It’s that time of the year where you sit down with your team, your spouse and your medical department to decide what should we do next year.
*Cue the awkward blank stares and lots of "ummm...we haven't tried ______ yet?"
So for 2019, actually at the end of every year, you should be in the habit of conducting a thorough end-of-the-year review for your business.
If you want to grow, help more people, and make more income this must be done.
First things first let’s just agree to do this exercise every year, deal? Psssttt...Smart business people should ALWAYS do this.If you haven’t done this since 2017, let me help you with a few simple guidelines. This will allow you to not only set calls but also put an assembly line together so that your goals are achieved in the first quarter of next year.
- What is the top service center that you currently deliver in your office?
- How much does it cost for you to deliver this service to patients.?
- You should be looking at marketing, staffing, and your personal attention and time which is the most valuable of all.
- What is the profit margin at the end of the month per patient?
- Consider - How many hours of your personal attention does the service line require and what is your perceived hourly rate? Does that expenditure make sense for the return?
Repeat this step for the second and the third service line in your office.
Pertinent Questions to Ask in the Name of Brutal Honesty
What did we achieve last year in implementation for new service lines?How did that impact our growth and profit for our business?
What was the biggest disappointment or what fell out as a service line ?
Why did this happen?
Who was responsible for this departure?
Should we reinvest and make this service line a viable line in our clinic once again ?
Organization for 2020
Unfortunately in healthcare, many of the services that allow patients to become healthy again are not covered by insurance. This means we have to concentrate on marketing and sales in order to deliver the best quality care that is available in our country.- Take a look at the three service lines that make up the majority of your practice and see exactly who is selling the programs.
- Do you have enough new patients in each service line to have three separate sales people or do you have one person selling all three programs?
- If your answer is one person is selling all three programs, you have a problem with new lead acquisition. The solution is to get more new patients into your office and your attention needs to be focused on your marketing strategy and follow ups.
- Do you have enough new patients in each service line to have three separate sales people or do you have one person selling all three programs?
- The service lines that you have in your office should not be exactly the same in case fee values and profit margin.
- Example you should have a service line that is simple to onboard the patient without much difficulty i.e. billing a Medicare patient for a covered service is not a difficult sales job.
- You should have a smaller program that has a monthly draft such as Medical Weight Loss or HRT these programs typically cost between 75 and $250 per week.
- Example you should have a service line that is simple to onboard the patient without much difficulty i.e. billing a Medicare patient for a covered service is not a difficult sales job.
- Your business model should include a large case fee value such as regenerative medicine, functional medicine, neuropathy program. These programs should range from $5,500-$12,000 per patient.
- Be very careful this cannot be your only service line as the engine that runs the practice... You need three lines.
Future Investments
The most effective investment you can make for your business and your team is investing in your future training and education.
Set aside time for seminars and training for the service lines that you wish to onboard. For the lines that you’re already maintaining, you must continue to strengthen those lines with ongoing education and training.
The areas that will pay the biggest dividends are continuing to train your staff for sales and marketing.
You can purchase all the equipment in the world but if your sales team and staff aren't up to snuff in their training, you're flushing your money away.
Just like maintaining your health is a daily effort in the gym and in the kitchen, having great staff is about making sure they are continually training and improving. This allows you to frequently celebrate wins, keeping morale high and strengthening the entire culture for your office.
PBS Pro and PBS university are great affordable programs to keep your staff at the top of their game and your practice's culture of success going strong. If you'd like to learn more about these opportunities to train, review and improve your teams, just click below and fill out our quick questionnaire and our staff will be in touch with you to schedule a free demo.
Questions? Call 800-908-8895
