Many healthcare practitioners that we speak with have the same problem – they are overworked and stressed about finances. They’ve worked too many hours for too many years, and they have too little to show for it. It’s sad that this is a problem for so many doctors and practitioners, especially when there is a better way to go about it.
I started in a similar situation when I bought my first practice. I worked 50-60 hours a week, paid for a lot of advice from consultants and coaches. Each time I hired a new consultant or coach, I would try their new framework or strategy, but all I ever received was incremental improvements.
After experiencing enough volatile ups and downs in practice, I then decided to create my very own plan for practice success.
After a ton of iterations resulting from an ongoing and long-standing process of hypothesis, testing, data collection, I laid this over a robust admin framework that I created – one that transformed my business to a practice managed by numbers.
My novel business solution changed my practice, and I was able to do better in practice than anyone I knew. I did so well in practice that peers began reaching out to me and asking what it was that I was doing.
Now, I wish I could say that this happened overnight, but it didn’t. However, after years of hard work and investment, I got my practice to a point where I could walk away for a month and longer, and it still generated as much income for me as if I was physically there.
So, what was the trick? I ‘worked hard once.’ I laid down a framework and tweaked it regularly until it worked more effectively and efficiently.
Now, I share this solution with every one of our clients, and for those who install and implement as instructed, it produces results every single time.
A lot of healthcare practitioners follow a similar trajectory:
First, they start out in practice, and they are full of energy and hope, they accumulate enough clients to keep the doors open, and they KNOW that it will only get better from there.
Then, they are busy enough to hire their first employee. From there, they realize that they are always spinning plates, and it’s difficult to have a regular flow of prospective new patients without paying for marketing help.
After they do that, they begin to realize that they are spending almost as much money as they are making, and they struggle to make a living every month. This phase of struggle is where most doctors and practitioners become stuck – some of them even spend their whole career here and barely make a living.
Some practitioners will go down the hard road of attempting to figure out how to build their business with incremental improvements over time.
Sometimes they lose money.
Sometimes they figure out something right and increase their monthly recurring revenue (MRR). When they find something that works, then they move on to the next problem. This process can take 5-10 years, and they will eventually become moderately more successful than the average healthcare business owner.
The top 5% in our industry look for help and ‘work hard once’, then spend the rest of their career making slight tweaks in their practice and enjoying the fruits of their smart AND hard labor.
This last group (the top 5%) realizes that they need to make a decision, in the beginning, to work smart and hard, and they know that it will pay off for years to come.
Think about this:
Would you rather have an incremental increase in take-home income year after year while working 40-60 hours a week for the rest of your career? Or, would you rather ‘work hard once,’ and in the first year double or triple your income?
Then, for the rest of your career, you still see an incremental increase in income – all while working 30 hours a week? I think any sane person would choose option two.
However, most practitioners don’t make this choice until it’s too late. When they finally do make a choice, it’s usually late in their career when they’re already tired and broken, and broke.
This is what you need to know to work hard once:
If you can wrap your head around these five areas, you will save yourself years of headaches and be able to retire in a much more comfortable position.
The first area to master is your practice admin framework. Many practitioners just want to figure out their admin “as they go.”
This is a bad move.
Your administrative procedures are the foundation of your practice.
If you have a solid admin framework, then you will be setting yourself up for strategic success. If you have a poor framework, scaling will be very difficult.
Having a robust structure means building your business on sound business principles that will set you up for long-term success.
The second area to master is usually where most people start, which is marketing. This is all about how you drive prospective new patients to your practice instead of going to another practitioner in your city.
Marketing is the lifeblood of any practice, and this is usually where most practitioners dedicate all of their energy, yet still seem to fail.
One of the reasons most doctors fail here is because they didn’t start with a solid admin framework. Your practice should have a marketing department that is extremely dependable and quantifiable. Every healthcare business owner should know that if they spend $1 on marketing, they should receive at the very least $3 in new business – month after month, year after year.
Marketing doesn’t have to be a “shot in the dark,” there are very reliable ways to market your practice with sustainable results.
Conversion and enrollment
The third area to master is conversions and enrollment. This area is all about your ability to enroll, your communication with prospective new patients/clients, financial practices, and care programs.
Many practitioners have a difficult time here because they don’t know how to package their services properly so that the numbers make sense for a sustainable business.
Another problem I see often is that once the practitioner has prospective new patients/clients in their practice, they don’t know how to communicate with them in a way that converts them into paying patients.
Delivery of care
The fourth area that you will need to master is the delivery of care. Delivery of care is an often overlooked area in many practices.
Healthcare practitioners tend to assume that because they provide quality care, they’re ‘good in this area.’ That couldn’t be any further from the truth.
The delivery of care is one part of the equation, practice culture and efficiency of care can make a massive difference in your practice.
It’s vital to deliver care in a way that is consistent, efficient, professional and gives your patients reassurance that you are providing care that is effective.
Scaling your practice
The fifth and last area to master is scaling your practice. Scaling your practice is only possible once the four previous areas are mastered. However, it still needs to be done in a particular way. Otherwise, you will be painting yourself into a corner.
It’s crucial to have scaling in mind when implementing every step of the first four areas, and then once your practice reaches a certain point, it’s time to start leveraging all of those systems to create your dream practice. The area of scale is what will give you a practice where you will make more money, work fewer hours and have the confidence that your practice will produce for years to come.
So, there are the five areas you need to master to have a practice that thrives. It sounds like a lot of work right?
Well, If you’re learning the hard way, then yes, it will take a long time to figure out how all of this works. We have already created proven frameworks and exact processes for all of these areas that can help guide you through the process – then, it will be just a matter of implementing and ‘working hard once.’
We are here to help you stay on track with your practice goals.
If you feel that this area of your practice is needing attention and would like to know more, click this link now and book yourself in: http://theartofpracticeprosperity.com/talk/.
We know this will be the best hour that you’ll spend in putting your practice back on track.