012 Working Out Your Hourly Rate

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Feb 15, 2023

Dive into the essential topic of determining your hourly rate as a health and wellness entrepreneur. Explore the challenges faced in pricing services effectively, especially in competitive markets influenced by free alternatives. Discover how understanding your worth can prevent burnout and enhance business success. Learn strategic tips for optimizing your pricing and time management, ensuring you value your services appropriately while offering excellent patient care. This insightful discussion is sure to empower anyone looking to elevate their business!

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INSIGHT

Insurance Undervaluation Challenges

Insurance companies often undervalue clinicians, expecting fees as low as £35, which is unsustainable.
These low charges don't reflect increased overheads, reducing profit margins for many practitioners.

INSIGHT

Low Pay Encourages Overdelivery

Feeling underpaid leads clinicians to overdeliver, harming both their work-life balance and income.
Working with insurance companies often undervalues clinical expertise and reduces motivation.

ANECDOTE

Undervaluing Time Causes Overwork

A physiotherapist charged £35 for 30 minutes often overruns to 45 minutes and ends up doing unpaid admin later.
She feels compelled to overdeliver because she undervalues her worth at that rate.

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Welcome to this episode of Treat Your Business podcast, where we are going to start working out your hourly rate.

I created this episode based on a great call that I actually had, this morning, I was going to talk about something completely different, and I thought now I'm going to talk about this because it's really relevant right now in our industry with the economic challenges that we're going through.

We are surrounded by reasons and evidence that suggests our hourly rate should be low, and I'll give you an example of this "The NHS provides a service on a lot of our services for free", people think that they they can go and get what we provide for free in a service. So we've got that in the back of our mind.

So to explore this further, in todays episode I'll be covering:

Why you need to start working out your hourly rate.
We work with insurance companies who think we are worth 35 pounds.
When I first launched my business eight and a half years ago, I made the decision that I was going to run a business.
An example from a physiotherapist who is overcharging her patients.
Why you need to know your hourly worth -.
The importance of understanding your hourly wage.
The opposite ends of the spectrum are easy to know, the middle value is harder.

Treat Your Business podcast is proudly sponsored by MBST, the groundbreaking technology revolutionising recovery and rehabilitation. Offering a non-invasive, drug-free solution for musculoskeletal conditions and nerve injuries, MBST works at a cellular level to stimulate regeneration. Expand your services and deliver long-term patient improvements without increasing your workload.

Learn more at mbstmedical.co.uk.

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