When you make decisions in your practice, what do you base them on?
Fear and Emotions?
Facts?
Faith?
Two of the three are correct levers to act upon, I’m sure you’ve figured out which one is not.
Information and data are the levers for good decisions, and levers for your growth.
Always have a Plan B, and a Plan C…
Here are some key points to remember as you work toward moving into your “regular” practice schedule.
- DIVERSIFY: Never do just one form of marketing for retention or patient acquisition. If you put every dollar of your retirement account into a restaurant franchise, your investments would be in the toilet right now. The same goes for your practice marketing strategy. Remember to focus on ROI more than cost, and to focus on multiple forms of marketing to grow, with a minimum 3:1 front end ROI. If all of your new patients come from Google or one insurance company, it’s time to add more resources to your tool belt. It’s better to have 30 ways to get 1 new patient than to only have 1 way to get 30 new patients. Diversify within reason.
- “BETTERMENT:” Compare and test your numbers against yourself, not against other people. Each practice is very unique in terms of profit, treatments offered, staffing, schedules, etc. There is no “1-step recipe,” so manage and measure your culture by numbers. Look to leaders and people with real results for examples, but don’t measure yourself directly against them. This also goes for both any individual team members pay or incentives as well.
- PROFILE: Don’t forget to “PHUBB.” Offer a per lead incentive for each new patient who you get a complete profile on. The gold mine is in your list and long term patient relationships. Also, have your team consistently updating your existing patients profiles. Why do you think your cell phone provider and credit card company verity your info each time you call? (Hint: the #1 reason isn’t security, it’s to ensure they can continue to market to you.) The “P” in profile for “PHUBB” includes: email, name, phone, address, referral source. (For more details on “PHUBB,” checkout our monthly membership program with done for you growth and marketing tools.)
- LEADERSHIP: You need to be forward thinking and leadership oriented. Or hire someone who can be that person. Someone always needs to be looking out the “windshield” of your practice. Looking for new growth opportunities and ways to improve.
- MANAGMENT: You also need a manager, someone to monitor the numbers and the people in your practice. This is what we call looking at the rear view mirror or back window of your practice. It’s difficult for the “windshield” and “rear view mirror” person to be one in the same. Very few people can do both well. Decide which role is more exciting for you and delegate the other, just be sure you monitor the person in that role as well because no one, and I mean no one, cares about the health and well being of your practice as intently as you do.
Earlier this year I watched the WWII movie Midway on a plane flight home from Mexico. In the movie, there were lots of air raids with a pilot always looking out the front to drop the bomb and a rear gunner looking at the back to fend away potential threats. Getting more new patients is great but make sure your practice does not have a “revolving door” or big leaky holes in your bucket. You need a “pilot” and a “tail gunner” to drive your practice to a place where it can create the lifestyle and reach the goals that you truly desire.
As a final thought, I’ll share Proverbs 12:24, which says “the hand of the diligent shall bear rule: but the slothful shall be under tribute.” Don’t be a slave to the ups and downs of the economy. Create your own economy, stay in charge, and keep driving and growing forward!
If you would like to receive more information like this or provide your feedback, simply send us an email at twilliams@yourpracticegrowth.com and put “Friday Finish” in the subject line, or you can get free Practice Growth tips on my weekly blog here.