sikka.ai Presents Insightful Newsletter #6: Data Is Your Safeguard Against Inflation

Fee survey video

Insightful” Newsletter #6, October 2021

Between August 2020 and August 2021, the PCE price index tracking consumer spending, from the U.S. Bureau of Economic Analysis, rose 4.3% –the fastest pace of inflation since 1991.

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We’ve seen the same phenomenon in the dental world. The average fee for an adult prophy increased 3.1% between 2020 and 2021, which is higher than the change over the past two years (2018-2020) combined.

To stay up-to-date with the retail healthcare industry, subscribe to our monthly data-focused newsletter here: https://bit.ly/3uwLhiE

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Use Sikka’s Fee Survey Tool To Supercharge Profits

“I can’t raise prices – I’ll lose customers!”

Sound like someone you know? Or this one:

“I’m not worried about losing customers over price – my prices are just fine where they are.”

These viewpoints may appear completely opposite on the surface, one as pessimistic as Eeyore from Winnie-the-Pooh and the other confident to a fault, but they share something in common:

They’re both wrong.

If your goal is to optimize your business practices so that you can maximize your profits, undercharging and overcharging are equally disastrous. Armed with the right data, you can raise your prices in many instances and you should lower them in others.

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