Aboutleboyd Expertise I can answer questions relating to life insurance, estate planning, business succession/continuity planning and tax-effecient retirement planning. I have advised clients for many years on these areas, and how they relate to life insurance.
Likewise, I have worked with many on Long-Term Care needs.
Experience I have been a top producer for the past 5 years. Prior to that I was the CEO of an international company, having the concerns from a clients perspective (now having been a client of NYL for more than 15 years)
Organizations Society of Financial Services Professional
Million Dollar Round Table
Education/Credentials In addition to an BBA and an MBA from a top-10 school. I have earned the LUTCF, NASD Series 6, 7, 63 and 66 licenses.
Awards and Honors Top Life Producer
Top Long-Term Care Producer
Question QUESTION: Hi, my name is Baris. Would you please tell me about the problems that health industry faces because of the current economic crisis. Many thanks in advance. Best Regards, Baris Unal.
ANSWER: Baris,
Since I'm in the US it might be quite different than in Taiwan.
In an economic crisis the major impact begins with the slow-down or end of purchases for "elective" items. For example, you may put off buying a new car, going out to eat or going on a vacation.
In the health industry (at least in the US) the same effect occurs. Many health procedures are "elective" in the short-term and some are completely "elective". One example may be the replacement of a joint (such as a knee) and another may be having your teeth examined.
After you've cut out all your "elective" expenses, if you still have cut expenses, many cut out their medical needs to cover their housing or food expenses.
Therefore, again in the US, the health industry is also impacted.
Hope this helps.
---------- FOLLOW-UP ----------
QUESTION: Thanks for the prompt reply.
Then on a very generic level it seems like offering the services at a lower price could attract people right?
Or are there other solutions?
Many thanks in advance.
Best wishes,
Baris
Answer Baris,
Of course the first problem with reducing the price is that you still have to make a profit at some point.
A second problem is managing your brand value. If you have a brand value that indicates strength, exclusivity and focus to the high-end, then lowering your price can damage your brand for a long time.
