer you to a student just setting up her practice who may be willing to work this way...

17 Client Requests Refund Client is unhappy... with process, outcome, whatever. Always refund payment when asked. Full payment refunded as soon as humanly possible. Refund on credit card or check sent certified mail Send polite termination letter to client. Based on your request, your payment has been refunded. I wish you well in your future efforts for enhancing your health. Do not interact with client after this no returned phone calls, no try again, no cajoling, nothing.

18 What About Payment for All That OTHER Stuff??? As practitioners, we do MANY other time consuming things that are outside of the typical billed consult. On call support / Acute support over the phone or text Writing letters in support of health conditions Reviewing lengthy notes from former homeopath for new client transferring in to practice Let clients know with each event, XX accumulated time Our call today has been about 10 minutes. I will add that to our accumulated time. Please call tomorrow to update me, and we can continue to accrue time through this week. When we get to an hour, there will be a charge for $XXX (usual rate...)

19 Summary and Action Points No one assigns value to your practice except you Clients will follow your (unspoken) belief about the value of the service you offer. Every practice needs a clear Fees and Policies document, that is signed by every client. There are clients for EVERY price point. Clients who value the service you provide will come to those practitioners who BELIEVE IN THEIR VALUE. Professional fee for service arrangement is an honest business model. Clients who are not able to operate within the professional fee for service model should be redirected.

20 CEU Conversations Verification of Training Conversations About Money, With Ourselves, With Our Clients Date: Name: has completed 1 hour of continuing education for homeopaths in practice and client management.