The Price Is Right? An Economic Analysis of Factors Influencing Cosmetic Surgery Prices

Abstract

Abstract Background Cosmetic surgery is a large portion of practice revenue for many plastic surgeons, and therefore understanding the economic principles of pricing is critical. Although national averages provide a starting point for price determination, they may not reflect specific economic factors. Over the last decade, publicly reported pricing for cosmetic surgery has increased in prevalence, improving price transparency for patients and surgeons alike. Objectives This study aims to compare publicly reported prices to national cosmetic surgery averages and identify variables that have the greatest impact on price determination. Methods An Internet search was performed with the term “cosmetic surgery, price” for practices that publicly reported cosmetic surgery prices. Publicly reported prices were compared to national averages generated from The Aesthetic Society's Aesthetic Society Plastic Surgery National Databank Statistics. The impact of regional prices, practice type, and surgeon accreditation were analyzed for the most popular cosmetic surgery procedures. Results Sixty-six practices were identified that reported cosmetic surgery pricing information. Publicly reported prices were significantly higher for all surgical procedures except nipple procedures, excision of (excess) skin, fat grafting, fat harvest, and lip enhancement. Facility/operating room fees (n = 38) and anesthesia fees (n = 34) were the most common components included in a price, after surgeons’ fees (n = 66). A significant price difference was appreciated when separating practices by region for all procedures except breast augmentation (P = .074) and liposuction (P = .088). Conclusions Publicly reported prices provide greater insight than national averages into specific pricing factors and strategies that can be employed when setting surgical prices.