As a consumer, you don’t think much about commodities like beef, oil or grain. Your hamburgers taste generally the same, and your car still starts, regardless of the manufacturer. 

On the flip side, the quality of other products hinges on the source. Coffee fiends pay $4.00 (or more) for a cup of coffee at Starbucks because they identify and appreciate the difference in quality compared to a jar of instant coffee.

You want your patients to feel the same way about your services as caffeine connoisseurs feel about Starbucks. You never want them to reach for the instant coffee just to get a cheaper price. If your patients recognize that your services are worth every dollar, every time, then you’ve avoided the medical practice commodity trap. 

Unfortunately, far too many doctors are trapped in a price race to the bottom. These doctors assume they can’t charge higher prices for fear of looking “too expensive” compared to other practices. 

If you’ve stumbled into the commodity trap, it’s not too late to uncommoditize yourself, get out of the game, and differentiate your practice. Only then can you charge the prices you deserve to be paid.

Why Do Some Practices Become Commoditized?

Psychologically, it’s ingrained in many of us to pursue price before quality. Travelers can sort by price when comparing hotels on Expedia, just like shoppers can arrange products from least to most expensive on Amazon. 

This is why so many doctors believe they must employ a low price strategy to convert new patients and keep current customers happy. Rather than competing based on their quality of service, systems, or branding, they rely on cut-throat pricing to beat the competition. 

But this isn’t sustainable! Not unless you have enough money in the bank to fund your loss leaders and enough reach to rely on patient volume instead of profit margin. The truth is, you’ll burn yourself out trying to stay alive in this rat race day after day. 

The Importance of Avoiding the Commodity Trap

The commodity trap isn’t just dangerous, it’s demoralizing. There’s nothing exciting or fulfilling about earning a patient just because you’re the cheapest option.

But when you don’t recognize your time for its true value, neither will others. Becoming commoditized means pushing through longer days and juggling more patients just to earn the next dollar. You lose sight of your true purpose because you’re so focused on the hamster wheel in front of you. 

Unless you’re “playing the game” on a massive scale, you simply can’t get ahead financially with low prices. Only the Walmarts of the world survive on consistently narrow margins. The others become small fish in a big pond and get eaten alive. 

Four Ways To Avoid Becoming Commoditized

Commoditization is an unfortunate trend in healthcare right now, but that doesn’t mean you have to become its next victim. Use these tips to avoid becoming a commodity to your patients. 

1. Prioritize How You Spend Your Time

The way you spend your time matters. Your calendar dictates your success more than you think. 

As soon as you start valuing your time for its true worth, so will others. This starts by prioritizing the tasks that you perform and finding a way to automate the rest. Here’s what I recommend:

• Find an All-Star Team to help you build momentum
• Delegate tasks that aren’t a wise use of your time
• Build replicable systems using the power of automation

These strategies helped me scale a seven-figure business while working only two days a week with customers. That’s the kind of transition I want for you as well!

2. Differentiate Your Brand

Think of your medical practice brand as the DNA of your core values and message. When strategically represented, that brand can say more than all the sales pitches in the world.  

Start using proven branding strategies that make it clear you’re a Starbucks, not an instant coffee:

• Connect with patients on an emotional level to cultivate trust
• Stay consistent with a well-crafted message
• Identify your ideal customers and target them
• Build a fan base that supports your mission
• Find a way to describe your customer’s problem better than they can

3. Offer Deep Knowledge of a Solution to a Specific Problem

Picking a niche is one of the most strategic (and lucrative!) gifts you can give to your medical practice. It involves selecting a specialized corner of your market to focus on distinct products and services. 

Many practitioners are hesitant to select a niche because they’re afraid of picking the wrong niche or becoming pigeon-holed. But the truth is that niching down gives you direction and a “stickiness” that encourages patients to stay loyal to your brand. 

By niching down, you stop being “good” at everything and become a magnetic expert where it matters most. Committing to a niche allows you to offer deep knowledge of the solution to a specific problem in a way nobody else can. Your voice can be heard far above the cacophony of other “experts” shouting their sales pitches…because yours will actually resonate. 

I’m the living proof of this concept. Using the knowledge I gain from an exclusive mastermind with top longevity researchers and scientists, I can offer deep knowledge to partnering physicians within Health Experts Alliance. Practice owners trust HEA to deliver results because they know our programs offer insights and guidance that nobody else can. 

It’s the exact opposite of commoditization. And it’s exactly what you deserve for your practice as well.

4. Go Virtual!

Now that patients and clients realize the convenience, impact and appeal of virtual healthcare, they want it more than ever before. Demand currently far exceeds supply, which puts you in the prime position to cater to clients actively seeking natural health doctors on virtual platforms. 

This virtualization trend is lucrative and powerful for so many reasons. When you build a virtual practice, you quickly:

• Become more intentional with your time
• Extend the reach of your philosophy
• Achieve lower overhead with higher profit margins
• Drive revenue back to your brick-and-mortar practice
• Enjoy freedom and flexibility 

Virtual healthcare is an investment in the future and a way to share your gifts and talents with more health participants. It’s the best opportunity you’ll ever find to avoid the commodity trap and achieve the freedom and impact you crave.