Figuring out what to charge patients can be a struggle. How do you put a price point on the value of your rehabilitation? 

Is there research that could help us figure out if we’re priced too low or too high?

A 2022 paper from Cornell University describes a phenomenon called Heuristic Price Theory.

It all boils down to a nifty mental shortcut our brains use. Instead of walking around all day trying to figure out the true worth of everything we see, our subconscious brain uses the mental shortcut that price equals value.

We went on a Research Quest to learn more.

Let’s dive in.

Reference:

Thomas, M. 2022. Heuristic Price Theory: A Model of Pluralistic Price Evaluations. Consumer Psychology Review, 1– 17, 2022 https://doi.org/10.1002/arcp.1087