What happened to your revenue uptrend?
You graduated medical school at the top of your class. You passed your boards with flying colors. You are an expert at helping make your patients feel better and live better lives. But in all that training, you never learned how to run a small business.
Getting new patients in the door, managing employees, and making sure things around the office get done – these are things that nobody taught you in medical school. It’s not your fault you can read an MRI, but you can’t read a P&L.
So year after year, you work really hard just to keep the doors open. You need new patients, but nothing in medical school trained you to know how to do that well. You’re feeling tired, run-down, and like you’re just making it through each day. Week after week, month after month, you and your team put in your best effort, but you just can’t seem to get the forward traction you were getting or should be getting for all your efforts and see your profits grow. It’s chronic.
Give your medical practice a business checkup
If a patient comes to you complaining of issues that they just can’t seem to improve no matter how hard they try, you’d do what any good physician would do – you’d run some tests to find out what the issue is. You’d need to know which part of the body is causing the problem.
It’s the same for your medical practice. What’s really stopping your growth? How do you know whether to focus on spending more on marketing, staff training, pricing or, say, time management?
Do you wish you had a simple tool to help you:
- Identify your biggest opportunities for growth and profits?
- Know what to change – your marketing, team training, key measurements or something else?
- Have a clear roadmap on exactly what to do next in the 5 key areas that determine growth and profitability?
Here at MedPB, most of the medical practices we work with eventually run into the same barrier to growth. This is why we’ve put together a simple Practice Assessment checklist to walk you through where to focus your efforts going forward. It’s like an annual physical for your medical practice and evaluates your business on several key metrics like marketing, staffing, mindset, and more.
We’ve used the Practice Assessment with hundreds of medical practices, with the typical result that they are able to identify and bring in another $30-50,000 per month in profits. Just by focusing on the key variables that result in growth.
By the way, the cost to increase revenue can be essentially zero or less. Sort of like changing your diet from 2 donuts for breakfast to 2 eggs, where you’d save money and be able to hit your weight loss goals at the same time.
How a practice assessment works to help grow your medical practice
Just like the diagnostic process you use to identify key health concerns, the Practice Assessment checklist helps you identify what to focus on first, second, and third to grow. You’ll answer a few questions about your practice including management, staffing, teamwork, training, marketing, conversions, marketing automation, revenue streams, and the patient journey at your practice. With the result a clear map of what to start with.
Sometimes the results can be surprising.
Recently one audiology practice, we’ll call it Better Hearing, came to us eager to grow and ready to switch up their marketing in order to drive more patients in the door. Not an inexpensive solution.
After completing our Practice Assessment, we identified that the problem wasn’t their marketing, which was working just fine. We identified two areas where measurements were missing which were:
- Calls to appointment rates
- Help or acceptance rates of their providers, e.g. number of hearing plans accepted by patients
The first step we took was to get Better Hearing to start tracking these two key conversion rates. What we found was their existing Call to Appointment rate was 35% and their Help or Acceptance Rate was 46%. This means they were only selling a pair of hearing aids to 16% of new patient leads. Which is low!
After a few training sessions and improvement with scripts and strategy with the front desk and Audiologists, the numbers jumped, with their call appointment ratio up to 68% and their help rate to 67%. Which meant they almost tripled their sales, increasing revenue by $43,000 per month without spending any more on marketing.
Wish you could do the same, and increase your monthly revenue by 250% or more? You can! Just have a checkup first to see where improvements can start.
Want more ideas on how to grow your medical practice?
Read the 5 Stages of success