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Picking up the pace: accelerating your pricing competency.

Michael Nugent¹

¹Navigant Consulting, Inc, Chicago, USA. mnugent@navigantconsulting.com

Healthcare Financial Management : Journal of the Healthcare Financial Management Association

|October 17, 2006

Summary

Organizations can improve pricing strategies by selecting the right starting point, implementing a pricing formula, developing a pricing toolkit, and aligning roles and responsibilities for better financial outcomes.

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Area of Science:

Business Strategy
Financial Management
Pricing Optimization

Background:

Achieving defensible and margin-enhancing prices and rates is a critical challenge for organizations.
Current pricing methodologies may lack robustness, leading to suboptimal financial performance.

Purpose of the Study:

To outline actionable strategies for accelerating progress toward optimized pricing.
To provide a framework for enhancing pricing defensibility and profitability.

Main Methods:

The study identifies four key strategic imperatives for pricing improvement.
These include strategic selection of starting points, formula adoption, toolkit creation, and role alignment.

Main Results:

Implementing these four strategies can lead to more defensible pricing structures.

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Organizations can achieve enhanced profit margins through systematic pricing improvements.

Conclusions:

A structured approach encompassing strategic starting points, standardized formulas, comprehensive toolkits, and clear responsibilities is essential for pricing excellence.
These elements collectively contribute to accelerated progress in achieving superior pricing outcomes and financial performance.