Why do so many podiatrists hesitate to increase their fees, even when they know they deliver exceptional care?
In this episode, I tackle one of the biggest myths in private practice: the belief that charging appropriately will damage referral relationships with doctors and other health professionals. It’s a mindset I’ve seen hold podiatrists back for decades, and one that quietly affects profitability, confidence, and even patient perception.
A Conversation That Sparked This Episode
The inspiration for this episode came from an unexpected conversation with one of my former patients.
She told me that her new podiatrist was charging less than I had charged almost a decade ago.
When she asked the podiatrists why their fees were so low compared to what she used to pay, their response surprised her. They admitted they were reluctant to increase their prices because they didn’t want to appear money-hungry and were worried local doctors might stop referring patients.
That conversation made me realise this isn’t really a pricing issue with the podiatrist; it’s an approval issue.
The Referral Myth
Many podiatrists believe they need to keep their fees low to maintain referrals.
But is that really how professional referrers think?
Doctors, physiotherapists and other healthcare professionals don’t usually refer to the cheapest clinician. They refer to practitioners they trust. They want to know you’ll look after their patients, communicate well, provide great outcomes, and make them look good for making the referral in the first place.
Trust, not price, is what builds long-term referral relationships.
The Hidden Cost of Undercharging
Charging less than you’re worth may seem generous, but over time it can have serious consequences.
When you consistently undercharge, you limit your ability to invest in new equipment, improve your clinic, reward your team, attend conferences, market your business, and ultimately provide an even better experience for your patients.
The highest cost isn’t the dollars you lose today. It’s the opportunities you lose over the next ten years.
The Invisible Audience
One of the biggest themes in this episode is something I call the Invisible Audience.
It’s the imaginary group of people we believe are judging every business decision we make.
“If I increase my fees, people will think I’m greedy.”
“If I buy a nicer car, they’ll think I’m overcharging.”
“If I take Fridays off, they’ll think I’m lazy.”
The truth is, most of those people aren’t thinking about you nearly as much as you imagine. Yet that invisible audience influences countless business decisions every year.
Charge Appropriately, Not Apologetically
Throughout this episode, I make an important distinction.
I’m not suggesting every podiatrist should simply charge more. I’m suggesting you should charge appropriately.
Your fees should reflect the value you provide, the expertise you’ve developed, the outcomes you achieve, and the confidence your patients place in you, not your fear of what someone else might think.
Key Episode Takeaways
- Why many podiatrists undercharge despite providing exceptional care.
- The referral myth that keeps practitioners underpaid.
- Why doctors understand value far better than many podiatrists realise.
- The hidden financial and emotional cost of seeking approval.
- How undercharging affects your team, your patients and your business.
- Why confidence in your pricing builds confidence in your patients.
- The simple question to ask before reviewing your fees.
If this episode challenges the way you think about pricing, I encourage you to share it with another podiatrist.
The reality is that good professional referrers don’t refer to the cheapest podiatrist. They refer to the podiatrist they trust.
And patients don’t stay because you’re the cheapest. They stay because you consistently solve their problems. Sometimes the biggest obstacle to charging what you’re worth isn’t the market.
It’s the story you’ve been telling yourself.
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Do you want to make more money in podiatry?
If you want to make more money from your podiatry business, work fewer hours, and have more time off with your family, please visit my website at tysonfranklin.com to learn how I can help you make this a reality. Otherwise, feel free to email me any questions you may have about your business at tf@tysonfranklin.com.