Optimizing pricing for patient acquisition.
Dr. Sharma, despite having a thriving practice, struggled to determine the ideal pricing strategy for a newly introduced dermatology service. She feared pricing too high would deter potential patients, while pricing too low would undervalue her expertise and negatively impact overall practice revenue, especially given her $280,000 student loan debt.
Using the Consumer Surplus Calculator, Dr. Sharma inputted various price points and estimated patient demand based on market research. The calculator revealed that a price of $350 per treatment maximized consumer surplus, generating an estimated $15,000 increase in potential revenue by attracting price-sensitive patients without significantly impacting profit margins from existing clients.
The Consumer Surplus Calculator required Dr. Sharma to estimate demand at various price points. This data, combined with her existing cost structure, allowed for precise identification of the consumer surplus maximizing price.
$15,000 in potential revenue increase through optimized pricing strategy.
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