My vision for you is that you will double your revenues and achieve 20% profit in three years as a hybrid cash/insurance medical practice. There are five milestones on the journey from traditional insurance to a thriving hybrid practice.
- Grasping the VISION to become a hybrid insurance/cash practice
- Maximizing revenues as a traditional insurance provider
- Creating a culture with an Owners Mindset
- Permission and education on how to sell
- Unleashing recurring revenue through memberships.
Today, I am going to talk about Milestone Number 2:
#2: Maximize revenues as a traditional insurance provider
When I first started on my own leadership journey as a traditional insurance provider, there were a lot of leaks in the ship. A big turn-around moment for me was when I began leading our team toward the future – instead of relecting on the past. What’s done is done. The enemy of progress is distraction and comparison.
Do you recognize yourself in any of these phrases I had a history of repeating?
- Why isn’t my clinical staff able to get their patients to complete their plan of care?
- Why is our no activity report (active patients without appointments) so large? And why can’t my staff convice any of these patients to return?
- Why can’t my staff increase the number of visits when we record a spike in evaluations?
Often, I came to the conclusion that my staff was the problem – and I would just throw my hands in the air!
How to look ahead vs. behind:
- Step 1: Mindset of Abundance: My team is awesome, talented and capable.
- Step 2: Look ahead: If patients have missed appointments, they are off the schedule. The likelihood of them coming back is extremely slim. Focus on new and current patients.
- Step 3: Establish yourself as the Guide: You will close the gap from where they are now to where they want to be
- Step 4: Team approach: Every team member takes responsibility and sees themselves as a vital part to guiding the patient on this journey.
We have been working on this as a team and are experiencing incredible results! We set a goal to get all our patients schedued for a minimum of 10 visits. By doing this, we would increase our annual revenue by $250K each quarter – and $1 million per year!!!! That’s right; 1 million dollars!!! By sharing these goals with the team, and following the five steps above, we are well on track! The team is NOT the problem – they are the solution.
- Jan: Evals 165, Visits 1377 = 8.3 Visits per Eval
- Feb: Evals 144, Visits 1489 = 10.3 Visits per Eval
- Mar: Evals 147, Visits 1608 = 10.9 Visits per Eval
- Apr: Evals 116,, Visits 1413 = 12.2 Visits per Eval
We are now systematizing “The Journey” for our patients and implementing consistent training for our staff. I will be sharing this system with you soon!!!
Grateful to be on this journey with you,
Dr. Matthew Harkness